Taxes have always been one of the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. In the event that you do not have enough money to engage an accountant making it yourself can be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to skip this step. But since it’s required, we have no choice.
What can we do about it?
We can always make our lives easier with tools such as TaxJar.
This article will take a look at this popular life-saving device and how it can help you. While this is lengthy it is possible to assess whether TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, let’s get right into it.
What exactly is TaxJar? Is TaxJar Publicly Traded
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it in all of your channels of sales to ensure compliance with your sales taxes. It streamlines processes that require days to complete and finish within minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is organized and straightforward. Let’s explore the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure you have a tax accounting system is compatible with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to display your most important data in one location. This means that there is no need to gather information from multiple sources and sort it into one platform. All you need to do is to integrate TaxJar then the system will do all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to make sales tax filings either manually or via TaxJar’s AutoFile feature. In this review, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income, the team will instruct you on managing these. But, it is up to you and your staff to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. This feature will ensure that everything is automated, from calculating taxes on sales in order to record and process them. There could be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there, you and your team can access everything you need, such as the list of transactions, reports, and information.
The best part about this option is the fact that they allow you to automatically update every day. They not only let you know how much you’ve earned however, they can also help you track when your following payment is due.
Their dashboard also allows users to view in detail the total sales tax in your business. You can also export the information in CSV format. CSV file in case you require it in your financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to hunt for your paperwork when you need them when you’re in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds better. You’ll know better how much budget you have available for other operational costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform but everything connected to sales tax. Check out their webinars, guides, or blog posts for additional details. Apart from that the sales tax calculator is helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. 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 that are: Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most effective plan to help you in filing and reporting. It includes sales tax reporting, 4 autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small-scale company owner, this plan should be ideal for you. It may not offer all of TaxJar’s features but it comes with the essentials that you need.
You can also contact their support team with their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking for that is more than the standard features Professional may be the best option for you. The price starts at $99 however, it could go up when you add additional features.
How different is it from the original plan?
In addition to having access to each of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive company, you may need to go for the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as API integrations, team members and AutoFiles.
There is also a team that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. is going to cost. Is TaxJar Publicly Traded
However, they did mention that this plan is tailor-fit to each user. The cost of the plan will be different according to what you require for your company.
Luckily, you don’t have to risk your money to determine if this service is for you. If you’re still looking into different options, they offer a 30-day free trial. It should give you enough time to see whether the software is an excellent fit for you.
Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of the use of TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- It allows you to monitor 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 applicable for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If this sounds like the way you do, then you must try TaxJar.
It’s not just a way to help you track your revenue and products It can help you meet the deadlines you set. It is also a great opportunity for accountants since they provide tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar will help you reduce time and keep on top of each deadline and requirement you have to meet. If you’re living in an area with complex tax laws, this can surely help you wrap your head around the subject. Is TaxJar Publicly Traded
But if handling your taxes is simple, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you find the whole process easy to do then you’re better in doing it all by yourself.
FAQ Is TaxJar Publicly Traded
Which areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it to US$ prior to when TaxJar determines your tax.