Taxes have always been among the hardest things to do, whether you’re running an enterprise or not. More so if you don’t have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is full of things to be done. If you don’t have the funds to employ an accountant, performing the task on your own could be dangerous. If you make a mistake, you might have to redo things again!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what is the best way to deal with it?
It is always possible to simplify our lives with tools such as TaxJar.
This article will take a look at this popular life-saving tool and how it can benefit you. While this is an extensive read but you’ll be able to assess whether TaxJar is exactly what you need today.
Do you 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.
For those who like to read, we’ll dive right into.
What exactly is TaxJar? How TaxJar Works With Paypal
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with sales tax requirements. It streamlines processes that can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything neat and simple. 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 perfectly integrates along with sales funnels. If you’re selling through multiple channels, you must keep everything in place. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. That way, there’s no need to gather data from different channels and then organize it on a single 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 with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to submit their sales tax by hand or using their AutoFile feature. In the purpose of this article, we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When it comes time to filing tax returns for income, the team will instruct you on how to handle the tax returns. It is up to you and your team members to complete everything in time. TaxJar will only guide you on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales in order to record and process them. There could be extra fees if not part of the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform you and your staff will have access to everything you need, such as a list of your transactions, reports, as well as information.
The greatest benefit of this feature is that they allow 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 can also allow users to view in detail the total sales tax in your business. You can also export your data to the form of a CSV file in case you require it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents when you need them in the event of a need. Even when you already have your accountant, this feature can make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll know exactly how much budget you have available for other operating costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform but for anything that has to do with sales tax. You can check out their webinars, guides, or blog posts for additional information. In addition their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you to help you with filing requirements or 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 can access their AI tax tips.
If you’re a small company proprietor, then this program could be ideal for you. It may not have all the features of TaxJar but it comes with the essentials that you need.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration features.
If you’re looking to get different from the basics, then the Professional plan might be the right one for you. It starts at $99, but you can increase it by adding custom features.
How different is it from the starter plan?
In addition to accessing each of Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive business, you might need to choose premium plans instead. It comes with all the features you need to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as Integrations with APIs, teams of users, and AutoFiles.
There is also a team who are devoted for managing the account. But, they don’t divulge the price of the Premium plan. is going to cost. How TaxJar Works With Paypal
But they did state that this plan is tailor-fit for every user. So the costs will vary according to what you require to run your business.
Luckily, you don’t have to bet your life on it to find out if the platform is for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to see if the platform is the right choice for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a break. In order to sum up the whole thing, here are the advantages and disadvantages of the use of TaxJar for your company.
- There is a 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 simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes many platforms. If this sounds like the way you’re doing, then ought to try this.
It’s not just a way to help you track your products and revenue It can help you meet your deadlines. It’s also an excellent platform for an accountant since they offer tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar will help you get more done while keeping track of every deadline and requirement you have to meet. If you’re in a place with complicated tax laws, this will surely help you wrap your mind around it. How TaxJar Works With Paypal
But if handling your taxes is straightforward If it isn’t, then TaxJar might not be a good expense. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure easy to complete then you’re better off doing it on your own.
FAQ How TaxJar Works With Paypal
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USdollars before TaxJar will calculate the tax.