Taxes have always been among the most difficult things to handle regardless of whether you’re running an enterprise or not. Particularly if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. In the event that you do not have enough money to employ an accountant, making it your own could be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So , what can we do about it?
We can always simplify our lives with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and how it can benefit you. Although this is quite an extensive read but you’ll be able to gauge whether TaxJar is what you need today.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar? How Are Total Sales Less Than Taxed Sales TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your sales channels to ensure compliance with sales tax requirements. It makes the process simpler that could 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 and even medical establishments.
How can it help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is simple and organized. 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 need to ensure you have a tax accounting system perfectly integrates with your sales channel. If you’re selling through multiple channels, you must maintain everything in line. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. So, there’s no need to collect information from multiple sources and then organize it on a single platform. All you need to do is to integrate TaxJar and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.
If you decide to go it alone, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing tax returns for income TaxJar will train you on how to manage the tax returns. However, it will be up to you and your team to complete the process in time. TaxJar is there to provide guidance on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. Through this feature, everything is automated, from calculating sales taxes in order to record and process them. There could be additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your team will have access to all the information you need, such as the list of transactions, reports, and data.
The best part about the feature you’ve chosen is it allows you to automatically update every day. Not only will they let to know the amount you’ve earned and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard also allows you to see the total sales tax for your business. Additionally, you can export the information in the form of a CSV file, if you want to use it in your process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all your sales channels. That means you won’t have to scramble for your documents when you’re in a pinch. Even if you already have your accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your money more efficiently. You’ll be aware of the budget you have for other operational expenses.
The best part is that TaxJar offers tutorials and training not only on their platform, but for anything related to sales tax. You can check out their webinars, guides, or blog posts for additional info. Additionally, their sales tax calculator can be useful if you’re planning to do everything on your own.
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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 costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and what each of those choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the best plan if you need help in filing and reporting. It comes with taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a smaller business manager, the plan could be perfect for you. It may not have all the features offered by TaxJar, but it has the essentials that you need.
You can also contact their customer support via their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking for something that is more than the basics and options, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the starter plan?
In addition to having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you own a huge enterprise, you may want to opt for an upgrade instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrationsfor team members, and AutoFiles.
They also have a staff that is devoted to managing your account. But, they don’t divulge the amount that the Premium plan will cost you. How Are Total Sales Less Than Taxed Sales TaxJar
However, they did mention that the plan is custom-made for each user. The cost of the plan will be different according to what you require to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to gauge if the platform is the right choice for you.
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Pros and Cons
Now that we’ve covered all you need to know about TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of using TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online 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
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are 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 review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only can it assist you in keeping track of your products and revenue however, it will help you meet the deadlines you set. It is also a great opportunity for accountants since they provide a Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
The use of TaxJar can allow you to save more time while keeping on top of each deadline and obligation you have to meet. If you’re living in a place with complicated tax laws, this will definitely help you get your head around it. How Are Total Sales Less Than Taxed Sales TaxJar
However, if managing your taxes is simple, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ How Are Total Sales Less Than Taxed Sales TaxJar
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions are in USdollars. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar determines the tax.
