Taxes are always one of the hardest things to do regardless of whether you’re running your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re full of things to be done. In the event that you do not have enough money to hire an accountant, making it yourself can be dangerous. If you make a mistake 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, we have no choice.
So , what can we do ?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool 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 in the present.
Prefer video streaming 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, then we’ll dive right into.
What exactly is TaxJar? Developer TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and finish within minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is simple and organized. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to ensure you have a tax accounting platform is compatible along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. This means that there is no need to gather information from multiple sources and organize it into one platform. All you need to do is to integrate TaxJar then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax manually or through the AutoFile feature. For this review, we’ll take a look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing tax returns for income The team will guide you on how to handle these. But, it is up to you and your team members to complete everything within the timeframe. TaxJar will only provide guidance on what you have to do but not 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. Through this feature, everything is automated, from calculating sales taxes in order to record and process them. There could be extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team can access everything you need, such as the list of transactions, reports, and the data.
The best part about the feature you’ve chosen is it lets you to update automatically every day. They not only let you know how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows you to fully view the total sales tax in your business. Additionally, you can export the information to a CSV file in case you require it in your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. This means that you don’t have to scramble for your documents when you need them in a pinch. Even if you already have your accountant, this function can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your money more efficiently. You’ll know exactly how much budget you have to cover other operating expenses.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform but for anything related to sales tax. You can check out their webinars, guides, and blog for more information. Additionally their sales tax calculator should be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing tiers and what each of these choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. The company claims that it’s the best 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 the option of a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small company proprietor, then this program could be ideal for you. It may not offer all of TaxJar’s features however, it does include the essentials that you need.
You can also contact the support team via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking to get a bit more than just the basics and options, then the Professional plan could be the one for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to accessing each of Starter plan’s features, you also get access to their support via phone access to APIs, as well as sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you own a huge company, you may need to go for the Premium plan instead. It has all of the features you need to help with your taxes. Moreover, they allow unlimited integrations with data imports, API integrationsfor team members, and AutoFiles.
There is also a team that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. is going to cost. Developer TaxJar
However, they did mention that this plan is tailor-fit for each user. Therefore, the cost will differ depending on what you need to run your business.
Luckily, you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still considering different options, they offer 30 days of free trial. This should be enough time to gauge whether the software is a good fit for you.
Pros and Pros and
We’ve covered everything you must know about TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only can it aid in tracking your products and revenue It can also help you meet your deadlines. It is also a great option for accountants as they offer the Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
The use of TaxJar can allow you to save more time while keeping the track of each deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax laws, this can surely help you wrap your head around it. Developer TaxJar
But if handling your taxes is 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 everything. Moreover, if you find the whole procedure easy to complete, you might be better in doing it all by yourself.
FAQ Developer TaxJar
Which areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in USdollars. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar determines your tax.