Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. Even more so if you do not have a degree in accounting or finance. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the budget to engage an accountant doing it on yourself can be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
What is the best way to deal with it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can benefit you. Even though this is a long read but you’ll be able to assess whether TaxJar is exactly what you need today.
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.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? Mark Faggiano TaxJar
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all of your channels of sales to make sure you’re in compliance with sales tax requirements. It streamlines processes that take days to complete and is completed in just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure is that your accounting tax software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar lets you display your critical metrics in one place. That way, there’s no need to gather information from multiple sources and organize it into one platform. All you need to do is integrate TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows customers to submit their sales tax manually or through TaxJar’s AutoFile feature. In our review we’ll dig at both.
If you choose to go it alone, TaxJar will allow you to connect all of those sales tools. When the time is right for filing income tax returns, the team will instruct you on how to handle these. However, it will be up to you and your staff to finish the tax returns in time. TaxJar will only help you understand what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated, from calculating sales taxes through recording, and then processing them. However, there might be additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. From there, you and your team will have access to all the information you need, such as an inventory of your transactions, reports, and information.
The greatest benefit of the feature you’ve chosen is it lets you to update automatically every day. They not only 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.
Their dashboard can also allow you to see the overall sales taxes within your company. You can also export the data to CSV format. CSV file if you need it to aid in financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have available for other operating costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also all things that has to do with sales tax. You can look through their webinars, guides and blog for more information. Apart from that their sales tax calculator should be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the most suitable plan for you if you need help in filing and reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a smaller business proprietor, then this program should be perfect for you. It might not include all the features offered by TaxJar, but it has the basic features you require.
You can also contact their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking for different from the basic features and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher by adding custom features.
What is the difference from the starter plan?
Apart from having access to each of Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge company, you may need to go for an upgrade instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer unlimited data import integrations Integrations with APIs, teams of members and AutoFiles.
They also have a staff dedicated to managing your account. But, they don’t divulge how much the Premium plan is going to cost. Mark Faggiano TaxJar
However, they did mention that this plan is tailor-fit to each user. So the costs will vary in line with what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it 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. This should give you enough time to gauge if the platform is the right choice for you.
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Pros and Cons
Now that we’ve covered all you must know about TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of using TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to 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 many platforms. If this sounds like the way you’re doing, then ought to try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business however, it will help you meet the deadlines you set. It’s also an excellent platform for an accountant since they provide a Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this will definitely help you get your mind around it. Mark Faggiano TaxJar
But if handling your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure simple to follow, you might be better in doing it all on your own.
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FAQ Mark Faggiano TaxJar
Which areas does TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor 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 into US$ before TaxJar will calculate your tax.
