Taxes have always been one of the most difficult things to handle regardless of whether you run a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when you’re packed with things to do. In the event that you do not have the funds to hire an accountant, making it yourself can be dangerous. If you miss one detail, you might have to do it all over again!
Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do ?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. While this is lengthy, you should be able to assess whether TaxJar is the tool you require right now.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? Godaddy Bookkeeping Vs TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it in all of your sales channels to ensure that you are in compliance with sales taxes. It streamlines processes that can take days to complete, and finish within minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll want to check is that your accounting tax platform perfectly integrates with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your key data in one location. This means that there is no need to gather information from multiple sources and then organize it on one platform. All you have to do is connect TaxJar then the system will handle the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax by hand or using TaxJar’s AutoFile feature. In our review we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect all those sales tools. Once the time comes for filing tax returns for income The team will guide you on how to handle these. However, it will be up for you and your staff to finish the tax returns within the timeframe. TaxJar is there to help you understand what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. With this feature, everything is automated, from calculating taxes on sales to recording and processing them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. From there, you and your team can access everything you need, like a list of your transactions, reports, as well as information.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. Not only will they let you know how much you’ve collected, but they also help you determine when your next payments are due.
Their dashboard can also allow you to fully view the sales tax totals in your business. You can also export the data to the form of a CSV file in case you require it for your accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the sales avenues you use. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have available for other operating costs.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform , but also for anything connected to sales tax. You can check out their webinars, guides as well as their blog to find more details. Apart from that, their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing features, but they can be too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They claim that it’s the best plan to help you in filing and reporting. It includes taxes on sales and sales as well as four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small company owner, this plan will be ideal for you. It might not include all the features offered by TaxJar, but it has all the basics you require.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking to get different from the standard features, then the Professional plan might be the right one for you. The price starts at $99 but it can go higher if you add custom features.
So how different is it from the starter plan?
In addition to having access to each of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as API integrations, team users as well as AutoFiles.
There is also a team that is devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan is going to cost. Godaddy Bookkeeping Vs TaxJar
However, they did mention that this plan is tailor-fit for each user. Therefore, the cost will differ depending on what you need for your business.
It’s a good thing that you don’t have to risk your money to find out if the platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. This should be enough time to determine if the platform is a good fit for you.
Pros and Cons
We’ve covered everything you should know about TaxJar Let’s relax. To sum it all up Here are the pros and cons of making use of TaxJar for your company.
- There is the 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
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform companies that have numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only can it help you track your products and revenue however, it will also help you meet your deadlines. This is also an excellent opportunity for accountants since they have tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can help you save more time while keeping on top of each deadline and requirement you have to meet. If you live in a place with complicated tax laws, this will surely help you wrap your head around it. Godaddy Bookkeeping Vs TaxJar
However, if managing your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary investment. If you have only one or two sales channels, TaxJar won’t be needed to track all of it. If you find the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ Godaddy Bookkeeping Vs TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar will calculate the tax.