Taxes have always been among the most difficult things to handle regardless of whether you’re running a business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the budget to engage an accountant performing the task on your own can be dangerous. If you miss one detail, you might need to repeat the process!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do about it?
We can always simplify our lives by using tools like TaxJar.
This article will take a look at this popular 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 the tool you require today.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar Linkedin TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all your sales channels to ensure that you are in compliance with sales tax requirements. It streamlines processes that take days to complete and finish within just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by owners of online businesses to make their business more neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure you have a tax accounting software seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you must maintain everything in line. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your most important metrics in one spot. That way, there’s no need to gather data from different channels and sort it into a single platform. All you have to do is integrate TaxJar and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to make sales tax filings by hand or using their AutoFile feature. For this review, we’ll look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When it comes time to filing income tax returns TaxJar will train you on how to manage the tax returns. But, it is up for you and your team members to complete the process within the timeframe. TaxJar is there to provide guidance on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. With this feature, everything is automated, from calculating sales tax in order to record and process them. There could be additional charges if they are not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. From there you and your team will have access to all the information you require, including a list of your transactions, reports and information.
The most appealing aspect of this option is the fact that it allows you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated, but they also help you track when your following payments are due.
Their dashboard also allows users to view in detail the sales tax totals within your company. It is also possible to export the information in CSV format. CSV file, if you want to use it for your process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the sales avenues you use. It means you don’t need to scramble for your documents when you need them when you’re in a pinch. Even if you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds better. You’ll know better how much budget you have for other operational expenses.
The best part is that TaxJar offers tutorials and training 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 details. Additionally the sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They claim that it’s the most suitable plan for you if you need help in filing and reporting. It also includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small business proprietor, then this program will be perfect for you. It may not have all of TaxJar’s features however, it does include the essentials that you need.
In addition, you can reach the support team via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking to get that is more than the basic features and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to choose the Premium plan instead. It includes all of the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as Integrations with APIs, teams of users and AutoFiles.
They also have a staff who are devoted for managing the account. They don’t reveal the price of the Premium plan. will cost you. Linkedin TaxJar
However, they did mention that this plan is tailor-fit to each user. So the costs will vary depending on what you need to run your business.
Luckily, you don’t have to risk your money to see if this platform is the right one for you. If you’re still considering other options, they have 30 days of free trial. It should give you enough time to determine whether the service is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of using TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides 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 possible to integrate it with other platforms.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for businesses with multiple sales channels and uses many platforms. If that sounds like what you do, then you should try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business It can also help you meet your deadlines. It’s also an excellent opportunity for accountants since they provide a Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar can help you reduce time and keep on top of each deadline and requirement you have to meet. If you’re living in a region with a lot of tax laws, this can surely help you wrap your mind around it. Linkedin TaxJar
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary 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 process easy to do, you might be better to do it on your own.
FAQ Linkedin TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USdollars prior to when TaxJar determines the tax.