Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is filled with tasks to complete. When you’re not able to afford the funds to employ an accountant, doing it on your own could be risky. If you make a mistake 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 to be done, we can’t choose not to.
What can we do about it?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can help you. While this is lengthy it is possible to assess whether TaxJar is the tool you require right now.
Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, let’s dive right in.
What is TaxJar Is TaxJar Accurate
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales taxes. It makes the process simpler that could take days to complete and finish within minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by online business owners to ensure that everything is neat and simple. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check is that your accounting tax platform seamlessly works well along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to show your most important metrics in one place. This means that there is no need to collect information from multiple sources and then organize it on a single platform. All you need to do is connect TaxJar, and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to file their sales taxes by hand or using the AutoFile feature. For this review, we’ll look into both.
If you choose to do it manually, TaxJar will allow you to connect those sales tools. When the time is right for filing income tax returns The team will guide you on how to handle these. However, it will be up for you and your team members to finish the tax returns within the timeframe. TaxJar is only there to guide you on what you have to do but not 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 taxes on sales in order to record and process it. However, there might be extra fees if not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. From there you and your staff will have access to everything you need, like the list of transactions, reports, as well as the data.
The most appealing aspect of this feature is that they allow you to update your account automatically each day. Not only can they help to know the amount you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to see the overall sales taxes for your business. Additionally, you can export the data to the form of a CSV file if you need it to aid in process of financial planning and accounting or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all your sales channels. It means you don’t need to scramble for your documents when you’re in a pinch. Even if you already have your accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds better. 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 not only for their platform , but also all things connected to sales tax. You can check out their webinars, guides, or blog posts for additional info. Apart from that their sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing structures and what each of those options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the best plan if you need help in filing and reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small company proprietor, then this program should be ideal for you. It might not include all the features offered by TaxJar but it comes with 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 tools.
If you’re looking for something that is more than the basics Professional may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also have their support via phone access to APIs, as well as advanced CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge company, you may need to go for an upgrade instead. It comes with all the features you need to make your tax filing easier. Additionally, they permit unlimited integrations with data imports, API integrationsfor team members and AutoFiles.
There is also a team that is devoted for managing the account. They don’t reveal the amount that the Premium plan will cost you. Is TaxJar Accurate
But they did state that this plan is customized for every 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 risk your money to see if this platform is for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to see whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a break. To sum it all up, here are the advantages and disadvantages of the use of TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features help 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
- 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
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have many sales channels and utilizes plenty of platforms. If that’s what you do, then you must try TaxJar.
Not only will it assist you in keeping track of the sales and profits of your business It can help you meet the deadlines you set. This is also an excellent option for accountants as they have tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Using TaxJar can help you get more done while keeping track of every deadline and requirement you have to meet. If you’re living in a region with a lot of tax laws, this will certainly help you to get your head around it. Is TaxJar Accurate
If handling your taxes is simple, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure simple to follow then you’re better in doing it all by yourself.
FAQ Is TaxJar Accurate
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in USdollars. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar can calculate your tax.