Taxes have always been one of the most difficult tasks to complete, whether you’re running your own business or not. More so if you don’t have a degree in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to hire an accountant, performing the task on your own could be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
We can always make life easier with tools such as TaxJar.
This article will take a look at this life-saving device and how it can assist you. While this is lengthy it is possible to gauge whether TaxJar is the tool you require in the present.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar Do I Need TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure is that your accounting tax platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to be penalized for missing a single minor point.
TaxJar lets you display your key data in one location. That way, there’s no need to gather information from multiple sources and then organize it on a single platform. All you have to do is integrate TaxJar then the system will handle all the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through the AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect those sales tools. When it comes time to filing income tax returns TaxJar will train you on managing the tax returns. It is up for you and your team members to finish the tax returns within the timeframe. TaxJar will only help you understand what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. With this feature, everything will be automated from calculating sales taxes in order to record and process them. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting problems. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you require, including a list of your transactions, reports, and the data.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let to know the amount you’ve collected however, they can also help you track when your following payment is due.
Their dashboard can also allow you to fully view the total sales tax in your business. It is also possible to export the data to CSV format. CSV file if you need it to aid in financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. It means you don’t need to scramble for your documents when you’re when you’re in a pinch. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operational costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just on their platform, but for anything related to sales tax. You can look through their webinars, guides as well as their blog to find more information. In addition their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing structures and what each of these options can offer you. At present, 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 best plan if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a smaller business owner, this plan will be perfect for you. It may not have all of TaxJar’s features however, it does include the basic features you require.
You can also contact the support team via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking to get that is more than the basics, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the original plan?
Apart from having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone, API access, and advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you run a large enterprise, you may want to go for the Premium plan instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations Integrations with APIs, teams of users and AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the price of the Premium plan. will cost you. Do I Need TaxJar
However, they did say that the plan is custom-made to each user. So the costs will vary in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to risk your money to determine if this service is for you. If you’re still looking into other options, they have a 30-day free trial. This should be enough time to gauge whether the software is an excellent fit for you.
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Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a break. To sum it all up, here are the pros and cons of making use of TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes plenty of platforms. If that’s what you do, then you ought to try this.
Not only will it aid in tracking the sales and profits of your business however, it will also help you meet your deadlines. This is also an excellent platform for an accountant since they have tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline and requirement you have to fulfill. If you’re living in an area with complex tax laws, this can surely help you wrap your head around it. Do I Need TaxJar
If handling your taxes is simple, 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 all of it. If you find the whole process easy to do, you might be better in doing it all by yourself.
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FAQ Do I Need TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars before TaxJar can calculate your tax.
