Taxes have always been one of the hardest things to do regardless of whether you’re running an enterprise or not. More so if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have the funds to engage an accountant doing it on yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can help you. Even though this is an extensive read, you should be able to determine if TaxJar is exactly what you need in the present.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar? Changes Pending In TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. Additionally, you can use it across all of your channels of sales to ensure that you are in compliance with your sales taxes. It makes the process simpler that could require days to complete and is completed in just a few just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by online business owners to make their business more simple and organized. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check is that your accounting tax system is compatible with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one spot. This means that there is no need to gather data in multiple channels and then organize it on a single platform. All you have to do is integrate TaxJar and the platform will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing income tax returns The team will guide you on how to manage the tax returns. However, it will be up to you and your staff to complete everything in time. TaxJar is there to help you understand what you have to 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 the forms in a manual manner. This feature will ensure that everything is automated, from calculating taxes on sales in order to record and process it. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there you and your team will have access to everything you need, such as an inventory of your transactions, reports and information.
The most appealing aspect of this option is the fact that they allow you to update automatically every day. They not only let to know the amount you’ve accumulated however, they can also help you track when your following payment is due.
Their dashboard also allows you to fully view the overall sales taxes in your business. Additionally, you can export the information to CSV format. CSV file if you need it in your process of financial planning and accounting or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. That means you won’t have to search for your documents whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll know better how much budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials not only for their platform , but also all things connected to sales tax. Check out their webinars, guides, as well as their blog to find more information. Apart from that, their sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll examine TaxJar’s pricing levels and what each of those choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help in filing and reporting. It comes with the tax on sales, 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a smaller business manager, the plan could be ideal for you. It might not include all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for a bit more than just the basics and options, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it when you add additional features.
What is the difference from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to choose premium plans instead. It comes with all the features you need to help with your taxes. In addition, they offer unlimited data import integrations, API integrationsfor team users as well as AutoFiles.
There is also a team who are devoted to managing your account. However, they don’t disclose how much the Premium plan will cost you. Changes Pending In TaxJar
However, they did say that this plan is tailor-fit for every user. Therefore, the cost will differ according to what you require for your business.
Fortunately, you don’t need to gamble your money just to determine if this service 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 see whether the software is a good fit for you.
Pros and Pros and
After we’ve gone over everything you must know about TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then you ought to try this.
It’s not just a way to aid in tracking the sales and profits of your business It can help you meet the deadlines you set. This is also an excellent platform for an accountant since they provide tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Using TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to meet. If you’re living in an area with complex tax regulations, this will certainly help you to get your head around the subject. Changes Pending In TaxJar
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ Changes Pending In TaxJar
What areas does TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in USdollars. If you’re using another currency, you’ll need to convert it into US$ before TaxJar determines your tax.