Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have the budget to employ an accountant, performing the task on your own can be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to skip this step. But since it’s required and mandatory, there’s no other choice.
So what can we do ?
We can make our lives easier by using tools like TaxJar.
We’ll look at this life-saving device and how it can help you. Although this is quite a long read it is possible to gauge whether TaxJar is exactly what you need today.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, let’s get right into it.
What is TaxJar? Instructional Designer TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it in all of your sales channels to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by online business owners to keep everything organized and straightforward. Let’s explore their features and services.
Features and services
One of the most important things you’ll need to ensure is your tax-reporting software seamlessly works well with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key metrics in one place. This means that there is no requirement to collect data from different channels and sort it into one platform. All you need to do is integrate TaxJar, it will handle the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers submit their sales tax by hand or using the AutoFile feature. For our review we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns TaxJar will train you on managing them. But, it is up to you and your staff to complete the process on time. TaxJar is only there to help you understand what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. With this feature, everything will be automated from calculating sales taxes through recording, and then processing it. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you need, such as the list of transactions, reports, and the data.
The greatest benefit of the feature you’ve chosen is it lets you to update automatically every day. They not only let you know how much you’ve collected and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard also allows you to fully view the sales tax totals within your company. Additionally, you can export the information as a CSV file if you need it to aid in accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. It means you don’t need to search for your documents when you need them in the event of a need. Even if you already have your accountant, this feature can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have available for other operational expenses.
What’s more is that TaxJar offers tutorials and training not only for their platform , but also for anything connected to sales tax. Check out their webinars, guides and blog for more details. Additionally, their sales tax calculator is helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms provide amazing features, but they can be too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It comes with taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small business owner, this plan could be ideal for you. It may not offer 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 for something a bit more than just the basic features Professional may be the best option for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support, API access, and the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to choose an upgrade instead. It has all of the features you need to aid in your tax preparation. Moreover, they allow unlimited import integrations of data as well as Integrations with APIs, teams of users and AutoFiles.
There is also a team who are devoted for managing the account. They don’t reveal how much the Premium plan costs you. Instructional Designer TaxJar
However, they did say that the plan is custom-made to each user. So the costs will vary according to what you require for your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is for you. If you’re still looking into various options, they provide 30 days of free trial. This should be enough time to see whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have multiple sales channels and uses numerous platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to help you track the sales and profits of your business It can also help you meet your deadlines. This is also an excellent platform for an accountant since they offer tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Using TaxJar will help you save more time while keeping on top of each deadline and requirement you have to fulfill. If you’re living in an area with complex tax regulations, this will certainly help you to get your head around the subject. Instructional Designer TaxJar
If handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. If you’re finding the entire process easy to do then you’re better off doing it on your own.
FAQ Instructional Designer TaxJar
What areas does TaxJar provide 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 incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in US$. If you’re using another currency, you’ll need to convert it to USUSD before TaxJar can calculate your tax.