Taxes have always been among the most difficult tasks to complete regardless of whether you run an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to employ an accountant, performing the task on your own can be dangerous. If you overlook one thing and you don’t know it, you may have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do about it?
We can always make our lives easier with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can assist you. Even though this is an extensive read, you should be able to gauge whether TaxJar is the tool you require right now.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What exactly is TaxJar? How Muh Is TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales tax requirements. It streamlines processes that can take days to complete, and finish within only a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, 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 ensure that everything is organized and straightforward. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure you have a tax accounting platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your key data in one location. This means that there is no requirement to collect data in multiple channels and sort it into one platform. All you have to do is connect TaxJar and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar lets customers file their sales taxes by hand or using their AutoFile feature. In our review we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing income tax returns, the team will instruct you on how to handle these. But, it is up for you and your team members to complete everything in time. TaxJar is only there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating sales taxes through recording, and then processing them. There could be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. From there, you and your team will have access to everything you need, like a list of your transactions, reports, as well as information.
The greatest benefit of this option is the fact that they allow you to automatically update every day. They not only let to know the amount you’ve collected and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard can also allow you to see the total sales tax in your business. Additionally, you can export your data to the form of a CSV file if you need it in your accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all the sales avenues you use. This means that you don’t have to hunt for your paperwork when you’re in a pinch. Even if you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have for other operational costs.
But what’s even better is that TaxJar offers training and tutorials, not just on their platform, but everything that has to do with sales tax. You can check out their webinars, guides and blog for more details. Apart from that, their sales tax calculator is helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements or reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a smaller company owner, this plan could be perfect for you. It may not have all the features of TaxJar, but it has the essentials that you need.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking for something a bit more than just the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
What is the difference from the basic plan?
In addition to accessing all of the Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you have a massive business, you might need to opt for premium plans instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer unlimited import integrations of data API integrations, team members as well as AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose the price of the Premium plan. costs you. How Muh Is TaxJar
But they did state that the plan is custom-made for each user. The cost of the plan will be different depending on what you need to run your business.
Free Trial
Fortunately, you don’t need to gamble your money just to find out if the platform is right for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to gauge if the platform is an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a break. To sum it all up Here are the pros and cons of making use of TaxJar for your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- 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 check local legislation
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have multiple sales channels and uses many platforms. If that’s what you do, then you must try TaxJar.
Not only will it aid in tracking the sales and profits of your business however, it will assist you in meeting your deadlines. It is also a great platform for an accountant since they have the Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can help you save more time while keeping on top of each deadline or requirement you need to fulfill. If you live in an area with complex tax laws, this will certainly help you to get your head around the subject. How Muh Is TaxJar
If handling taxes is easy, then TaxJar may be an unnecessary 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 find the whole procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
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FAQ How Muh Is TaxJar
Which areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into USUSD prior to when TaxJar determines the tax.
