Taxes are always one of the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford the budget to hire an accountant, performing the task on your own could be risky. If you overlook one thing and you don’t know it, you may have to redo things again!
Almost everyone wants to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
What can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can assist you. Although this is quite lengthy but you’ll be able to assess whether TaxJar is exactly what you need right now.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? Est Vs Gst
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use it in all of your sales channels to ensure compliance with sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is neat and simple. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll want to check is your tax-reporting system perfectly integrates with your sales channel. If you’re selling through multiple channels, it is essential to keep everything in place. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your critical data in one location. This means that there is no need to collect data in multiple channels and organize it into a single platform. All you have to do is integrate TaxJar then the system will do the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows clients to make sales tax filings either manually or via their AutoFile feature. In this review, we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing income tax returns The team will guide you on managing these. However, it will be up for you and your team members to finish the tax returns within the timeframe. TaxJar is there to guide you on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales tax in order to record and process them. But, it is possible to incur additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to all the information you require, including the list of transactions, reports and 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 however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to fully view the overall sales taxes in your business. Additionally, you can export your data to CSV format. 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.
Training and Streamlining
TaxJar helps organize and keep on top of all the channels you sell through. This means that you don’t have to hunt for your paperwork whenever you’re in the event of a need. Even if you already have your accountant, this function will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have for other operational costs.
The best part is that TaxJar provides training and tutorials, not just for their platform , but also everything connected to sales tax. You can check out their webinars, guides, as well as their blog to find more information. Apart from that, their sales tax calculator can be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll examine TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small company manager, the plan could be perfect for you. It may not have all the features of TaxJar but it comes with all the basics you require.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking for different from the standard features, then the Professional plan may be the best option for you. It starts at $99, but it can go higher when you add additional features.
What is the difference from the basic plan?
In addition to accessing each of Starter plan’s features, you also have their phone customer support access to APIs, as well as advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to go for an upgrade instead. It includes all of the features you need to aid in your tax preparation. In addition, they offer unlimited data import integrations API integrations, team members, and AutoFiles.
There is also a team dedicated to managing your account. They don’t reveal the amount that the Premium plan costs you. Est Vs Gst
However, they did mention that this plan is tailor-fit for every user. The cost of the plan will be different in line with what you require for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to find out if the platform is right 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 see whether the software is the right choice for you.
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Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has 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.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies with multiple sales channels and uses many platforms. If that sounds like what you’re doing, then ought to try this.
Not only will it assist you in keeping track of your revenue and products however, it will help you meet the deadlines you set. It is also a great platform for an accountant since they provide a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can allow you to save more time while keeping track of every deadline and requirement you have to fulfill. If you’re in an area with complex tax regulations, this will definitely help you get your head around it. Est Vs Gst
However, if managing your taxes is simple, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure easy to complete, you might be better off doing it on your own.
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FAQ Est Vs Gst
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transaction amounts are n US$. If you’re using another currency, you will need to convert it to USUSD before TaxJar determines your tax.
