Taxes are always one of the most difficult tasks to complete regardless of whether you run an enterprise or not. Particularly if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. In the event that you do not have the budget to engage an accountant doing it on your own can be risky. If you miss one detail, you might have to do it all over again!
Almost everyone wants to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what is the best way to deal with it?
It is always possible to make life easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and how it can benefit you. Even though this is an extensive read, you should be able to assess whether TaxJar is exactly what you need 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.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? Do I Need Quickbooks With TaxJar?
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to ensure that you are in compliance with your sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to keep everything neat and simple. Let’s explore their features and services.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax platform is compatible along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one spot. So, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar and the platform will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows customers to make sales tax filings by hand or using the AutoFile feature. In the purpose of this article, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing income tax returns The team will guide you on how to handle these. It is up for you and your team members to complete the process on time. TaxJar will only provide guidance on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales tax in order to record and process them. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there you and your team will have access to all the information you need, such as the list of transactions, reports, as well as information.
The greatest benefit of the feature you’ve chosen is it allows you to automatically update every day. Not only can they help to know the amount you’ve collected however, they can also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the total sales tax within your company. It is also possible to export the information to CSV format. CSV file in case you require it to aid in financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the sales avenues you use. That means you won’t have to scramble for your documents when you’re in a pinch. Even when you already have your accountant, this function will help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds better. You’ll know better how much budget you have for other operating costs.
The best part is that TaxJar provides training and tutorials, not just for their platform , but also for anything that has to do with sales tax. You can look through their guides, webinars, and blog for more details. Apart from that the sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They say it’s the most effective plan to help you with filing requirements or reporting. It also includes sales tax reporting, 4 autofiles for free each year, and a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small company manager, the plan could be ideal for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
You can also contact their support team with their email support chart. You’ll also be able to use their integration capabilities.
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, but you can increase it by adding custom features.
So how different is it from the basic plan?
Apart from having access to every one of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large enterprise, you may want to go for the Premium plan instead. It comes with all the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data, API integrationsfor team members and AutoFiles.
They also have a team that is devoted for managing the account. They don’t reveal how much the Premium plan will cost you. Do I Need Quickbooks With TaxJar?
However, they did mention that the plan is custom-made for each user. So the costs will vary in line with what you require to run your business.
Luckily, 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 a 30-day free trial. This should give you enough time to see whether the service is a good fit for you.
Pros and Cons
Now that we’ve covered all you need to know about TaxJar Let’s relax. To summarize, here are the pros and cons of making use of TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support Service Team
- The dashboard is easy 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes numerous platforms. If that’s what you do, then you must try TaxJar.
Not only can it aid in tracking the sales and profits of your business, but it can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they offer tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar will help you reduce time and keep on top of each deadline and obligation you have to fulfill. If you live in a place with complicated tax laws, this can surely help you wrap your mind around it. Do I Need Quickbooks With TaxJar?
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure simple to follow then you’re better off doing it by yourself.
FAQ Do I Need Quickbooks With TaxJar?
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect 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. All transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into USdollars before TaxJar determines your tax.