Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to employ an accountant, performing the task on your own can be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can benefit you. Although this is quite lengthy, you should be able to gauge whether TaxJar is exactly what you need in the present.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What is TaxJar? 86 272 TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it in all of the sales channels you use to ensure that you are in compliance with your sales taxes. It makes the process simpler that could can 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.
How can this help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure is your tax-reporting platform perfectly integrates along with sales funnels. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one spot. So, there’s no need to collect data from different channels and sort it into one platform. All you need to do is integrate TaxJar then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows customers to file their sales taxes manually or through their AutoFile feature. In the purpose of this article, we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income The team will guide you on how to manage the tax returns. But, it is up for you and your team members to complete the process in time. TaxJar will only guide you on what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. With this feature, everything will be automated, from calculating sales taxes to recording and processing them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform you and your team will have access to all the information you need, such as a list of your transactions, reports and data.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. Not only will they let you know how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to fully view the overall sales taxes for your business. You can also export your data in CSV format. CSV file, if you want to use it for your financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you’re in the event of a need. Even if you already have your accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds better. You’ll know better how much budget you have for other operating costs.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also for anything related to sales tax. Check out their guides, webinars, and blog for more details. Apart from that, their sales tax calculator should be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller business manager, the plan should be perfect for you. It might not include all the features of TaxJar but it comes with all the basics you require.
Additionally, you can contact the support team via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for different from the standard features, then the Professional plan could be the one for you. It starts at $99, however, it could go up by adding custom features.
How different is it from the original plan?
Apart from having access to all of the Starter plan’s features, you also get access to their support via phone, API access, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge enterprise, you may want to opt for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. Additionally, they permit unlimited data import integrations, API integrationsfor team members and AutoFiles.
They also have a staff that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. 86 272 TaxJar
However, they did say that this plan is customized for each user. Therefore, the cost will differ in line with what you require to run your business.
Free Trial
Luckily, you don’t have to risk your money to find out if the platform is for you. If you’re still considering different options, they offer 30 days of free trial. This should give you enough time to gauge whether the service is the right choice for you.
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Pros and Cons
Now that we’ve covered all you need to know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of using TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to help you track your products and revenue however, it will also help you meet your deadlines. It’s also an excellent opportunity for accountants since they have tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Utilizing TaxJar will help you get more done while keeping the track of each deadline and obligation you have to meet. If you’re living in an area with complex tax regulations, this will definitely help you get your head around it. 86 272 TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ 86 272 TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it into USUSD prior to when TaxJar determines the tax.
