Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have the budget to employ an accountant, making it your own can be dangerous. If you overlook one thing it could mean you have to redo things again!
Most people want to avoid this step. However, since it’s mandatory, we have no choice.
What can we do about it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can assist you. Although this is quite an extensive read, you should be able to determine if TaxJar is exactly 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.
If you prefer to read, let’s get right into it.
What is TaxJar? Indeed.Com TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it in all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the most important things you’ll want to check is that your accounting tax system is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must maintain everything in line. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your critical data in one location. So, there’s no need to gather data in multiple channels and then organize it on a single platform. All you need to do is to integrate TaxJar, then the system will do the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they can integrate with:
TaxJar lets customers file their sales taxes by hand or using the AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all of your sales platforms. When the time is right for the filing of income tax returns The team will guide you on how to manage these. But, it is up for you and your team to finish the tax returns within the timeframe. TaxJar is only there to help you understand what you have to do , but not to 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. This feature will ensure that everything is automated, from calculating sales taxes to recording and processing it. However, there might be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there you and your staff will have access to everything you need, such as a list of your transactions, reports and information.
The greatest benefit of this feature is that they allow you to update automatically every day. Not only will they let you know how much you’ve earned, but they also help you track when your following payment is due.
The dashboard allows users to view in detail the sales tax totals for your business. Additionally, you can export the information as a CSV file if you need it to aid in financial planning and accounting processes 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. It means you don’t need to search for your documents when you’re in a pinch. Even even if you already have an accountant, this function can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have available for other operational expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just on their platform, but for anything related to sales tax. Check out their guides, webinars, or blog posts for additional details. Additionally the sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It comes with the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small-scale company proprietor, then this program could be ideal for you. It may not offer all the features offered by TaxJar however, it does include all the basics you require.
In addition, you can reach their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for a bit more than just the basics and options, 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.
What is the difference from the original plan?
Apart from having access to every one of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large company, you may need to opt for premium plans instead. It includes all of the features that you require to aid in your tax preparation. Additionally, they permit unlimited data import integrations, API integrationsfor team members as well as AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge the price of the Premium plan. costs you. Indeed.Com TaxJar
But they did state that this plan is customized for each user. Therefore, the cost will differ depending on what you need for your business.
Fortunately, you don’t need to bet your life on it to find out if the platform is right for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to see if the platform is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a break. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with multiple sales channels and uses many platforms. If that’s what you’re doing, then you must try TaxJar.
Not only will it aid in tracking the sales and profits of your business It can assist you in meeting the deadlines you set. It is also a great platform for an accountant since they have the Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can allow you to save more time while keeping the track of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax laws, this can surely help you wrap your head around it. Indeed.Com TaxJar
If handling your taxes is simple, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you find the entire process easy to do, you might be better to do it on your own.
FAQ Indeed.Com TaxJar
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it to USdollars prior to when TaxJar will calculate your tax.