Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. Even more so if you do not 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 enough money to employ an accountant, performing the task on your own could be risky. If you make a mistake it could mean you need to repeat the process!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So what can we do ?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is what you need in the present.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar Il TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the processes that take days to complete and finish within minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is simple and organized. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure you have a tax accounting platform is compatible along with sales funnels. If you’re using multiple sales channels, it is essential to maintain everything in line. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your critical data in one location. So, there’s no requirement to collect data in multiple channels and then organize it on one platform. All you need to do is connect TaxJar and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to make sales tax filings by hand or using TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect those sales tools. Once the time comes for filing income tax returns, the team will instruct you on managing these. It is up for you and your team members to complete the process within the timeframe. TaxJar is only there to guide you on what you should do but not 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. This feature will ensure that everything will be automated from calculating sales taxes to recording and processing it. But, it is possible to incur additional charges if they are not included in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to all the information you need, such as an inventory of your transactions, reports and the data.
The greatest benefit of this feature is that they allow you to update automatically every day. They not only let to know the amount you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals within your company. Additionally, you can export your data in CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all your sales channels. That means you won’t have to search for your documents when you need them in the event of a need. Even if you already have your accounting firm, the feature can help them be 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 know better how much budget you have available for other operating costs.
What’s more is that TaxJar provides training and tutorials, not just on their platform, but all things that has to do with sales tax. Check out their webinars, guides, or blog posts for additional details. In addition the sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they can be too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as four annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a smaller company manager, the plan will be ideal for you. It may not have all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get that is more than the basic features, then the Professional plan could be the one for you. It starts at $99, but it can go higher if you add custom features.
How different is it from the basic plan?
Apart from having access to every one of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge business, you might need to choose an upgrade instead. It comes with all the features you need to make your tax filing easier. In addition, they offer unlimited import integrations of data, API integrationsfor team members and AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan costs you. Il TaxJar
But they did state that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require to run your business.
Fortunately, you don’t need to bet your life on it to see if this platform is right 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 see if the platform is the right choice for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar Let’s relax. To summarize, here are the advantages and disadvantages of the use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is easy 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 have access to the API feature
- Only valid for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then must try TaxJar.
Not only will it aid in tracking the sales and profits of your business It can assist you in meeting your deadlines. It is also a great opportunity for accountants since they provide tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar can help you get more done while keeping track of every deadline or requirement you need to fulfill. If you’re living in an area with complex tax laws, this will definitely help you get your mind around it. Il TaxJar
But if handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole procedure simple to follow then you’re better in doing it all on your own.
FAQ Il TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar determines your tax.