Taxes are always one of the most difficult tasks to complete regardless of whether you run an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. In the event that you do not have the funds to engage an accountant making it your own could be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
So , what can we do ?
We can make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can help you. While this is a long read, you should be able to determine if TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar Indeed TaxJar
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with sales tax requirements. It streamlines processes that require days to complete and finish within only a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to ensure that everything is simple and organized. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure is your tax-reporting software perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your critical data in one location. That way, there’s no need to gather data from different channels and organize it into one platform. All you have to do is connect 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 highlighting the platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax by hand or using TaxJar’s AutoFile feature. In our review we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to the filing of income tax returns The team will guide you on how to handle the tax returns. However, it will be up to you and your staff to complete the process in time. TaxJar will only guide you on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. With this feature, everything will be automated from calculating sales tax in order to record and process it. However, there might be extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you need, such as a list of your transactions, reports, as well as information.
The best part about the feature you’ve chosen is it allows you to update automatically every day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payments are due.
The dashboard allows users to view in detail the total sales tax in your business. Additionally, you can export the information in the form of a CSV file, if you want to use it to aid in accounting and financial planning processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. 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 accounting firm, the feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have for other operating costs.
What’s more is that TaxJar provides training and tutorials, not just for their platform but everything that has to do with sales tax. Check out their webinars, guides and blog for more info. Apart from that their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they can be too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing levels and the features that each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a smaller business manager, the plan will be perfect for you. It may not offer all of TaxJar’s features but it comes with the basic features you require.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking to get a bit more than just the standard features and options, then the Professional plan may be the best option for you. It starts at $99, but it can go higher by adding custom features.
What is the difference from the starter plan?
Apart from having access to every one of Starter plan’s features, you also have their phone customer support access to APIs, as well as the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to opt for an upgrade instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer unlimited data import integrations as well as Integrations with APIs, teams of users as well as AutoFiles.
There is also a team dedicated for managing the account. But, they don’t divulge the amount that the Premium plan costs you. Indeed TaxJar
However, they did mention that this plan is tailor-fit to each user. So the costs will vary according to what you require for your company.
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still considering other options, they have a 30-day free trial. This should be enough time to determine whether the service is an excellent fit for you.
Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with many sales channels and utilizes many platforms. If that’s what you do, then you must try TaxJar.
Not only will it help you track the sales and profits of your business It can help you meet the deadlines you set. It is also a great option for accountants as they offer tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
The use of TaxJar will help you save more time while keeping on top of each deadline and requirement you have to fulfill. If you live in a place with complicated tax regulations, this will definitely help you get your head around the subject. Indeed TaxJar
However, if managing your taxes is straightforward, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to track everything. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
FAQ Indeed TaxJar
Which areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it to USdollars before TaxJar determines your tax.