Taxes are always one of the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related work can be overwhelming, particularly when you’re packed with things to do. If you don’t have enough money to hire an accountant, performing the task on yourself can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Almost everyone wants to skipping this step. But since it’s required, we have no choice.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can help you. Although this is quite an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need right now.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? Generate Tax Report For Users TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it across all your sales channels 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 different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to ensure is that your accounting tax platform is compatible in conjunction with the sales channels you use. If you have multiple sales channels, you need to maintain everything in line. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. So, there’s no need to gather data in multiple channels and sort it into one platform. All you need to do is integrate TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar lets customers submit their sales tax by hand or using their AutoFile feature. For the purpose of this article, we’ll look at both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. Once the time comes for the filing of income tax returns, the team will instruct you on managing these. It is up to you and your team to finish the tax returns within the timeframe. TaxJar will only help you understand what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. Through this feature, everything is automated, from calculating taxes on sales in order to record and process it. However, there might be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting problems. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your team will have access to all the information you need, such as the list of transactions, reports, as well as data.
The most appealing aspect of the feature you’ve chosen is they allow you to update your account automatically each day. Not only will they let to know the amount you’ve accumulated however, they can also help you determine when your next payment is due.
The dashboard allows you to see the total sales tax for your business. You can also export your data as the form of a CSV file if you need it for your accounting and financial planning processes or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. This means that you don’t have to scramble for your documents when you need them in a pinch. Even even if you already have an accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds better. You’ll know exactly how much budget you have to cover other operational costs.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just on their platform, but all things related to sales tax. You can check out their guides, webinars, or blog posts for additional information. Apart from that, their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing structures and the features that each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. They say it’s the best plan to help you with filing requirements or reporting. It includes sales tax reporting, four annual AutoFiles for free, as well as a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small-scale company proprietor, then this program will be perfect for you. It may not have all the features offered by TaxJar however, it does include the essentials that you need.
You can also contact the support team via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking for that is more than the standard features, then the Professional plan 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 support via phone, API access, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you have a massive enterprise, you may want to go for premium plans instead. It includes all of the features needed to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as API integrationsfor team users as well as AutoFiles.
There is also a team dedicated in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. Generate Tax Report For Users TaxJar
But they did state that this plan is customized to each user. So the costs will vary in line with what you require to run 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 30 days of free trial. This should give you enough time to determine whether the software is a good fit for you.
Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online 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
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then should try this.
It’s not just a way to help you track your revenue and products, but it can assist you in meeting your deadlines. It is also a great platform for an accountant since they offer tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
Utilizing TaxJar can help you save more time while keeping on top of each deadline and obligation you have to meet. If you live in an area with complex tax laws, this can certainly help you to get your head around it. Generate Tax Report For Users TaxJar
But if handling your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the whole process easy to do and you’re comfortable with it, you may be better to do it by yourself.
FAQ Generate Tax Report For Users TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to US$ prior to when TaxJar will calculate the tax.