Taxes are always one of the most difficult things to handle regardless of whether you run your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. In the event that you do not have the budget to employ an accountant, doing it on yourself can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
What is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. While this is lengthy it is possible to assess whether TaxJar is exactly what you need right now.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? Annual Subscription TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all the sales channels you use to ensure that you are in compliance with your sales taxes. It makes the process simpler that could require days to complete and is completed in just a few only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to make their business more neat and simple. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure is that your accounting tax platform perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you must maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar lets you display your key metrics in one spot. So, there’s no need to collect information from multiple sources and sort it into a single platform. All you need to do is connect TaxJar it will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers file their sales taxes manually or through the AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. Once the time comes for the filing of income tax returns The team will guide you on managing these. It is up to you and your team members to complete the process in time. TaxJar is there to guide you on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing them. But, it is possible to incur additional charges if they are not part of the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you require, including the list of transactions, reports, as well as information.
The best part about this option is the fact that it allows you to update your account automatically each day. Not only can they help to know the amount you’ve collected, but they also help you track when your following payments are due.
Their dashboard also allows you to fully view the total sales tax for your business. You can also export the information to a CSV file in case you require it to aid in financial planning and accounting processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents when you’re in the event of a need. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your funds better. You’ll know better how much budget you have for other operational costs.
What’s more is that TaxJar provides training and tutorials not only for their platform , but also all things related to sales tax. Check out their guides, webinars, and blog for more info. Additionally the sales tax calculator is beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. This is why in this section we’ll take a look at 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.
The Starter plan starts at $19. The company claims that it’s the most suitable plan for you to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small company owner, this plan should be perfect for you. It might not include all the features offered by TaxJar however, it does include the essentials that you need.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get a bit more than just the basics Professional could be the one for you. The price starts at $99 however, it could go up by adding custom features.
So how different is it from the starter plan?
Apart from having access to all of the Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you run a large business, you might need to go for an upgrade instead. It comes with all the features that you require to make your tax filing easier. Additionally, they permit unlimited import integrations of data, API integrations, team members and AutoFiles.
They also have a team dedicated to managing your account. They don’t reveal the amount that the Premium plan costs you. Annual Subscription TaxJar
But they did state that this plan is customized for each user. The cost of the plan will be different according to what you require for your business.
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the software is the right choice for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that sounds like what you do, then you ought to try this.
Not only will it help you track your revenue and products, but it can help you meet the deadlines you set. It is also a great opportunity for accountants since they have a Tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Utilizing TaxJar will help you save more time while keeping the track of each deadline and requirement you have to fulfill. If you’re living in a place with complicated tax laws, this can certainly help you to get your head around it. Annual Subscription TaxJar
If handling taxes is easy, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to track everything. If you find the entire procedure easy to complete, you might be better in doing it all on your own.
FAQ Annual Subscription TaxJar
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions are in USdollars. If you’re using another currency, you’ll have to convert it into USUSD prior to when TaxJar can calculate the tax.