Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work aren’t easy, particularly when you’re packed with things to do. In the event that you do not have enough money to engage an accountant performing the task on yourself can be dangerous. If you overlook one thing it could mean you have to redo things again!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
So , what is the best way to deal with it?
We can always make our lives easier with tools such as TaxJar.
This article will take a look at this life-saving tool and explain how it can benefit you. While this is an extensive read but you’ll be able to assess whether TaxJar is what you need in the present.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What is TaxJar Ein TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with sales tax requirements. It streamlines processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to ensure you have a tax accounting software perfectly integrates with your sales channel. If you’re selling through multiple 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 metrics in one place. So, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you have to do is integrate TaxJar, and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers file their sales taxes manually or through their AutoFile feature. For this review, we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. Once the time comes for filing income tax returns, the team will instruct you on how to manage these. But, it is up for you and your staff to complete everything on time. TaxJar will only guide you on what you need to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing them. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to all the information you require, including an inventory of your transactions, reports, as well as data.
The most appealing aspect of the feature you’ve chosen is it lets you to update automatically every day. Not only will they let to know the amount you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the sales tax totals within your company. It is also possible to export your data to CSV format. CSV file if you need it in your process of financial planning and accounting or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. It means you don’t need to search for your documents whenever you’re in the event of a need. Even if you already have your accounting firm, the feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance 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 offers training and tutorials, not just for their platform , but also for anything connected to sales tax. You can look through their guides, webinars, and blog for more info. Additionally, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing structures and what each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance 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 will be able to access their AI tax tips.
If you’re a small-scale business manager, the plan could be perfect for you. It may not offer all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking to get that is more than the standard features Professional could be the one for you. The price starts at $99 but it can go higher by adding custom features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also have their support via phone access to APIs, as well as the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge business, you might need to opt for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. Additionally, they permit unlimited integrations with data imports, API integrations, team members, and AutoFiles.
They also have a staff that is devoted in managing your accounts. However, they don’t disclose how much the Premium plan is going to cost. Ein TaxJar
However, they did mention that the plan is custom-made for every user. The cost of the plan will be different depending on what you need for your business.
Luckily, you don’t have to bet your life on it to find out if the 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. This should give you enough time to determine whether the service is the right choice for you.
Pros and Pros and
Now that we’ve covered all you should know about TaxJar let’s take a break. To summarize, here are the pros and cons of the use of TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax 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
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers.
- Needs accountants and owners to check local legislation
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 sounds like what you’re doing, then should try this.
Not only can it aid in tracking the sales and profits of your business, but it can assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they offer tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
The use of TaxJar can help you save more time while keeping track of every deadline or requirement you need to meet. If you’re living in a region with a lot of tax laws, this can definitely help you get your head around it. Ein TaxJar
But if handling your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ Ein TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it to US$ prior to when TaxJar can calculate your tax.