Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is packed with things to do. In the event that you do not have the funds to hire an accountant, performing the task on yourself can be risky. If you make a mistake, you might have to redo things again!
Most people want to avoid this step. But since it’s required, we have no choice.
What can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can benefit you. Even though this is a long read but you’ll be able to determine if TaxJar is exactly what you need right now.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What is TaxJar How Far Back Does TaxJar Import Transactions
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your channels of sales to ensure compliance with sales taxes. It simplifies the processes that require days to complete and finish within only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting software seamlessly works well along with sales funnels. If you have multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to be penalized for missing a single minor point.
TaxJar lets you display your key data in one location. This means that there is no requirement to collect data in multiple channels and then organize it on one platform. All you have to do is integrate TaxJar it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar lets customers submit their sales tax by hand or using the AutoFile feature. For this review, we’ll take a look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns TaxJar will train you on how to handle these. It is up to you and your staff to complete everything on time. TaxJar is there to provide guidance on what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating sales tax in order to record and process them. There could be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, like an inventory of your transactions, reports and the data.
The best part about this option is the fact that they allow you to automatically update every day. Not only can they help you know how much you’ve collected however, they can also help you determine when your next payments are due.
The dashboard allows you to see the overall sales taxes for your business. It is also possible to export the data as the form of a CSV file in case you require it for your accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. This means that you don’t have to hunt for your paperwork when you need them in the event of a need. Even when you already have your accountant, this function can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have available for other operating expenses.
The best part is that TaxJar offers training and tutorials not only on their platform, but for anything connected to sales tax. Check out their webinars, guides as well as their blog to find more info. In addition the sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they can be too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale business manager, the plan should be ideal for you. It may not have all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration features.
If you’re looking for something different from the basic features Professional may be the best option for you. It starts at $99, but it can go higher by adding custom features.
So how different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also have their phone customer support access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to choose the Premium plan instead. It includes all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations, API integrationsfor team members and AutoFiles.
There is also a team dedicated for managing the account. They don’t reveal how much the Premium plan is going to cost. How Far Back Does TaxJar Import Transactions
However, they did say that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need to run your business.
Luckily, you don’t have to bet your life on it to determine if this service is right for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should be enough time to gauge whether the service is the right choice for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar Let’s relax. To sum it all up Here are the pros and cons of the use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes numerous platforms. If that’s what you do, then you should try this.
It’s not just a way to aid in tracking your revenue and products, but it can assist you in meeting the deadlines you set. It is also a great opportunity for accountants since they have tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar can help you save more time while keeping on top 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 it. How Far Back Does TaxJar Import Transactions
However, if managing your taxes is simple, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
FAQ How Far Back Does TaxJar Import Transactions
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it to USUSD before TaxJar can calculate your tax.