Taxes have always been among the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have enough money to employ an accountant, performing the task on your own could be risky. If you miss one detail, you might need to repeat the process!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
What is the best way to deal with it?
We can always simplify our lives with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and how it can help you. While this is an extensive read, you should be able to determine if TaxJar is exactly what you need in the present.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What exactly is TaxJar? Inventorylab Vs TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all your channels of sales to ensure compliance with your sales taxes. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to ensure that everything is simple and organized. Let’s explore their features and services.
Services and features
One of the first things you’ll need to make sure you have a tax accounting system perfectly integrates along with sales funnels. If you’re selling through multiple channels, you need to maintain everything in line. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one spot. So, there’s no requirement to collect information from multiple sources and organize it into one platform. All you need to do is connect TaxJar it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to make sales tax filings manually or through the AutoFile feature. For our review we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing tax returns for income, the team will instruct you on how to manage the tax returns. However, it will be up to you and your team members to complete the process in time. TaxJar is there to provide guidance on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. Through this feature, everything is automated, from calculating sales taxes in order to record and process them. There could be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team can access everything you need, like the list of transactions, reports, and information.
The best part about this option is the fact that it lets you to update your account automatically each day. Not only can they help to know the amount you’ve earned however, they can also help you track when your following payment is due.
The dashboard allows you to fully view the overall sales taxes in your business. You can also export the information to CSV format. CSV file in case you require it in your accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the channels you sell through. That means you won’t have to search for your documents when you’re in the event of a need. Even when you already have your accountant, this 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 more effectively. You’ll know exactly how much budget you have for other operational expenses.
What’s more is that TaxJar offers tutorials and training not only for their platform but all things connected to sales tax. You can look through their webinars, guides or blog posts for additional info. Additionally the sales tax calculator should be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they can be too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the most effective plan for those who need assistance with filing requirements and reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small business owner, this plan could be ideal for you. It may not offer all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration features.
If you’re looking to get that is more than the basics and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
So how different is it from the basic plan?
In addition to accessing all of the Starter plan’s options, you also have access to their phone customer support, API access, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to go for premium plans instead. It has all of the features needed to help with your taxes. Moreover, they allow unlimited import integrations of data API integrationsfor team members as well as AutoFiles.
There is also a team who are devoted to managing your account. But, they don’t divulge the price of the Premium plan. costs you. Inventorylab Vs TaxJar
But they did state that the plan is custom-made for each user. The cost of the plan will be different depending on what you need for your company.
Fortunately, you don’t need to gamble your money just to see if this platform is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to gauge whether the service is a good fit for you.
Pros and Pros and
We’ve covered everything you should know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of the use of TaxJar to run your business.
- There is 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
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple 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.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then should try this.
Not only will it help you track your products and revenue however, it will assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can allow you to reduce time and keep track of every deadline and requirement you have to fulfill. If you’re in an area with complex tax regulations, this will definitely help you get your mind around it. Inventorylab Vs TaxJar
If handling taxes is easy, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure easy to complete, you might be better in doing it all by yourself.
FAQ Inventorylab Vs TaxJar
Which 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 with TaxJar?
Yes. You can connect 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 does not convert currency values. The transactions are in USdollars. If you’re using another currency, you’ll need to convert it into US$ prior to when TaxJar determines the tax.