Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. In the event that you do not have the funds to engage an accountant making it your own could be risky. If you overlook one thing it could mean you have to redo things again!
Almost everyone wants to skipping this step. However, since it’s mandatory, we have no choice.
So what is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can benefit you. While this is an extensive read, you should be able to determine if TaxJar is the tool you require in the present.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, let’s get right into it.
What exactly is TaxJar? Customer Success Specialist TaxJar
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with sales tax requirements. It makes the process simpler that could take days to complete and is completed in just a few only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is neat and simple. Let’s look into their features and services.
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Services and features
Integration
One of the most important things you’ll need to ensure is that your accounting tax system is compatible with your sales channel. If you’re using multiple sales channels, you need to keep everything in place. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one spot. This means that there is no need to collect data in multiple channels and sort it into a single platform. All you need to do is to integrate TaxJar it will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. For our review we’ll look into both.
If you decide to go it alone, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing income tax returns, the team will instruct you on how to handle them. It is up for you and your team to complete the process in time. TaxJar is there to help you understand what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. This feature will ensure that everything will be automated, from calculating taxes on sales to recording and processing it. However, there might be extra fees if not part of the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to everything you need, like the list of transactions, reports, and data.
The most appealing aspect of this feature is that it allows you to update your account automatically each day. They not only let you keep track of how much you’ve accumulated, but they also help you track when your following payment is due.
The dashboard allows users to view in detail the total sales tax within your company. You can also export the data in the form of a CSV file in case you require it in your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the channels you sell through. That means you won’t have to search for your documents when you need them in a pinch. Even even if you already have an accountant, this feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have available for other operational costs.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also for anything that has to do with sales tax. Check out their webinars, guides as well as their blog to find more information. Apart from that, their sales tax calculator should be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of those 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 most effective plan if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and an CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a smaller company owner, this plan could be perfect for you. It may not offer all the features offered by TaxJar, but it has the essentials that you need.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for a bit more than just the basics, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
So how different is it from the basic plan?
In addition to having access to all of the Starter plan’s options, you also have access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to opt for an upgrade instead. It includes all of the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations API integrationsfor team users as well as AutoFiles.
There is also a team dedicated for managing the account. They don’t reveal the price of the Premium plan. is going to cost. Customer Success Specialist TaxJar
However, they did mention that this plan is customized for every user. So the costs will vary depending on what you need for your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still considering different options, they offer 30 days of free trial. This should be enough time to see whether the service is a good fit for you.
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Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of the use of TaxJar for your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- 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 to USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you should try this.
Not only will it help you track the sales and profits of your business however, it will assist you in meeting your deadlines. This is also an excellent platform for an accountant since they have tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar will help you save more time while keeping on top of each deadline or requirement you need to fulfill. If you’re living in an area with complex tax regulations, this will certainly help you to get your head around the subject. Customer Success Specialist TaxJar
If handling your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire process easy to do, you might be better in doing it all by yourself.
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FAQ Customer Success Specialist TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it into USUSD prior to when TaxJar can calculate the tax.
