Taxes have always been one of the hardest things to do regardless of whether you run a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re filled with tasks to complete. When you’re not able to afford the funds to hire an accountant, making it your own can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do about it?
We can always make life easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can help you. Although this is quite an extensive read it is possible to assess whether TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? Is TaxJar A Public Company
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with sales tax requirements. It streamlines processes that require days to complete and can be completed in a matter of only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting system seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. 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 need to gather data in multiple channels and sort it into one platform. All you need to do is to integrate TaxJar, and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers make sales tax filings either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig into both.
If you choose to do it manually, TaxJar will allow you to connect the sales channels you use. When it comes time to filing income tax returns TaxJar will train you on managing these. However, it will be up to you and your staff to complete the process on time. TaxJar is there to guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. With this feature, everything is automated, from calculating sales tax to recording and processing it. But, it is possible to incur additional charges if they are not part of the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there you and your staff will have access to everything you require, including an inventory of your transactions, reports, and the data.
The greatest benefit of this option is the fact that it lets you to update automatically every day. Not only will they let you keep track of how much you’ve collected and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to see the sales tax totals in your business. It is also possible to export the information in CSV format. CSV file in case you require it to aid in accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re when you’re in a pinch. Even even if you already have an accounting firm, the feature will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have available for other operational costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform but everything related to sales tax. You can look through their webinars, guides, as well as their blog to find more information. Additionally the sales tax calculator is 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 set your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. This is why in this section we’ll examine TaxJar’s pricing levels and what each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They claim that it’s the best plan if you need help in filing 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 will be able to access their AI tax tips.
If you’re a small-scale company manager, the plan will be perfect for you. It might not include all the features of TaxJar however, it does include the basic features you require.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for different from the basics Professional might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
So how different is it from the starter plan?
In addition to accessing each of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for an upgrade instead. It has all of the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as API integrations, team members as well as AutoFiles.
They also have a team who are devoted for managing the account. They don’t reveal how much the Premium plan is going to cost. Is TaxJar A Public Company
However, they did say that the plan is custom-made for every user. The cost of the plan will be different in line with what you require for your company.
Luckily, you don’t have to bet your life on it to determine if this service is for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to gauge whether the software is a good fit for you.
Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes many platforms. If that sounds like what you do, then you ought to try this.
Not only can it help you track the sales and profits of your business, but it can assist you in meeting the deadlines you set. It is also a great platform for an accountant since they provide a Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar will help you get more done while keeping track of every deadline or requirement you need to meet. If you’re in a place with complicated tax regulations, this will surely help you wrap your mind around it. Is TaxJar A Public Company
If handling your taxes is simple, 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 track everything. In addition, if you find the entire procedure simple to follow and you’re comfortable with it, you may be better to do it by yourself.
FAQ Is TaxJar A Public Company
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to USdollars before TaxJar will calculate the tax.