Taxes are always one of the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford enough money to engage an accountant performing the task on yourself can be dangerous. If you overlook one thing, you might have to redo things again!
Nearly everyone would prefer to skip this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with it?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and how it can assist you. While this is lengthy but you’ll be able to determine if TaxJar is what you need in the present.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar? Is There A Free Service Similar To TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all your sales channels to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s explore their features and services.
Features and services
One of the first things you’ll want to check you have a tax accounting system is compatible with your sales channel. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. That way, there’s no need to collect data from different channels and sort it into a single platform. All you have to do is to integrate TaxJar and the platform will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to file their sales taxes manually or through the AutoFile feature. For the purpose of this article, we’ll dig into both.
If you choose to go it alone, TaxJar will allow you to connect all those sales tools. When it comes time to the filing of income tax returns TaxJar will train you on managing these. It is up to you and your staff to complete the process in time. TaxJar will only provide guidance on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. Through this feature, everything is automated, from calculating sales taxes to recording and processing it. However, there might be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be combined into a single dashboard via this platform. From there, you and your team can access everything you require, including the list of transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. They not only let to know the amount you’ve collected, but they also help you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the overall sales taxes for your business. You can also export the data in the form of a CSV file, if you want to use it to aid in process of financial planning and accounting or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. This means that you don’t have to scramble for your documents when you need them in a pinch. Even if you already have your accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operating expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform but all things connected to sales tax. You can check out their webinars, guides or blog posts for additional info. In addition, their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most suitable plan for you if you need help in filing and reporting. It also includes sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small-scale business owner, this plan could be perfect for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration features.
If you’re looking for something different from the basics Professional may be the best option for you. It starts at $99, but it can go higher when you add additional features.
So how different is it from the original plan?
Apart from having access to all of the Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large enterprise, you may want to opt for the Premium plan instead. It has all of the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as API integrations, team members as well as AutoFiles.
They also have a staff that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan will cost you. Is There A Free Service Similar To TaxJar
But they did state that this plan is customized to each user. Therefore, the cost will differ in line with what you require to run your business.
Fortunately, you don’t need to risk your money to see if this platform is for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to see whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce 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.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you do, then you must try TaxJar.
Not only can it assist you in keeping track of the sales and profits of your business It can assist you in meeting the deadlines you set. It’s also an excellent platform for an accountant since they provide tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Using TaxJar will help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re in a place with complicated tax laws, this will definitely help you get your mind around it. Is There A Free Service Similar To TaxJar
But if handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure easy to complete then you’re better off doing it by yourself.
FAQ Is There A Free Service Similar To TaxJar
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it into US$ before TaxJar determines the tax.