Taxes have always been among the most difficult things to handle regardless of whether you’re running your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford the funds to hire an accountant, doing it on your own can be dangerous. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can help you. Even though this is lengthy, you should be able to determine if TaxJar is exactly what you need in the present.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar Install TaxJar Shopify App
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales tax requirements. It simplifies the processes that take days to complete and finish within just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to make their business more simple and organized. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure you have a tax accounting system is compatible with your sales channel. If you’re selling through multiple channels, you need to ensure that everything is in order. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar lets you display your critical data in one location. This means that there is no requirement to collect information from multiple sources and sort it into one platform. All you have to do is integrate TaxJar, then the system will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. For this review, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on managing them. But, it is up to you and your team to complete everything in time. TaxJar is only there to guide you on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing it. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into a single dashboard via this platform. From there you and your staff will have access to all the information you require, including the list of transactions, reports, as well as data.
The best part about this option is the fact that it lets you to update your account automatically each day. Not only will they let you know 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 you to see the total sales tax for your business. Additionally, you can export your data as a CSV file if you need it for your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all your sales channels. This means that you don’t have to search for your documents whenever you’re in a pinch. Even if you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have to cover other operational costs.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also for anything related to sales tax. You can check out their guides, webinars, as well as their blog to find more details. Additionally the sales tax calculator should be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide 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 options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most effective plan if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller company manager, the plan could be ideal for you. It might not include all the features offered by TaxJar, but it has the essentials that you need.
You can also contact their support team with their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking to get a bit more than just the standard features Professional might be the right one for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the starter plan?
Apart from having access to every one of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to opt for an upgrade instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations, API integrations, team users as well as AutoFiles.
There is also a team dedicated to managing your account. However, they don’t disclose how much the Premium plan is going to cost. Install TaxJar Shopify App
However, they did say that this plan is customized for every user. So the costs will vary in line with what you require for your company.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the service is the right choice for you.
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Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a breather. To sum it all up, here are the pros and cons of using TaxJar to run your business.
Pros
- Has 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 simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not 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 numerous sales channels, and that utilizes numerous platforms. If that sounds like what you do, then you must try TaxJar.
It’s not just a way to help you track the sales and profits of your business, but it can help you meet your deadlines. It is also a great platform for an accountant since they have tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can help you get more done while keeping track of every deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this can surely help you wrap your head around it. Install TaxJar Shopify App
If handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you’re finding the entire procedure simple to follow then you’re better off doing it by yourself.
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FAQ Install TaxJar Shopify App
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions are in USdollars. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar will calculate your tax.
