Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford enough money to employ an accountant, doing it on yourself can be dangerous. If you make a mistake it could mean you have to redo things again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do ?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can benefit you. While this is a long read, you should be able to assess whether TaxJar is exactly what you need right now.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What exactly is TaxJar? Is TaxJar Free
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. Additionally, you can use it in all of your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that can take days to complete, and finish within only a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to make their business more neat and simple. Let’s take a look at the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure is that your accounting tax platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, you need to maintain everything in line. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one place. This means that there is no requirement to collect data in multiple channels and then organize it on a single platform. All you have to do is integrate TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows customers to submit their sales tax either manually or via TaxJar’s AutoFile feature. For our review we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle the tax returns. However, it will be up for you and your staff to complete everything in time. TaxJar is only there to provide guidance on what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. With this feature, everything is automated, from calculating taxes on sales through recording, and then processing them. However, there might be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, such as the list of transactions, reports, and the data.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. They not only let you know how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard also allows you to fully view the sales tax totals within your company. It is also possible to export the data to a CSV file if you need it in your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all your sales channels. This means that you don’t have to search for your documents when you’re when you’re in a pinch. Even when you already have your accountant, this function can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your money more efficiently. You’ll be aware of the budget you have for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training, not just on their platform, but all things related to sales tax. You can look through their webinars, guides, or blog posts for additional details. Apart from that their sales tax calculator should be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they can be too costly for your business. This is why in this section we’ll examine TaxJar’s pricing tiers and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with taxes on sales and sales as well as 4 autofiles for free each year, and a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company proprietor, then this program could be perfect for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
Additionally, you can contact their customer support via their email support chart. You’ll also be able to use their integration features.
Professional
If you’re looking for a bit more than just the basic features and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher if you add custom features.
What is the difference from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive business, you might need to opt for premium plans instead. It has all of the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data as well as Integrations with APIs, teams of members and AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal how much the Premium plan is going to cost. Is TaxJar Free
But they did state that this plan is tailor-fit for each user. So the costs will vary depending on what you need for your business.
Free Trial
Luckily, you don’t have to bet your life on it to see if this platform is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should give you enough time to gauge whether the service is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t 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 laid down, TaxJar is an excellent platform for businesses with multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only can it help you track the sales and profits of your business, but it can also help you meet your deadlines. It is also a great opportunity for accountants since they offer the Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this will certainly help you to get your head around the subject. Is TaxJar Free
If handling your taxes is simple If it isn’t, then TaxJar could be a waste of expense. If you have only one or two channels of 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 on your own.
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FAQ Is TaxJar Free
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into 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 currencies. All transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USdollars prior to when TaxJar will calculate your tax.
