Taxes have always been among the most difficult tasks to complete regardless of whether you run a business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, especially when you’re packed with things to do. If you don’t have the budget to engage an accountant performing the task on yourself can be risky. If you miss one detail, you might have to do it all over again!
Most people want to avoid this step. But since it’s required, we have no choice.
What can we do ?
We can make life easier with tools such as TaxJar.
This article will take a look at this life-saving tool and how it can assist you. While this is a long read but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What is TaxJar? How To Set-Up Quickbooks Online Sales Tax For TaxJar
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your sales channels to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and finish within only a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by online business owners to ensure that everything is neat and simple. Let’s look into the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check you have a tax accounting system seamlessly works well along with sales funnels. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one place. This means that there is no need to gather information from multiple sources and then organize it on one platform. All you have to do is integrate TaxJar then the system will handle all the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to file their sales taxes manually or through TaxJar’s AutoFile feature. In our review we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect the sales channels you use. When the time is right for filing tax returns for income, the team will instruct you on managing these. It is up to you and your team to complete everything within the timeframe. TaxJar is there to help you understand what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales tax to recording and 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 we mentioned it is possible to use TaxJar to assist you with your accounting woes. 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, such as an inventory of your transactions, reports, and the data.
The greatest benefit of this option is the fact that they allow you to update your account automatically each day. They not only let to know the amount you’ve collected however, they can also help you track when your following payments are due.
Their dashboard also allows you to see the total sales tax in your business. It is also possible to export the information in a CSV file, if you want to use it in your process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. That means you won’t have to scramble for your documents when you’re in a pinch. Even when you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds more effectively. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar offers tutorials and training not only for their platform but everything connected to sales tax. You can check out their webinars, guides and blog for more info. In addition, their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
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 expensive for businesses. For this reason we’ll examine TaxJar’s pricing tiers and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a smaller company manager, the plan could be perfect for you. It might not include all of TaxJar’s features but it comes with the basic features you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking for different from the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher if you add custom features.
How different is it from the basic plan?
In addition to having access to every one of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to opt for the Premium plan instead. It comes with all the features needed to help with your taxes. In addition, they offer unlimited data import integrations Integrations with APIs, teams of users and AutoFiles.
They also have a staff that is devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. is going to cost. How To Set-Up Quickbooks Online Sales Tax For TaxJar
But they did state that the plan is custom-made for every user. The cost of the plan will be different depending on what you need for your company.
Fortunately, you don’t need to bet your life on it to see if this platform is the right one 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 determine whether the software is a good fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then you must try TaxJar.
It’s not just a way to assist you in keeping track of the sales and profits of your business, but it can assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they provide the Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline and requirement you have to meet. If you’re in an area with complex tax laws, this can certainly help you to get your head around the subject. How To Set-Up Quickbooks Online Sales Tax For TaxJar
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow then you’re better to do it by yourself.
FAQ How To Set-Up Quickbooks Online Sales Tax For TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can sync 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 will need to convert it into USdollars before TaxJar determines your tax.