Taxes have always been one of the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. When you’re not able to afford enough money to hire an accountant, making it your own could be risky. If you make a mistake it could mean you have to do it all over again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement, we have no choice.
What can we do ?
It is always possible to make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving device and how it can assist you. Although this is quite lengthy, you should be able to determine if TaxJar is what you need right now.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, let’s dive right in.
What is TaxJar? Capterra TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It streamlines processes that can take days to complete, and is completed in just 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 this help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s take a look at their features and services.
Features and services
One of the most important things you’ll want to check is that your accounting tax software is compatible along with sales funnels. If you have multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one spot. This means that there is no requirement to collect information from multiple sources and organize it into a single platform. All you have to do is integrate TaxJar it will do all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers submit their sales tax by hand or using the AutoFile feature. In the purpose of this article, we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns TaxJar will train you on managing these. However, it will be up for you and your team members to finish the tax returns within the timeframe. TaxJar is only there to guide you on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. Through this feature, everything will be automated, from calculating sales taxes through recording, and then processing them. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there you and your staff will have access to everything you require, including the list of transactions, reports, as well as the data.
The greatest benefit of this feature is that it lets you to automatically update every day. Not only will they let you know how much you’ve collected however, they can also help you track when your following payments are due.
The dashboard allows you to fully view the sales tax totals within your company. Additionally, you can export the information to CSV format. CSV file in case you require it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you’re when you’re in a pinch. Even when you already have your accounting firm, the feature can aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have for other operational costs.
The best part is that TaxJar offers tutorials and training not only for their platform but for anything connected to sales tax. Check out their webinars, guides, and blog for more info. In addition their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing levels and what each of those plans can offer. At present, TaxJar offers three plans that are: 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 taxes on sales and sales as well as four annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small-scale company owner, this plan could be ideal for you. It might not include all the features of TaxJar but it comes with all the basics you require.
You can also contact their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking to get different from the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it if you add custom features.
So how different is it from the original plan?
In addition to having access to each of Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive company, you may need to choose the Premium plan instead. It has all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations, API integrations, team users, and AutoFiles.
There is also a team dedicated to managing your account. But, they don’t divulge the amount that the Premium plan is going to cost. Capterra TaxJar
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ in line with what you require to run your business.
Fortunately, you don’t need to bet your life on it to see if this platform is for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the software is an excellent fit for you.
Pros and Pros and
We’ve covered everything you must know about TaxJar let’s take a break. In order to sum up the whole thing Here are the pros and cons of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- Allows you to track multiple 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 applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with multiple sales channels and uses plenty of platforms. If that’s what you’re doing, then should try this.
Not only can it assist you in keeping track of your revenue and products It can also help you meet your deadlines. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Using TaxJar can allow you to get more done while keeping on top of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this can certainly help you to get your mind around it. Capterra TaxJar
If handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow, you might be better to do it on your own.
FAQ Capterra TaxJar
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate 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 cannot convert currency values. All of the transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it into USUSD prior to when TaxJar determines your tax.