Taxes have always been among the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a background in accounting or finance. Tax-related work can be overwhelming, especially when you’re full of things to be done. In the event that you do not have the funds to employ an accountant, making it your own could be risky. If you make a mistake, you might have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can benefit you. Although this is quite a long read it is possible to assess whether TaxJar is the tool you require right now.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar Dispersing Using 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. In addition, you can apply it in all of your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check you have a tax accounting system perfectly integrates with your sales channel. If you’re selling through multiple channels, you must keep everything in place. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one place. This means that there is no need to collect data in multiple channels and sort it into one platform. All you have to do is integrate TaxJar, then the system will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax by hand or using their AutoFile feature. In our review we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on how to handle these. But, it is up for you and your team to complete everything on time. TaxJar is there to help you understand what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. Through this feature, everything will be automated from calculating sales taxes through recording, and then processing them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your team will have access to all the information you need, such as a list of your transactions, reports, as well as information.
The most appealing aspect of this feature is that it allows you to update automatically every day. They not only let you know how much you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard can also allow you to fully view the total sales tax for your business. Additionally, you can export the information as the form of a CSV file in case you require it in your accounting and financial planning processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to scramble for your documents whenever you’re in the event of a need. Even when you already have your accounting firm, the feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials, not just for their platform but for anything connected to sales tax. You can check out their webinars, guides as well as their blog to find more info. Additionally their sales tax calculator is 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 determine your budget. Some platforms offer superb features, but they can be too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements or reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small business manager, the plan will be perfect for you. It may not offer all the features of TaxJar however, it does include the essentials that you need.
Additionally, you can contact the support team via their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for something that is more than the basics and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher if you add custom features.
What is the difference from the original plan?
Apart from having access to each of Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to choose premium plans instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data, API integrations, team users, and AutoFiles.
They also have a team that is devoted for managing the account. They don’t reveal the amount that the Premium plan costs you. Dispersing Using TaxJar
However, they did mention that this plan is customized to each user. So the costs will vary according to what you require for your business.
Free Trial
Fortunately, you don’t need to gamble your money just to see if this platform is the right one for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the software is a good fit for you.
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Pros and Pros and
We’ve covered everything you should be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- 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.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to aid in tracking your revenue and products, but it can also help you meet your deadlines. It’s also an excellent platform for an accountant since they have tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar can help you reduce time and keep on top of each deadline or requirement you need to fulfill. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around the subject. Dispersing Using TaxJar
If handling your taxes is straightforward, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole procedure easy to complete, you might be better to do it on your own.
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FAQ Dispersing Using TaxJar
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can sync 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 currencies. The transactions’ amounts are in US$. If you’re using another currency, you will need to convert it to USdollars before TaxJar will calculate the tax.
