Taxes have always been among the hardest things to do, whether you’re running your own business or not. More so if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have the budget to engage an accountant making it yourself can be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can make our lives easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can benefit you. Even though this is lengthy, you should be able to assess whether TaxJar is what you need today.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? Medium TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it in all of the sales channels you use to make sure you’re in compliance with sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is organized and straightforward. Let’s look into their features and services.
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Services and features
Integration
One of the most important things you’ll want to check you have a tax accounting software is compatible along with sales funnels. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your critical data in one location. This means that there is no need to collect information from multiple sources and sort it into one platform. All you have to do is to integrate TaxJar it will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll look at both.
If you opt to do it manually, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income TaxJar will train you on how to manage these. However, it will be up for you and your staff to complete everything in time. TaxJar is only there to help you understand what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. With this feature, everything will be automated, from calculating sales tax through recording, and then processing it. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform, you and your team will have access to all the information you require, including the list of transactions, reports, and information.
The greatest benefit of this option is the fact that it lets you to automatically update every day. They not only let to know the amount you’ve collected however, they can also help you track when your following payment is due.
Their dashboard can also allow you to see the total sales tax in your business. Additionally, you can export the information as 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.
Streamlining and Training
TaxJar helps organize and keep the track of all the channels you sell through. That means you won’t have to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accountant, this feature will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds better. You’ll know exactly how much budget you have available for other operating costs.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also all things related to sales tax. You can look through their webinars, guides as well as their blog to find more info. Additionally the sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing 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 structures and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It also includes sales tax reporting, 4 autofiles for free each year, and a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small-scale business owner, this plan will be ideal for you. It may not have all of TaxJar’s features, but it has the essentials that you need.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking for something different from the basics Professional could be the one for you. It starts at $99, but it can go higher when you add additional features.
What is the difference from the starter plan?
In addition to having access to each of Starter plan’s features, you also have their phone customer support, API access, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive business, you might need to go for premium plans instead. It comes with all the features you need to make your tax filing easier. Additionally, they permit unlimited integrations with data imports API integrationsfor team users, and AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose how much the Premium plan will cost you. Medium TaxJar
However, they did say that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
Luckily, you don’t have to risk your money to determine if this service is right for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to gauge whether the service is the right choice for you.
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Pros and Pros and
We’ve covered everything you should be aware of TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for 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.
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are 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 review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you do, then you must try TaxJar.
Not only will it help you track your revenue and products however, it will also help you meet your deadlines. It is also a great platform for an accountant since they offer a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Using TaxJar can allow you to reduce time and keep track of every deadline and obligation you have to fulfill. If you’re in a place with complicated tax regulations, this will certainly help you to get your mind around it. Medium TaxJar
But if handling your taxes is simple, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire procedure easy to complete then you’re better in doing it all on your own.
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FAQ Medium TaxJar
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it into USUSD prior to when TaxJar will calculate your tax.
