Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. In the event that you do not have the budget to engage an accountant performing the task on yourself can be dangerous. If you miss one detail, you might have to do it all over again!
Most people want to skip this step. But since it’s required 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.
Here we’ll take a look at this life-saving tool and explain how it can assist you. Even though this is lengthy it is possible to gauge whether TaxJar is the tool you require in the present.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, let’s dive right in.
What exactly is TaxJar? Arizona TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all of your sales channels to ensure that you are in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by online business owners to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting software is compatible along with sales funnels. If you’re selling through multiple channels, you need to ensure that everything is in order. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. So, there’s no requirement to collect data from different channels and organize it into a single platform. All you have to do is to integrate TaxJar it will do the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax either manually or via the AutoFile feature. For this review, we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When the time is right for filing tax returns for income TaxJar will train you on how to manage these. However, it will be up for you and your team members to complete the process in time. TaxJar is there to provide guidance on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales tax in order to record and process it. There could be additional charges if they are not included in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. From there you and your staff will have access to everything you need, like a list of your transactions, reports, and information.
The most appealing aspect of this feature is that it lets you to automatically update every day. They not only let you keep track of how much you’ve collected, but they also help you track when your following payment is due.
Their dashboard can also allow you to see the overall sales taxes in your business. It is also possible to export the data to CSV format. CSV file in case you require it in your process of financial planning and accounting 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. It means you don’t need to scramble for your documents when you’re in the event of a need. Even even if you already have an accountant, this feature will make them more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds better. You’ll know better how much budget you have for other operating expenses.
The best part is that TaxJar offers tutorials and training not only for their platform , but also everything related to sales tax. Check out their webinars, guides as well as their blog to find more info. Apart from that their sales tax calculator is 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 provide amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most effective plan if you need help with filing requirements and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as an CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a smaller company owner, this plan should be perfect for you. It may not have all of TaxJar’s features however, it does include the basic features you require.
In addition, you can reach the support team via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get that is more than the basic features, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it when you add additional features.
So how different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive company, you may need to opt for the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data as well as API integrationsfor team members as well as AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. costs you. Arizona TaxJar
However, they did say that this plan is tailor-fit for every user. So the costs will vary depending on what you need for your company.
Fortunately, you don’t need to gamble your money just to find out if the platform is 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 gauge whether the software is an excellent fit for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce 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 is possible to integrate it with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with multiple sales channels and uses plenty of platforms. If that’s what you’re doing, then you should try this.
Not only can it assist you in keeping track of the sales and profits of your business, but it can help you meet your deadlines. This is also an excellent option for accountants as they offer a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar will help you reduce time and keep track of every deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this will certainly help you to get your mind around it. Arizona TaxJar
But if handling your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. In addition, if you find the whole process easy to do, you might be better in doing it all by yourself.
FAQ Arizona TaxJar
Which areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in US$. If you’re using a different currency, you will need to convert it to USUSD prior to when TaxJar determines your tax.