Taxes are always one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. If you don’t have enough money to employ an accountant, doing it on your own can be dangerous. If you overlook one thing it could mean you have to do it all over again!
Most people want to skipping this step. However, since it’s mandatory, we have no choice.
What can we do about it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can help you. Even though this is an extensive read it is possible to gauge whether TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What exactly is TaxJar? 4Taxman
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it in all of your channels of sales to ensure compliance with sales taxes. It streamlines processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to keep everything simple and organized. Let’s explore the benefits and features of TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting system is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must ensure that everything is in order. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one place. This means that there is no need to collect information from multiple sources and organize it into one platform. All you need to do is integrate TaxJar, then the system will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows customers to make sales tax filings either manually or via their AutoFile feature. In this review, we’ll look into both.
If you opt to do it manually, TaxJar will allow you to connect all of the sales channels you use. When the time is right for the filing of income tax returns The team will guide you on how to handle them. It is up for you and your team members to finish the tax returns on time. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating sales tax in order to record and process it. There could be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be combined into one dashboard using this platform. From there, you and your team will have access to all the information you need, like a list of your transactions, reports, as well as data.
The most appealing aspect of this feature is that it allows you to update your account automatically each day. They not only let to know the amount you’ve earned, but they also help you determine when your next payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes within your company. You can also export the data in the form of a CSV file in case you require it in your financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to hunt for your paperwork when you need them in the event of a need. Even when you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have for other operational expenses.
What’s more is that TaxJar provides training and tutorials, not just for their platform , but also for anything related to sales tax. Check out their webinars, guides, as well as their blog to find more info. Apart from that their sales tax calculator can be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and the features that each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help with filing requirements and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and an CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a smaller business manager, the plan should be perfect for you. It may not offer all the features of TaxJar but it comes with the essentials that you need.
You can also contact their support team with their support chart for email. You’ll also have access to their integration tools.
If you’re looking to get different from the basic features, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the basic plan?
In addition to accessing all of the Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to opt for an upgrade instead. It includes all of the features you need to help with your taxes. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of users as well as AutoFiles.
There is also a team who are devoted to managing your account. But, they don’t divulge how much the Premium plan costs you. 4Taxman
But they did state that the plan is custom-made for every user. Therefore, the cost will differ depending on what you need to run your business.
Luckily, you don’t have to risk your money to find out if the platform is for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to gauge if the platform is a good fit for you.
Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of using TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out TaxJar can be a great platform companies with many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then you should try this.
Not only can it aid in tracking your revenue and products, but it can help you meet the deadlines you set. This is also an excellent option for accountants as they have tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar will help you reduce time and keep track of every deadline and obligation you have to meet. If you’re living in a region with a lot of tax regulations, this will certainly help you to get your head around it. 4Taxman
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
Which areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it to US$ prior to when TaxJar can calculate the tax.