Taxes have always been one of the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford enough money to hire an accountant, doing it on yourself can be dangerous. If you overlook one thing, you might have to do it all over again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can benefit you. While this is a long read but you’ll be able to determine if TaxJar is what you need right now.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What is TaxJar Crunchbase TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all your sales channels to ensure that you are in compliance with sales tax requirements. It streamlines processes that require days to complete and finish within just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to make their business more neat and simple. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure is that your accounting tax system perfectly integrates along with sales funnels. If you have multiple sales channels, you must maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. This means that there is no need to gather data from different channels and organize it into a single platform. All you need to do is connect TaxJar it will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. For this review, we’ll take a look at both.
If you opt to go it alone, TaxJar will allow you to connect all the sales channels you use. When it comes time to the filing of income tax returns, the team will instruct you on managing the tax returns. However, it will be up for you and your team to complete the process on time. TaxJar will only guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales tax to recording and processing it. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting problems. The orders you place through your online channels can be put together into one dashboard using this platform. From there, you and your team can access everything you need, such as a list of your transactions, reports and information.
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 keep track of when the next payment is due.
Their dashboard can also allow you to see the total sales tax in your business. You can also export the data to a CSV file, if you want to use it to aid in process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to hunt for your paperwork whenever you’re when you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have for other operational expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform but for anything that has to do with sales tax. You can check out their guides, webinars, and blog for more information. In addition, their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll examine TaxJar’s pricing levels and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the most effective plan to help you with filing requirements and reporting. It also includes sales tax reporting, four autofiles for free each year, and an CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a smaller company proprietor, then this program should be perfect for you. It may not have all the features offered by TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for something 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.
So how different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support, API access, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large business, you might need to choose premium plans instead. It comes with all the features you need to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports, Integrations with APIs, teams of members and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose the price of the Premium plan. costs you. Crunchbase TaxJar
However, they did say that this plan is customized for each user. Therefore, the cost will differ depending on what you need for your business.
Fortunately, you don’t need to gamble your money just to see if this platform is right for you. If you’re still looking into various options, they provide 30 days of free trial. This should be enough time to gauge whether the software is the right choice for you.
Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of making use of TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies with many sales channels and utilizes numerous platforms. If that’s what you do, then you must try TaxJar.
Not only can it help you track your revenue and products It can help you meet the deadlines you set. This is also an excellent platform for an accountant since they offer the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
The use of TaxJar will help you reduce time and keep track of every deadline and obligation you have to meet. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around it. Crunchbase TaxJar
If handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure simple to follow, you might be better off doing it by yourself.
FAQ Crunchbase TaxJar
What areas does TaxJar provide API assistance?
TaxJar currently supports 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 connect your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to USUSD before TaxJar can calculate your tax.