Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when you’re packed with things to do. If you don’t have the budget to employ an accountant, making it your own could be risky. If you overlook one thing it could mean you have to do it all over again!
Almost everyone wants to skipping this step. However, since it’s mandatory, we have no choice.
What can we do ?
We can make life easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and how it can assist you. Although this is quite lengthy, you should be able to determine if TaxJar is what you need today.
Prefer video streaming instead? 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 get right into it.
What is TaxJar? Create TaxJar Account Developer
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. TaxJar is a solution to 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 makes the process simpler that could can take days to complete, and finish within only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to make their business more simple and organized. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure you have a tax accounting platform seamlessly works well with your sales channel. If you’re selling through multiple channels, you need to keep everything in place. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. So, there’s no need to collect data in multiple channels and organize it into a single platform. All you have to do is to integrate TaxJar it will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows clients to make sales tax filings manually or through the AutoFile feature. In the purpose of this article, we’ll look at both.
If you decide to go it alone, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing income tax returns, the team will instruct you on managing them. It is up to you and your staff to complete everything within the timeframe. TaxJar is there to provide guidance on what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated, from calculating taxes on sales through recording, and then processing it. But, it is possible to incur additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you need, like an inventory of your transactions, reports, as well as the data.
The best part about this option is the fact that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve earned however, they can also help you determine when your next payment is due.
The dashboard allows you to see the total sales tax in your business. Additionally, you can export the information to CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team requires it for central 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 search for your documents whenever you’re in the event of a need. Even when you already have your accounting firm, the feature can make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your money more efficiently. You’ll know better how much budget you have for other operational expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform , but also all things connected to sales tax. You can check out their webinars, guides as well as their blog to find more details. Additionally their sales tax calculator should be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they can be too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan starts at $19. The company claims that it’s the best plan to help you with filing requirements and reporting. It includes sales tax reporting, 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 tips.
If you’re a smaller business proprietor, then this program could be perfect for you. It may not offer all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for something a bit more than just the standard features Professional may be the best option for you. It’s priced at $99 but you can increase it by adding custom features.
How different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you have a massive company, you may need to choose premium plans instead. It includes all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations Integrations with APIs, teams of members and AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. Create TaxJar Account Developer
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need for your company.
Free Trial
Luckily, you don’t have to risk your money to see if this platform is the right one for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine if the platform is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a breather. To sum it all up, here are the pros and cons of the use of TaxJar for your company.
Pros
- There is 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 simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then you must try TaxJar.
Not only can it aid in tracking your products and revenue It can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they offer tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar can help you reduce time and keep track of every deadline or requirement you need to fulfill. If you’re in an area with complex tax regulations, this will definitely help you get your mind around it. Create TaxJar Account Developer
However, if managing your taxes is straightforward, then TaxJar could be a waste of expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the whole process easy to do, you might be better in doing it all by yourself.
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FAQ Create TaxJar Account Developer
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions are in US$. If you’re using a different currency, you’ll need to convert it into USUSD prior to when TaxJar will calculate your tax.
