Taxes have always been one of the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford enough money to engage an accountant performing the task on your own can be risky. If you make a mistake and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can help you. Even though this is an extensive read, you should be able to determine if TaxJar is what you need right now.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, let’s dive right in.
What is TaxJar? Carolyn TaxJar
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it across all of your channels of sales to make sure you’re in compliance with sales taxes. It makes the process simpler that could take days to complete and finish within minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is neat and simple. Let’s look into the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to ensure you have a tax accounting software is compatible with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for missing a single minor point.
TaxJar lets you display your key metrics in one place. That way, there’s no need to collect information from multiple sources and sort it into one platform. All you have to do is to integrate TaxJar, then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. For our review we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns TaxJar will train you on managing these. It is up for you and your staff to complete the process within the timeframe. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing it. But, it is possible to incur additional charges if they are not included in the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. From there you and your staff will have access to all the information you need, such as a list of your transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is it allows you to automatically update every day. Not only will they let you keep track of how much you’ve earned however, they can also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. Additionally, you can export the information in CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to hunt for your paperwork when you’re when you’re in a pinch. Even if you already have your accountant, this function can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your funds more effectively. You’ll be aware of the budget you have for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform but all things connected to sales tax. You can check out their webinars, guides, or blog posts for additional info. Additionally the sales tax calculator is helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of those options can offer you. Presently, 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 for those who need assistance with filing requirements and reporting. It includes taxes on sales and sales as well as four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company manager, the plan could 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 their support team with their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking for something that is more than the basic features, then the Professional plan could be the 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 original plan?
In addition to having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
If you have a massive company, you may need to go for an upgrade instead. It has all of the features needed to help with your taxes. Moreover, they allow unlimited import integrations of data API integrations, team users and AutoFiles.
They also have a team dedicated for managing the account. But, they don’t divulge the amount that the Premium plan costs you. Carolyn TaxJar
But they did state that this plan is customized to each user. Therefore, the cost will differ depending on what you need to run your business.
Luckily, you don’t have to bet your life on it to see if this platform is right 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 see if the platform is a good fit for you.
Pros and Pros and
We’ve covered everything you should know about TaxJar let’s take a break. To sum it all up we’ll go over the advantages and disadvantages of the use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- 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
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only will it help you track the sales and profits of your business however, it will assist you in meeting the deadlines you set. It is also a great opportunity for accountants since they offer tax Advisor program. You can get tips and learn from their sessions about taxes through it.
The use of TaxJar will help you get more done while keeping track of every deadline or requirement you need to fulfill. If you’re living in a place with complicated tax regulations, this will certainly help you to get your head around it. Carolyn TaxJar
If handling your taxes is simple If it isn’t, then TaxJar might not be a good expense. 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 find the whole procedure simple to follow, you might be better to do it on your own.
FAQ Carolyn TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD before TaxJar can calculate your tax.