Taxes are always one of the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the funds to hire an accountant, doing it on yourself can be risky. If you make a mistake, you might have to redo things again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do about it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this life-saving tool and how it can assist you. Although this is quite lengthy it is possible to assess whether TaxJar is the tool you require in the present.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, let’s get right into it.
What is TaxJar E Taxman
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for your entire sales tax life cycle. In addition, you can apply it across all of the sales channels you use to ensure that you are in compliance with sales taxes. It makes the process simpler that could take days to complete and finish within minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check you have a tax accounting system perfectly integrates with your sales channel. If you have multiple sales channels, you need to keep everything in place. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your key metrics in one spot. So, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you have to do is integrate TaxJar, it will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax either manually or via their AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you decide to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income The team will guide you on how to manage them. But, it is up to you and your team members to complete everything in time. TaxJar will only help you understand what you have to accomplish, but not manage it.
If you 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 will be automated, from calculating taxes on sales to recording and processing it. There could be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, such as an inventory of your transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is it lets you to update your account automatically each day. They not only let you keep track of how much you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals in your business. You can also export your data in a CSV file in case you require it in your process of financial planning and accounting or if you require it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of your sales channels. This means that you don’t have to search for your documents when you need them in the event of a need. Even even if you already have an accountant, this function can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds better. You’ll be aware of the budget you have available for other operational costs.
What’s more 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 check out their guides, webinars, and blog for more info. Additionally the sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. For this reason we’ll take a look at TaxJar’s pricing structures and the features that each of these options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the most effective plan if you need help with filing requirements and reporting. It includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small company owner, this plan could be perfect for you. It may not have all the features offered by TaxJar however, it does include all the basics you require.
You can also contact their support team with their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking for different from the basics Professional could be the one for you. It starts at $99, but it can go higher if you add custom features.
So how different is it from the starter plan?
Apart from having access to every one of Starter plan’s features, you also have their support via phone, API access, and advanced CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to go for the Premium plan instead. It comes with all the features needed to help with your taxes. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of members and AutoFiles.
There is also a team dedicated to managing your account. However, they don’t disclose the amount that the Premium plan is going to cost. E Taxman
However, they did say that this plan is tailor-fit to each user. So the costs will vary depending on what you need to run your business.
Fortunately, you don’t need to gamble your money just to determine if this service 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. This should be enough time to gauge if the platform is a good fit for you.
Pros and Pros and
We’ve covered everything you must know about TaxJar Let’s relax. To summarize, here are the advantages and disadvantages of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies with many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it help you track your products and revenue, but it can also help you meet your deadlines. This is also an excellent option for accountants as they provide the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
The use of TaxJar can allow you to get more done while keeping the track of each deadline or requirement you need to meet. If you live in an area with complex tax regulations, this will definitely help you get your head around the subject. E Taxman
But if handling your taxes is straightforward, then TaxJar might not be a good expense. If you only have one or two sales channels, 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 to do it by yourself.
FAQ E Taxman
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in US$. If you’re using a different currency, you’ll have to convert it into US$ prior to when TaxJar determines the tax.