Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running an enterprise or not. More so if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, especially when you’re full of things to be done. In the event that you do not have the funds to engage an accountant making it your own could be risky. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
What is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can benefit you. Although this is quite lengthy it is possible to assess whether TaxJar is the tool you require in the present.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? How Much Is Tax Worth
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to ensure that you are in compliance with sales taxes. It makes the process simpler that could take days to complete and is completed in just a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s explore their features and services.
Features and services
One of the first things you’ll want to check is that your accounting tax software is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to ensure that everything is in order. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one place. That way, there’s no need to gather data from different channels and organize it into a single platform. All you need to do is integrate TaxJar it will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to make sales tax filings either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns, the team will instruct you on how to handle these. However, it will be up for you and your staff to complete the process within the timeframe. TaxJar is there to provide guidance on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. With this feature, everything is automated, from calculating sales taxes to recording and processing them. But, it is possible to incur extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team will have access to all the information you require, including an inventory of your transactions, reports and the data.
The best part about this feature is that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve collected however, they can also help you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the total sales tax in your business. Additionally, you can export your data as the form of a CSV file, if you want to use it in your financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all your sales channels. This means that you don’t have to scramble for your documents when you need them in the event of a need. Even even if you already have an accountant, this feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have to cover other operational expenses.
What’s more is that TaxJar offers tutorials and training not only for their platform but for anything related to sales tax. You can look through their guides, webinars, and blog for more info. Apart from that their sales tax calculator should be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing levels and what each of those choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They say it’s the best plan if you need help in filing and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a smaller company owner, this plan could be perfect for you. It may not offer all the features offered by TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for something that is more than the standard features and options, then the Professional plan may be the best option for you. It starts at $99, but you can increase it when you add additional features.
How different is it from the starter plan?
Apart from having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to opt for an upgrade instead. It includes all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations API integrations, team users as well as AutoFiles.
There is also a team who are devoted to managing your account. They don’t reveal the amount that the Premium plan costs you. How Much Is Tax Worth
But they did state that this plan is customized to each user. The cost of the plan will be different in line with what you require for your business.
Fortunately, you don’t need to gamble your money just to see if this platform is the right one for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to see whether the software is the right choice for you.
Pros and Pros and
We’ve covered everything you need to 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 company.
- There is the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by 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 check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with multiple sales channels and uses numerous platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only can it help you track your revenue and products, but it can help you meet the deadlines you set. This is also an excellent option for accountants as they have tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to get more done while keeping the track of each deadline or requirement you need to fulfill. If you’re in an area with complex tax regulations, this will certainly help you to get your head around the subject. How Much Is Tax Worth
But if handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. If you find the entire process easy to do, you might be better off doing it on your own.
FAQ How Much Is Tax Worth
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like those of 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 to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions’ amounts are in US$. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar will calculate your tax.