Taxes have always been among the most difficult things to handle, whether you’re running a business or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the budget to employ an accountant, doing it on yourself can be risky. If you miss one detail, you might have to do it all over again!
Almost everyone wants to avoid this step. But since it’s required 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 explain how it can help you. Even though this is a long read but you’ll be able to gauge whether TaxJar is what you need in the present.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? M Tax Services
Founded in 2013, TaxJar is an application that automatizes your reports, filings, 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 sales channels to ensure that you are in compliance with your sales taxes. It simplifies the processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to keep everything organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to ensure is that your accounting tax system perfectly integrates along with sales funnels. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to be penalized for 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 organize it into a single platform. All you need to do is to 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 lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. For our review we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns The team will guide you on managing the tax returns. But, it is up for you and your team to finish the tax returns in time. TaxJar is only there to help you understand what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. With this feature, everything will be automated from calculating sales tax in order to record and process it. But, it is possible to incur extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff can access everything you need, like the list of transactions, reports and information.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. Not only will they let you keep track of how much you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard can also allow you to fully view the overall sales taxes for your business. Additionally, you can export your data in the form of a CSV file if you need it for your financial planning and accounting processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you need them in the event of a need. Even when you already have your accountant, this feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operational expenses.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform but all things related to sales tax. You can check out their guides, webinars, or blog posts for additional information. In addition 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 establish your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and what each of these options can offer you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most effective plan if you need help with filing requirements and reporting. It comes with sales tax reporting, four annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company owner, this plan could be ideal for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration features.
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 it can go higher if you add custom features.
So how different is it from the basic plan?
In addition to accessing all of the Starter plan’s options, you also have access to their phone customer support, API access, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge business, you might need to opt for an upgrade instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of members, and AutoFiles.
They also have a team that is devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. is going to cost. M Tax Services
However, they did say that the plan is custom-made for each user. Therefore, the cost will differ according to what you require for your business.
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to gauge if the platform is the right choice for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a break. To sum it all up Here are the pros and cons of making use of TaxJar to run your business.
- There is the 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 easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you ought to try this.
It’s not just a way to aid in tracking the sales and profits of your business, but it can also help you meet your deadlines. It’s also an excellent platform for an accountant since they offer the 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 the track of each deadline or requirement you need to meet. If you’re in a place with complicated tax regulations, this will certainly help you to get your mind around it. M Tax Services
However, if managing taxes is easy, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you find the whole procedure easy to complete then you’re better off doing it by yourself.
FAQ M Tax Services
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it into US$ before TaxJar determines the tax.