Taxes are always one of the hardest things to do regardless of whether you’re running an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to employ an accountant, performing the task on your own could be dangerous. If you overlook one thing it could mean you have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement, we have no choice.
So , what can we do ?
We can always simplify our lives by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can assist you. Even though this is an extensive read it is possible to determine if TaxJar is the tool you require in the present.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What is TaxJar Lizzie TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to ensure that you are in compliance with sales taxes. It streamlines processes that take days to complete and can be completed in a matter of only a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is neat and simple. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll want to check is your tax-reporting software is compatible with your sales channel. If you have multiple sales channels, you need to keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one place. So, there’s no need to gather data in multiple channels and organize it into a single platform. All you need to do is integrate TaxJar, then the system will handle all the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to file their sales taxes either manually or via their AutoFile feature. In our review we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect your sales platforms. Once the time comes for the filing of income tax returns, the team will instruct you on managing them. However, it will be up to you and your team to complete the process within the timeframe. TaxJar will only 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 submit the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing it. However, there might be extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, such as an inventory of your transactions, reports, as well as the data.
The best part about this feature is that it lets you to update automatically every day. Not only will they let you keep track of how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows you to fully view the total sales tax for your business. You can also export the information in the form of a CSV file if you need it in your accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all the sales avenues you use. This means that you don’t have to search for your documents when you need them in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also for anything that has to do with sales tax. Check out their guides, webinars, and blog for more information. In addition, their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the most effective plan to help you in filing and reporting. It includes taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small-scale business manager, the plan will be perfect for you. It may not offer all the features offered by TaxJar however, it does include all the basics you require.
You can also contact the support team via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking for a bit more than just the basics and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up if you add custom features.
So how different is it from the starter plan?
Apart from having access to every one of Starter plan’s features, you also have their support via phone, API access, and the ability to do 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 an upgrade instead. It includes all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of members and AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose how much the Premium plan costs you. Lizzie TaxJar
However, they did say that this plan is customized to each user. Therefore, the cost will differ depending on what you need to run your business.
Free Trial
It’s a good thing that you don’t have to risk your money to determine if this service is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to gauge if the platform is a good fit for you.
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Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to businesses with many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only can it assist you in keeping track of your products and revenue, but it can also help you meet your deadlines. It’s also an excellent opportunity for accountants since they have a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar can help you get more done while keeping on top of each deadline and requirement you have to fulfill. If you live in an area with complex tax laws, this can definitely help you get your head around it. Lizzie TaxJar
However, if managing taxes is easy 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 track everything. In addition, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
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FAQ Lizzie TaxJar
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to US$ before TaxJar will calculate the tax.
