Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. If you don’t have enough money to hire an accountant, making it your own could be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Almost everyone wants to skipping this step. But since it’s required and mandatory, there’s no other choice.
What can we do about it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can assist you. Although this is quite a long read but you’ll be able to determine if TaxJar is exactly what you need right now.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? List All Tax Categories TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all the sales channels you use to ensure compliance with your sales taxes. It streamlines processes that require days to complete and finish within just a few minutes.
TaxJar has been used 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 widely used by online business owners to ensure that everything is 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 with your sales channel. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your critical metrics in one spot. This means that there is no need to gather data in multiple channels and then organize it on one platform. All you need to do is to integrate TaxJar then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to file their sales taxes by hand or using their AutoFile feature. For our review we’ll dig into both.
If you choose to go it alone, TaxJar will allow you to connect the sales channels you use. 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 team to complete the process within the timeframe. TaxJar will only guide you on what you have to do , but not to 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. This feature will ensure that everything will be automated, from calculating sales taxes in order to record and process them. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting woes. 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 everything you need, like the list of transactions, reports and information.
The best part about this feature is that it allows you to update automatically every day. Not only will they let to know the amount you’ve earned, but they also help you track when your following payments are due.
The dashboard allows you to fully view the total sales tax within your company. It is also possible to export the data in the form of a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the sales avenues you use. That means you won’t have to scramble for your documents whenever you’re when you’re in a pinch. Even if you already have your accountant, this function can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds better. You’ll know better how much budget you have available for other operational expenses.
The best part is that TaxJar offers training and tutorials, not just for their platform , but also for anything that has to do with sales tax. You can look through their webinars, guides, as well as their blog to find more details. Additionally, their sales tax calculator can be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they can be too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing levels and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a smaller business proprietor, then this program could be perfect for you. It might not include all the features of TaxJar, but it has all the basics you require.
You can also contact the support team via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for something a bit more than just the standard features Professional could be the one for you. It starts at $99, however, it could go up by adding custom features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone access to APIs, as well as advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large enterprise, you may want to choose the Premium plan instead. It includes all of the features that you require to make your tax filing easier. Additionally, they permit unlimited data import integrations, Integrations with APIs, teams of members and AutoFiles.
They also have a staff that is devoted to managing your account. However, they don’t disclose how much the Premium plan will cost you. List All Tax Categories TaxJar
However, they did say that this plan is tailor-fit for each user. The cost of the plan will be different depending on what you need for your company.
It’s a good thing that you don’t have to risk your money to find out if the platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to see if the platform is a good fit for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of the use of TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides an online sales tax 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.
- It allows you to monitor 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
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your revenue and products however, it will help you meet your deadlines. It’s also an excellent option for accountants as they provide tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
The use of TaxJar can help you save more time while keeping on top of each deadline and requirement you have to meet. If you’re living in a place with complicated tax regulations, this will definitely help you get your mind around it. List All Tax Categories TaxJar
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire procedure easy to complete then you’re better off doing it by yourself.
FAQ List All Tax Categories TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you will need to convert it to USdollars before TaxJar determines the tax.