Taxes are always one of the hardest things to do, whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. If you don’t have the budget to employ an accountant, doing it on your own can be dangerous. If you make a mistake it could mean you have to do it all over again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do about it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can benefit you. Although this is quite lengthy, you should be able to determine if TaxJar is exactly what you need in the present.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then let’s dive right in.
What exactly is TaxJar? If I Link Shopify And Paypal To TaxJar Will They Read The Same Transaction Twice
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all your channels of sales to ensure that you are in compliance with sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to keep everything neat and simple. Let’s explore their features and services.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax system perfectly integrates with your sales channel. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. That way, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you have to do is connect TaxJar, and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.
If you opt to do it manually, TaxJar will allow you to connect those sales tools. When the time is right for filing income tax returns TaxJar will train you on how to manage them. It is up for you and your team members to complete everything in time. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. Through this feature, everything is automated, from calculating sales tax to recording and processing them. There could be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your team will have access to all the information you require, including an inventory of your transactions, reports and the data.
The most appealing aspect of this feature is that they allow you to update your account automatically each day. Not only can they help 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 also allows you to fully view the sales tax totals in your business. It is also possible to export your data as the form of a CSV file, if you want to use it for your process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. It means you don’t need to search for your documents when you’re when you’re in a pinch. Even if you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operational expenses.
What’s more is that TaxJar offers tutorials and training not only for their platform , but also everything related to sales tax. You can look through their webinars, guides, or blog posts for additional details. In addition, their sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and an CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale company manager, the plan should be perfect for you. It may not offer all the features of TaxJar but it comes with all the basics you require.
You can also contact their customer support via their email support chart. You’ll also be able to use their integration tools.
If you’re looking for that is more than the basic features, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
What is the difference from the basic plan?
In addition to having access to each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you have a massive company, you may need to choose an upgrade instead. It includes all of the features needed to help with your taxes. Additionally, they permit unlimited integrations with data imports as well as API integrations, team members, and AutoFiles.
They also have a team that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. costs you. If I Link Shopify And Paypal To TaxJar Will They Read The Same Transaction Twice
However, they did say that the plan is custom-made for every user. So the costs will vary according to what you require for your company.
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still looking into other options, they have 30 days of free trial. It should give you enough time to gauge if the platform is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you should know about TaxJar Let’s relax. To summarize Here are the pros and cons of making 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 on the internet for sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- Allows you to track multiple 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 applicable for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only can it aid in tracking your products and revenue, but it can assist you in meeting the deadlines you set. This is also an excellent option for accountants as they provide the Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep on top of each deadline and requirement you have to meet. If you’re in a region with a lot of tax laws, this will surely help you wrap your head around it. If I Link Shopify And Paypal To TaxJar Will They Read The Same Transaction Twice
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 all of it. If you find the entire process easy to do, you might be better off doing it by yourself.
FAQ If I Link Shopify And Paypal To TaxJar Will They Read The Same Transaction Twice
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 together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in US$. If you’re using another currency, you’ll need to convert it to US$ prior to when TaxJar can calculate the tax.