Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the budget to hire an accountant, making it yourself can be risky. If you miss one detail it could mean you have to do it all over again!
Most people want to skip this step. However, since it’s mandatory, we have no choice.
What can we do ?
We can make our lives easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can benefit you. While this is lengthy it is possible to assess whether TaxJar is the tool you require right now.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar? Can TaxJar Do International Taxes
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it in all of your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by owners of online businesses to make their business more organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure you have a tax accounting platform seamlessly works well with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar allows you to display your critical metrics in one place. That way, there’s no requirement to collect data in multiple channels and sort it into one platform. All you need to do is to integrate TaxJar, it will handle the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers submit their sales tax manually or through the AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income TaxJar will train you on managing them. It is up to you and your team members to finish the tax returns on time. TaxJar is only there to provide guidance on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales tax in order to record and process it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. From there you and your staff will have access to everything you require, including a list of your transactions, reports, and information.
The greatest benefit of this feature is that it allows you to update automatically every day. Not only will they 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.
The dashboard allows you to fully view the overall sales taxes in your business. Additionally, you can export the information in the form of a CSV file, if you want to use it for your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. This means that you don’t have to search for your documents when you need them when you’re in a pinch. Even if you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll be aware of the budget you have for other operating expenses.
What’s more is that TaxJar offers training and tutorials not only for their platform , but also for anything related to sales tax. Check out their webinars, guides, as well as their blog to find more details. In addition the sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It comes with the tax on sales, 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small-scale company owner, this plan will be ideal for you. It may not have all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact the support team via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking to get a bit more than just the basic features and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s options, you also have access to their phone customer support, API access, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive enterprise, you may want to choose the Premium plan instead. It includes all of the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as Integrations with APIs, teams of users, and AutoFiles.
They also have a team who are devoted in managing your accounts. They don’t reveal the amount that the Premium plan costs you. Can TaxJar Do International Taxes
However, they did say that this plan is customized for each user. Therefore, the cost will differ according to what you require for your company.
It’s a good thing that you don’t have to risk your money to see if this platform is for you. If you’re still looking into different options, they offer 30 days of free trial. This should give you enough time to determine whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar let’s take a breather. To summarize Here are the pros and cons of making use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies that have multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your revenue and products however, it will help you meet the deadlines you set. This is also an excellent platform for an accountant since they have a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar can allow you to save more time while keeping the track of each deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this can surely help you wrap your mind around it. Can TaxJar Do International Taxes
However, if managing your taxes is straightforward If it isn’t, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole process easy to do then you’re better in doing it all on your own.
FAQ Can TaxJar Do International Taxes
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in US$. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar will calculate the tax.