Taxes have always been one of the hardest things to do regardless of whether you’re running a business or not. Even more so if you do not have any experience in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the budget to engage an accountant performing the task on yourself can be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do ?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can benefit you. Although this is quite an extensive read but you’ll be able to determine if TaxJar is the tool you require in the present.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar? 9 Tamarack Drive Livingston Nj
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your sales channels to make sure you’re in compliance with sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to keep everything organized and straightforward. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting system is compatible along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to show your critical data in one location. This means that there is no requirement to collect information from multiple sources and sort it into one platform. All you need to do is integrate TaxJar, it will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms that they can connect with:
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. For our review we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When it comes time to the filing of income tax returns TaxJar will train you on how to handle these. But, it is up to you and your staff to complete the process on time. TaxJar will only guide you on what you need to do but not handle it.
If you would 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 is automated, from calculating sales taxes to recording and processing them. There could be extra fees if not part of the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease 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 can access everything you need, like a list of your transactions, reports and information.
The greatest benefit of this feature is that it allows you to automatically update every day. They not only let to know the amount you’ve collected, but they also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the sales tax totals in your business. You can also export the information as a CSV file if you need it in your accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the sales avenues you use. That means you won’t have to hunt for your paperwork when you need them in a pinch. Even when you already have your accountant, this feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have available for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform but everything connected to sales tax. You can look through their webinars, guides and blog for more details. Apart from that, their sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they can be too costly for the business you run. For this reason we’ll examine TaxJar’s pricing levels and the features that each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. They claim that it’s the best plan for those who need assistance with filing requirements or reporting. It comes with sales tax reporting, four autofiles for free each year, and a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small business manager, the plan could be ideal for you. It may not have all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking to get a bit more than just the standard features Professional may be the best option for you. It starts at $99, but it can go higher when you add additional features.
What is the difference from the basic plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone, API access, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to choose premium plans instead. It comes with all the features you need to make your tax filing easier. Moreover, they allow unlimited integrations with data imports as well as Integrations with APIs, teams of users as well as AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose how much the Premium plan is going to cost. 9 Tamarack Drive Livingston Nj
However, they did say that this plan is tailor-fit for each user. The cost of the plan will be different depending on what you need for your company.
It’s a good thing that you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to see if the platform is a good fit for you.
Pros and Pros and
Now that we’ve covered all you need to know about TaxJar Let’s relax. To summarize, here are the pros and cons of making use of TaxJar for your company.
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have many sales channels and utilizes plenty of platforms. If that sounds like what you do, then you must try TaxJar.
It’s not just a way to help you track your products and revenue, but it can help you meet the deadlines you set. This is also an excellent opportunity for accountants since they have the Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
Using TaxJar can help you get more done while keeping on top of each deadline and requirement you have to meet. If you live in a place with complicated tax regulations, this will definitely help you get your head around it. 9 Tamarack Drive Livingston Nj
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the entire procedure simple to follow, you might be better to do it by yourself.
FAQ 9 Tamarack Drive Livingston Nj
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into USdollars before TaxJar will calculate the tax.