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 accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have enough money to hire an accountant, performing the task on your own can be risky. If you overlook one thing, you might need to repeat the process!
Most people want to skipping this step. But , as it’s a requirement, we have no choice.
So what is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
This article will take a look at this life-saving device and how it can assist you. Even though this is an extensive read, you should be able to gauge whether TaxJar is the tool you require 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.
For those who like to read, let’s get right into it.
What exactly is TaxJar? Connect With TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it in all of the sales channels you use to ensure compliance with sales taxes. It streamlines processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to make their business more organized and straightforward. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll want to check is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one spot. So, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you have to do is to integrate TaxJar then the system will handle all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar lets customers file their sales taxes by hand or using TaxJar’s AutoFile feature. For our review we’ll dig at both.
If you decide to do it manually, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on how to manage the tax returns. However, it will be up to you and your staff to complete everything on time. TaxJar is there to guide you on what you need 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 fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales tax in order to record and process them. There could be additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, like an inventory of your transactions, reports and the data.
The most appealing aspect of this feature is that it allows you to automatically update every day. They not only let to know the amount you’ve collected, but they also help you determine when your next payments are due.
Their dashboard can also allow you to see the overall sales taxes within your company. Additionally, you can export the data to CSV format. CSV file if you need it in your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to search for your documents when you’re in the event of a need. Even when you already have your accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have for other operational costs.
But what’s even better is that TaxJar provides training and tutorials not only on their platform, but all things related to sales tax. You can check out their guides, webinars, as well as their blog to find more info. In addition, their sales tax calculator is useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they can be too costly for your business. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the most effective plan for those who need assistance in filing and reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a smaller business proprietor, then this program 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.
Professional
If you’re looking for a bit more than just the standard features, then the Professional plan could be the one for you. It starts at $99, but it can go higher when you add additional features.
How different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge company, you may need to opt for an upgrade instead. It includes all of the features that you require to help with your taxes. Additionally, they permit unlimited import integrations of data API integrations, team members and AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge the price of the Premium plan. costs you. Connect With TaxJar
However, they did mention that this plan is customized for every user. The cost of the plan will be different depending on what you need for your company.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to see whether the service is an excellent fit for you.
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Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a breather. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for 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
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have multiple sales channels and uses numerous platforms. If this sounds like the way you’re doing, then you should try this.
Not only can it assist you in keeping track of the sales and profits of your business It can help you meet your deadlines. It’s also an excellent platform for an accountant since they have the Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar will help you get more done while keeping the track of each deadline or requirement you need to meet. If you live in a place with complicated tax laws, this can definitely help you get your head around the subject. Connect With TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. If you’re finding the entire process easy to do and you’re comfortable with it, you may be better to do it on your own.
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FAQ Connect With TaxJar
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions are in US$. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar can calculate the tax.
