Taxes have always been one of the hardest things to do regardless of whether you’re running your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related work aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have the funds to hire an accountant, doing it on your own can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can benefit you. While this is a long read, you should be able to assess whether TaxJar is what you need right now.
Prefer watching videos rather than watch them? Check out 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 exactly is TaxJar? Changing Pay Frequency In TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it in all of your channels of sales to ensure compliance with sales tax requirements. It makes the process simpler that could 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 companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by business owners who run online businesses to make their business more neat and simple. Let’s look into the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting software seamlessly works well with your sales channel. If you have multiple sales channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to show your most important metrics in one spot. This means that there is no requirement to collect information from multiple sources and then organize it on one platform. All you have to do is to integrate TaxJar, then the system will handle the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes manually or through the AutoFile feature. In our review we’ll look into both.
If you choose to do it manually, TaxJar will allow you to connect your sales platforms. Once the time comes for filing income tax returns TaxJar will train you on managing the tax returns. It is up to you and your team members to complete everything within the timeframe. TaxJar will only help you understand what you have to accomplish, but not manage it.
If you’d 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. Through this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your staff can access everything you need, like a list of your transactions, reports, and data.
The best part about the feature you’ve chosen is it allows you to automatically update every day. Not only will they let to know the amount you’ve accumulated however, they can also help you determine when your next payments are due.
The dashboard allows users to view in detail the sales tax totals in your business. You can also export the data in CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds better. You’ll know better how much budget you have for other operational expenses.
The best part is that TaxJar provides training and tutorials, not just for their platform , but also all things related to sales tax. You can look through their webinars, guides and blog for more information. Apart from that the sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set 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 structures and what each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help with filing requirements and reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company owner, this plan will be perfect for you. It may not have all the features of TaxJar however, it does include the essentials that you need.
In addition, you can reach their customer support via their email support chart. You’ll also have access to their integration features.
If you’re looking for a bit more than just the standard features and options, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
What is the difference from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large company, you may need to go for premium plans instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of users, and AutoFiles.
They also have a staff that is devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. is going to cost. Changing Pay Frequency In TaxJar
However, they did mention that this plan is tailor-fit for every user. So the costs will vary depending on what you need for your company.
Fortunately, you don’t need to gamble your money just to find out if the platform 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 determine whether the software is a good fit for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the advantages and disadvantages of making use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated 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 be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it aid in tracking your products and revenue however, it will assist you in meeting your deadlines. It is also a great opportunity for accountants since they have the Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can allow you to save more time while keeping track of every deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this will surely help you wrap your head around it. Changing Pay Frequency In TaxJar
However, if managing your taxes is straightforward and straightforward, then TaxJar may be an unnecessary 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 easy to complete, you might be better in doing it all by yourself.
FAQ Changing Pay Frequency In TaxJar
What are the areas in which 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 connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions are in US$. If you’re using a different currency, you’ll need to convert it into USdollars before TaxJar will calculate your tax.