Taxes are always one of the hardest things to do regardless of whether you run an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford enough money to employ an accountant, performing the task on your own can be risky. If you overlook one thing it could mean you need to repeat the process!
Almost everyone wants to skip this step. But since it’s required, we have no choice.
So what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can assist you. Although this is quite an extensive read, you should be able to gauge whether TaxJar is the tool you require today.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar? Does Going Tax Exempt Hurt You
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. 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 sales taxes. It simplifies the processes that take days to complete and finish within minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by online business owners to ensure that everything is organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure is that your accounting tax platform seamlessly works well along with sales funnels. If you have multiple sales channels, you need to maintain everything in line. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar allows you to display your key metrics in one spot. So, there’s no need to gather data in multiple channels and then organize it on one platform. All you have to do is integrate TaxJar it will do all the rest.
Apart from 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 submit their sales tax manually or through TaxJar’s AutoFile feature. In this review, we’ll take a look into both.
If you choose 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 the filing of income tax returns The team will guide you on how to manage the tax returns. It is up for you and your team members to complete the process within the timeframe. TaxJar is only there to help you understand what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. With this feature, everything will be automated from calculating sales taxes in order to record and process it. But, it is possible to incur additional charges if they are not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform, you and your team can access everything you require, including the list of transactions, reports, as well as the data.
The best part about the feature you’ve chosen is it lets you to automatically update every day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard also allows you to fully view the total sales tax in your business. Additionally, you can export the information as a CSV file, if you want to use it in your accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents when you need them in a pinch. Even when you already have your accountant, this feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds better. You’ll know exactly how much budget you have to cover other operating costs.
The best part is that TaxJar provides training and tutorials and tutorials, not just on their platform, but everything related to sales tax. You can look through their webinars, guides as well as their blog to find more details. In addition the sales tax calculator is useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb features, but they can be too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the best plan for those who need assistance with filing requirements or reporting. It 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 can access their AI tax advice.
If you’re a small company owner, this plan will be ideal for you. It may not offer all the features of TaxJar but it comes with the essentials that you need.
Additionally, you can contact the support team via their support chart for email. Additionally, you’ll have access to their integration features.
Professional
If you’re looking to get different from the standard features and options, then the Professional plan may be the best option for you. It 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 every one of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to choose the Premium plan instead. It includes all of the features needed to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports API integrationsfor team users as well as AutoFiles.
They also have a team dedicated for managing the account. However, they don’t disclose the price of the Premium plan. costs you. Does Going Tax Exempt Hurt You
However, they did say that this plan is tailor-fit to each user. So the costs will vary depending on what you need for your business.
Free Trial
Fortunately, you don’t need to risk your money to see if this platform is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to gauge if the platform is a good fit for you.
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Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- It allows you to monitor 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 applicable to USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have multiple sales channels and uses many platforms. If that sounds like what you do, then you must try TaxJar.
Not only will it assist you in keeping track of your products and revenue It can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Using TaxJar can help you save more time while keeping on top of each deadline or requirement you need to meet. If you’re in an area with complex tax laws, this will certainly help you to get your mind around it. Does Going Tax Exempt Hurt You
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 keep track of everything. In addition, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ Does Going Tax Exempt Hurt You
What are the areas in which TaxJar provide API support?
TaxJar currently supports 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 link your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it into US$ before TaxJar will calculate your tax.
