Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have the budget to hire an accountant, making it your own could be dangerous. If you make a mistake it could mean you have to redo things again!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
So what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this popular 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 watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar Fein TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it across all your channels of sales to ensure that you are in compliance with sales taxes. It streamlines processes that require days to complete and finish within minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by online business owners to make their business more neat and simple. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the first things you’ll want to check is your tax-reporting system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. This means that there is no need to gather information from multiple sources and then organize it on a single platform. All you have to do is connect TaxJar, it will take care of the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar lets customers submit their sales tax either manually or via their AutoFile feature. In the purpose of this article, we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing tax returns for income TaxJar will train you on how to manage these. It is up to you and your staff to complete everything in time. TaxJar will only guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. This feature will ensure that everything will be automated from calculating sales tax 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 mentioned earlier, you can use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. From there you and your team will have access to everything you need, like the list of transactions, reports, and data.
The greatest benefit of this feature is that they allow you to update automatically every day. They not only let you know how much you’ve accumulated however, they can also help you determine when your next payment is due.
The dashboard allows you to see the sales tax totals for your business. Additionally, you can export the data to CSV format. CSV file if you need it for your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep on top of all your sales channels. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have available for other operational expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just on their platform, but everything related to sales tax. Check out their guides, webinars, or blog posts for additional info. Apart from that the sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing structures and the features that each of these options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They claim that it’s the best plan for those who need assistance with filing requirements or reporting. It comes with the tax on sales, four autofiles for free each year, and a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small company owner, this plan will be ideal for you. It might not include all the features of TaxJar, but it has the essentials that you need.
Additionally, you can contact their customer support via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking for something a bit more than just the basics Professional may be the best option for you. It’s priced at $99 however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to having access to each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and 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 premium plans instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited data import integrations, API integrations, team members and AutoFiles.
They also have a staff that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan costs you. Fein 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.
Fortunately, you don’t need to risk your money to find out if the platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to determine whether the service is a good fit for you.
Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of the use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then should try this.
Not only can it assist you in keeping track of the sales and profits of your business It can also help you meet the deadlines you set. This is also an excellent option for accountants as they provide the Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can allow you to save more time while keeping the track of each deadline and requirement you have to meet. If you’re living in a region with a lot of tax laws, this can certainly help you to get your head around the subject. Fein TaxJar
However, if managing taxes is easy If it isn’t, then TaxJar might not be a good investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the whole process easy to do, you might be better in doing it all by yourself.
FAQ Fein TaxJar
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it to USUSD before TaxJar can calculate the tax.