Taxes have always been among the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related work aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have the budget to hire an accountant, making it your own could be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Most people want to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what can we do ?
It is always possible to simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. Even though this is a long read but you’ll be able to gauge whether TaxJar is what you need in the present.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? M J Tax Service Fairhaven Ma
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your channels of sales to ensure that you are in compliance with sales taxes. It streamlines processes that require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to keep everything simple and organized. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure you have a tax accounting platform perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one spot. So, there’s no need to gather data in multiple channels and sort it into a single platform. All you have to do is integrate TaxJar, then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows clients to make sales tax filings either manually or via TaxJar’s AutoFile feature. For our review we’ll dig at both.
If you decide to do it manually, TaxJar will allow you to connect all those sales tools. When it comes time to filing income tax returns The team will guide you on managing the tax returns. However, it will be up for you and your staff to complete the process on time. TaxJar is there to provide guidance on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing it. However, there might be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to all the information you need, like a list of your transactions, reports, and information.
The greatest benefit of this feature is that it lets you to update your account automatically each day. Not only will they let you know how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows users to view in detail the total sales tax within your company. It is also possible to export the information to the form of a CSV file in case you require it to aid in accounting and financial planning processes or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the channels you sell through. This means that you don’t have to search for your documents when you need them in the event of a need. Even when you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll be aware of the budget you have for other operational expenses.
But what’s even better is that TaxJar offers training and tutorials, not just on their platform, but all things connected to sales tax. You can look through their guides, webinars, or blog posts for additional details. Additionally, their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most effective plan to help you with filing requirements and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale company proprietor, then this program will be perfect for you. It may not offer all the features of TaxJar, but it has the basic features you require.
In addition, you can reach their support team with their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for that is more than the standard features, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it by adding custom features.
So how different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also have the support of their customer service via phone, API access, and the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge company, you may need to opt for premium plans instead. It comes with all the features you need to help with your taxes. In addition, they offer unlimited data import integrations Integrations with APIs, teams of members as well as AutoFiles.
They also have a team dedicated in managing your accounts. However, they don’t disclose how much the Premium plan will cost you. M J Tax Service Fairhaven Ma
However, they did mention that this plan is tailor-fit for each user. The cost of the plan will be different depending on what you need to run your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is for you. If you’re still considering different options, they offer a 30-day free trial. This should give you enough time to gauge whether the service is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar let’s take a break. To summarize we’ll go over the pros and cons of using TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for 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.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then 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 is also a great platform for an accountant since they offer the Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to meet. If you’re in a region with a lot of tax laws, this can definitely help you get your head around it. M J Tax Service Fairhaven Ma
However, if managing your taxes is simple If it isn’t, 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 find the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
FAQ M J Tax Service Fairhaven Ma
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions are in US$. If you’re using another currency, you’ll need to convert it into USdollars before TaxJar will calculate your tax.