Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. In the event that you do not have enough money to hire an accountant, making it your own can be risky. If you overlook one thing and you don’t know it, you may need to repeat the process!
Almost everyone wants to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do ?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can help you. Even though this is lengthy but you’ll be able to assess whether TaxJar is exactly what you need today.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What is TaxJar Are Taxes Taxed
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar is used in different industries such as 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 ensure that everything is simple and organized. Let’s explore their features and services.
Services and features
One of the first things you’ll need to make sure is that your accounting tax platform is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your critical data in one location. So, there’s no requirement to collect information from multiple sources and sort it into one platform. All you have to do is integrate TaxJar, then the system will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers make sales tax filings either manually or via TaxJar’s AutoFile feature. For our review we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for filing tax returns for income The team will guide you on managing them. It is up to you and your team to finish the tax returns in time. TaxJar is there to provide guidance on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. With this feature, everything will be automated from calculating sales taxes through recording, and then processing them. However, there might be extra fees if not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform, you and your team can access everything you need, such as an inventory of your transactions, reports, and data.
The greatest benefit of the feature you’ve chosen is it lets you to automatically update every day. Not only can they help you know how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows you to fully view the overall sales taxes for your business. Additionally, you can export the data to CSV format. CSV file if you need it to aid in process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all your sales channels. This means that you don’t have to scramble for your documents whenever you’re in the event of a need. Even when you already have your accountant, this function will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds better. You’ll know exactly how much budget you have to cover other operational expenses.
The best part is that TaxJar offers tutorials and training not only on their platform, but for anything related to sales tax. You can look through their webinars, guides or blog posts for additional info. Apart from that, their sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and what each of those options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and an CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a smaller company proprietor, then this program could be ideal for you. It may not have all of TaxJar’s features but it comes with all the basics you require.
In addition, you can reach their customer support via their email support chart. You’ll also be able to use their integration features.
If you’re looking for different from the basics Professional could be the one for you. The price starts at $99 but you can increase it by adding custom features.
So how different is it from the basic plan?
Apart from having access to every one of Starter plan’s features, you also have their phone customer support, API access, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge company, you may need 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 integrations with data imports API integrationsfor team users as well as AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan is going to cost. Are Taxes Taxed
However, they did say that the plan is custom-made to each user. So the costs will vary in line with what you require to run your business.
Fortunately, you don’t need to bet your life on it to find out if the platform is for you. If you’re still looking into other options, they have a 30-day free trial. This should be enough time to see whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar Let’s relax. To summarize, here are the pros and cons of the use of TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then should try this.
Not only will it aid in tracking your revenue and products It can assist you in meeting the deadlines you set. It is also a great opportunity for accountants since they offer the Tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can allow you to reduce time and keep on top of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax regulations, this will surely help you wrap your head around it. Are Taxes Taxed
However, if managing your taxes is straightforward If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire process easy to do then you’re better off doing it on your own.
FAQ Are Taxes Taxed
What areas does TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into USdollars before TaxJar will calculate your tax.