Taxes are always one of the hardest things to do regardless of whether you’re running your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, especially when you’re full of things to be done. In the event that you do not have enough money to employ an accountant, performing the task on your own could be risky. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So , what can we do ?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can help you. While this is an extensive read, you should be able to assess whether TaxJar is the tool you require today.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What is TaxJar Blog TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it across all of your channels of sales to ensure compliance with sales taxes. It makes the process simpler that could can take days to complete, and finish within only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by online business owners to ensure that everything is neat and simple. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure you have a tax accounting system seamlessly works well along with sales funnels. If you’re selling through multiple channels, you must maintain everything in line. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your key data in one location. That way, there’s no need to collect data from different channels and organize it into one platform. All you need to do is integrate TaxJar and the platform will do all the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows customers to make sales tax filings manually or through the AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing income tax returns, the team will instruct you on how to manage these. But, it is up to you and your staff to complete everything in time. TaxJar is only there to help you understand what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. This feature will ensure that everything will be automated from calculating sales tax in order to record and process it. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting problems. The orders you place through your online channels can be compiled into one dashboard using this platform. From there, you and your team will have access to all the information you need, like an inventory of your transactions, reports and the data.
The greatest benefit of this feature is that it allows you to update automatically every day. They not only let to know the amount you’ve collected and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the sales tax totals within your company. You can also export your data to CSV format. CSV file if you need it to aid in process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all your sales channels. It means you don’t need to search for your documents whenever you’re in a pinch. Even even if you already have an accountant, this feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds better. You’ll know exactly how much budget you have for other operating expenses.
What’s more is that TaxJar offers tutorials and training not only for their platform but all things that has to do with sales tax. Check out their webinars, guides, and blog for more info. Additionally their sales tax calculator can be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of these choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small-scale company manager, the plan could be ideal for you. It may not have all the features offered by TaxJar but it comes with the essentials that you need.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration features.
If you’re looking for that is more than the basic features Professional might be the right one for you. The price starts at $99 however, it could go up when you add additional features.
So how different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone access to APIs, as well as advanced CSV import. Additionally, they 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 includes all of the features that you require to help with your taxes. Additionally, they permit unlimited integrations with data imports as well as Integrations with APIs, teams of users, and AutoFiles.
They also have a staff dedicated to managing your account. However, they don’t disclose the price of the Premium plan. will cost you. Blog TaxJar
However, they did mention that this plan is tailor-fit to each user. So the costs will vary in line with what you require to run your business.
Luckily, you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. This should be enough time to gauge if the platform is a good fit for you.
Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of using TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides an online sales tax calculator.
- 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
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it aid in tracking your revenue and products It can also help you meet your deadlines. It’s also an excellent option for accountants as they offer a Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline and requirement you have to meet. If you’re living in a place with complicated tax laws, this will certainly help you to get your head around the subject. Blog TaxJar
However, if managing your taxes is simple, then TaxJar may be an unnecessary investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire procedure easy to complete then you’re better to do it on your own.
FAQ Blog TaxJar
Which areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USdollars before TaxJar will calculate the tax.