Taxes are always one of the most difficult tasks to complete, whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related work can be overwhelming, especially when you’re full of things to be done. In the event that you do not have the funds to employ an accountant, making it your own can be risky. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what is the best way to deal with it?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and explain how it can assist you. Even though this is lengthy but you’ll be able to assess whether TaxJar is what you need in the present.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then let’s dive right in.
What is TaxJar? 8 Tax Table
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all your channels of sales to ensure compliance with sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure you have a tax accounting software perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to keep everything in place. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your most important data in one location. So, there’s no need to gather information from multiple sources and sort it into a single platform. All you need to do is integrate TaxJar it will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to submit their sales tax either manually or via the AutoFile feature. For the purpose of this article, we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. Once the time comes for the filing of income tax returns, the team will instruct you on how to manage these. It is up to you and your staff to complete the process within the timeframe. TaxJar is there to provide guidance on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated from calculating taxes on sales to recording and processing it. However, there might be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there you and your staff can access everything you require, including an inventory of your transactions, reports, as well as the data.
The most appealing aspect of this feature is that it allows you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated however, they can also help you determine when your next payments are due.
Their dashboard also allows you to see the total sales tax for your business. It is also possible to export the data to CSV format. CSV file, if you want to use it in your accounting and financial planning processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep the track of all your sales channels. This means that you don’t have to scramble for your documents when you’re in the event of a need. Even when you already have your accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds better. You’ll know exactly how much budget you have for other operational expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform but for anything connected to sales tax. Check out their webinars, guides and blog for more details. In addition their sales tax calculator can be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing levels and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small business manager, the plan should be perfect for you. It may not offer all the features offered by TaxJar but it comes with the essentials that you need.
You can also contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something different from the basics, then the Professional plan could be the one for you. It starts at $99, but you can increase it if you add custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and advanced CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge enterprise, you may want to opt for premium plans instead. It has all of the features that you require to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports API integrations, team users, and AutoFiles.
There is also a team who are devoted for managing the account. They don’t reveal the amount that the Premium plan is going to cost. 8 Tax Table
However, they did mention that the plan is custom-made for every user. So the costs will vary depending on what you need to run your business.
It’s a good thing that you don’t have to bet your life on it to determine if this service is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to see if the platform is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should know about TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies with multiple sales channels and uses numerous platforms. If that sounds like what you do, then you ought to try this.
Not only can it help you track the sales and profits of your business It can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they offer the Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can help you get more done while keeping 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 definitely help you get your mind around it. 8 Tax Table
If handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire process easy to do, you might be better off doing it by yourself.
FAQ 8 Tax Table
Which areas does TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it to USUSD before TaxJar will calculate your tax.