Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks aren’t easy, particularly when your whole day is packed with things to do. If you don’t have the funds to hire an accountant, making it your own could be dangerous. If you make a mistake, you might need to repeat the process!
Almost everyone wants to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do about it?
We can simplify our lives with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. Even though this is lengthy it is possible to assess whether TaxJar is the tool you require right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, let’s get right into it.
What exactly is TaxJar? Call TaxJar
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it across all your channels of sales to ensure that you are in compliance with your sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by online business owners to make their business more neat and simple. Let’s explore their features and services.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax software is compatible along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. This means that there is no need to gather information from multiple sources and sort it into a single platform. All you need to do is connect TaxJar it will do all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. In the purpose of this article, we’ll dig at both.
If you decide to go it alone, TaxJar will allow you to connect those sales tools. Once the time comes for the filing of income tax returns TaxJar will train you on how to manage them. However, it will be up to you and your team to finish the tax returns within the timeframe. TaxJar will only help you understand what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. Through this feature, everything is automated, from calculating sales taxes in order to record and process them. There could be additional costs if the feature is you do not include this feature in the plan you choose.
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 one dashboard using this platform. Once you’re on the platform you and your staff will have access to everything you need, like an inventory of your transactions, reports and the data.
The most appealing aspect of this feature is that it lets you to automatically update every day. Not only can they help you know how much you’ve accumulated, but they also help you keep track of when the next payments are due.
Their dashboard can also allow users to view in detail the total sales tax in your business. You can also export the information in CSV format. CSV file, if you want to use it for your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep the track of all the sales avenues you use. This means that you don’t have to search for your documents when you’re when you’re in a pinch. Even even if you already have an accountant, this feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your money more efficiently. You’ll be aware of the budget you have for other operating costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform but all things connected to sales tax. Check out their webinars, guides, or blog posts for additional details. Additionally, 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 determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and what each of those choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They claim 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 will be able to access their AI tax advice.
If you’re a small-scale company proprietor, then this program will be ideal for you. It may not offer all the features of TaxJar however, it does include the basic features you require.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for something different from the standard features, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher if you add custom features.
So how different is it from the basic plan?
In addition to accessing all of the Starter plan’s features, you also get access to 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 run a large company, you may need to choose the Premium plan instead. It has all of the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as API integrationsfor team users, and AutoFiles.
They also have a team that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. costs you. Call TaxJar
However, they did mention that this plan is tailor-fit to each user. So the costs will vary according to what you require to run your business.
Luckily, you don’t have to gamble your money just to determine if this service is for you. If you’re still looking into various options, they provide 30 days of free trial. It should give you enough time to see whether the software is an excellent fit for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of using TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes numerous platforms. If that’s what you do, then you should try this.
It’s not just a way to aid in tracking the sales and profits of your business however, it will help you meet your deadlines. It’s also an excellent platform for an accountant since they offer a Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you save more time while keeping the track of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax regulations, this will certainly help you to get your mind around it. Call TaxJar
However, if managing your taxes is straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it on your own.
FAQ Call TaxJar
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to US$ prior to when TaxJar can calculate your tax.