Taxes are always one of the most difficult tasks to complete regardless of whether you run an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford enough money to engage an accountant doing it on yourself can be risky. If you overlook one thing, you might have to redo things again!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
So what can we do about it?
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. Although this is quite lengthy but you’ll be able to assess whether TaxJar is the tool you require right now.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? How To Update Linked Account In TaxJar
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it in all of your channels of sales to make sure you’re in compliance with your sales taxes. It makes the process simpler that could take days to complete and finish within minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to ensure that everything is simple and organized. Let’s take a look at their features and services.
Features and services
One of the most important things you’ll need to ensure is that your accounting tax platform perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to maintain everything in line. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your most important metrics in one spot. This means that there is no requirement to collect information from multiple sources and then organize it on one platform. All you have to do is integrate TaxJar then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers make sales tax filings either manually or via TaxJar’s AutoFile feature. For this review, we’ll take a look at both.
If you opt to do it manually, TaxJar will allow you to connect the sales channels you use. When the time is right for filing tax returns for income TaxJar will train you on how to handle them. It is up to you and your team to complete everything on time. TaxJar is there to help you understand 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 fill out any forms manually. Through this feature, everything will be automated, from calculating sales tax through recording, and then processing it. There could be additional charges if they are not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting problems. The orders you place through your online channels can be put together into one dashboard using this platform. From there you and your staff will have access to all the information you need, such as a list of your transactions, reports, and information.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. Not only will they let to know the amount you’ve collected, but they also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the total sales tax within your company. It is also possible to export the data in CSV format. CSV file if you need it for your process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the sales avenues you use. That means you won’t have to search for your documents whenever you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds more effectively. You’ll be aware of the budget you have for other operational costs.
What’s more is that TaxJar provides training and tutorials not only on their platform, but for anything related to sales tax. Check out their guides, webinars, or blog posts for additional details. Apart from that the sales tax calculator is 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 set your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It comes with taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a smaller business proprietor, then this program could be perfect for you. It may not offer all the features of TaxJar but it comes with the essentials that you need.
You can also contact the support team via their email support chart. You’ll also be able to use their integration tools.
If you’re looking for different from the basics, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it if you add custom features.
So how different is it from the basic plan?
In addition to accessing all of the Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge company, you may need to opt for premium plans instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of members, and AutoFiles.
There is also a team dedicated to managing your account. But, they don’t divulge how much the Premium plan will cost you. How To Update Linked Account In TaxJar
But they did state that this plan is customized for every user. The cost of the plan will be different depending on what you need for your company.
Luckily, you don’t have to gamble your money just to determine if this service is right for you. If you’re still looking into various options, they provide 30 days of free trial. It should give you enough time to gauge whether the software is a good fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save 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 possible to integrate it with other platforms
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only valid for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
Not only will it aid in tracking your products and revenue It can also help you meet your deadlines. This is also an excellent platform for an accountant since they offer the Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar can help you reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re in a place with complicated tax laws, this can surely help you wrap your mind around it. How To Update Linked Account In TaxJar
However, if managing your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole procedure easy to complete, you might be better to do it by yourself.
FAQ How To Update Linked Account In TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you will need to convert it into USUSD prior to when TaxJar determines the tax.