Taxes are always one of the most difficult things to handle, whether you’re running an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the funds to engage an accountant performing the task on your own can be risky. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can help you. While this is an extensive read but you’ll be able to gauge whether TaxJar is what you need in the present.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then let’s get right into it.
What is TaxJar? How To Use TaxJar With Stripe
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to ensure that you are in compliance with your sales taxes. It makes the process simpler that could require days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting platform perfectly integrates with your sales channel. If you’re selling through multiple channels, you must ensure that everything is in order. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar lets you display your most important metrics in one place. That way, there’s no requirement to collect information from multiple sources and organize it into one platform. All you have to do is integrate TaxJar then the system will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms that they can connect with:
TaxJar allows customers to file their sales taxes by hand or using the AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect all of the sales channels you use. When the time is right for the filing of income tax returns, the team will instruct you on managing these. It is up to you and your team to complete everything in time. TaxJar will only help you understand what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. This feature will ensure that everything will be automated, from calculating taxes on sales to recording and processing it. However, there might be 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 ease your accounting problems. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you need, such as a list of your transactions, reports, and information.
The best part about this feature is that it allows you to update your account automatically each day. They not only let you keep track of how much you’ve accumulated however, they can also help you keep track of when the next payment is due.
The dashboard allows you to see the total sales tax for your business. Additionally, you can export the data as CSV format. CSV file in case you require it to aid in accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. It means you don’t need to scramble for your documents when you need them in the event of a need. Even if you already have your accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have for other operational costs.
The best part is that TaxJar provides training and tutorials not only on their platform, but for anything that has to do with sales tax. Check out their guides, webinars, and blog for more info. Apart from that the sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they can be too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They claim that it’s the best plan to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a small-scale company owner, this plan should be perfect for you. It may not offer all the features offered by TaxJar however, it does include the essentials that you need.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking for something a bit more than just the basics and options, then the Professional plan could be the one for you. It starts at $99, but it can go higher if you add custom features.
So how different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to choose the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports API integrationsfor team members and AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge the price of the Premium plan. is going to cost. How To Use TaxJar With Stripe
However, they did say that the plan is custom-made for each user. So the costs will vary in line with what you require to run your business.
Fortunately, you don’t need to gamble your money just to see if this platform is right for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to determine if the platform is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you need to 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.
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple 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
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to businesses with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your products and revenue It can assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Using TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to fulfill. If you’re in an area with complex tax regulations, this will definitely help you get your mind around it. How To Use TaxJar With Stripe
But if handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you find the whole process easy to do, you might be better off doing it by yourself.
FAQ How To Use TaxJar With Stripe
What areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in US$. If you’re using a different currency, you’ll need to convert it into USdollars prior to when TaxJar will calculate your tax.