Taxes are always one of the most difficult things to handle regardless of whether you run an enterprise or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues aren’t easy, particularly when you’re 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 can be risky. If you miss one detail, you might need to repeat the process!
Almost everyone wants to skipping this step. However, since it’s mandatory, we have no choice.
So , what can we do ?
We can make life easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can assist you. Even though this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need right now.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar? Mi TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all of your sales channels to make sure you’re in compliance with sales taxes. It simplifies the processes that require days to complete and is completed in just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to ensure that everything is neat and simple. Let’s look into their features and services.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting system seamlessly works well along with sales funnels. If you’re using multiple sales channels, you must keep everything in place. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one place. That way, there’s no need to gather information from multiple sources and sort it into a single platform. All you need to do is connect TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms that they can connect with:
TaxJar allows clients to submit their sales tax either manually or via TaxJar’s AutoFile feature. In our review we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for the filing of income tax returns, the team will instruct you on managing the tax returns. However, it will be up for you and your team members to finish the tax returns on time. TaxJar will only help you understand what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating taxes on sales in order to record and process it. There could be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize 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. Once you’re on the platform you and your staff will have access to all the information you require, including the list of transactions, reports, as well as information.
The most appealing aspect of this feature is that they allow you to automatically update every day. Not only can they help you know how much you’ve earned and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows you to see the overall sales taxes for your business. It is also possible to export your data to a CSV file in case you require it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all your sales channels. This means that you don’t have to hunt for your paperwork when you’re in a pinch. Even even if you already have an accountant, this function will help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds more effectively. You’ll know exactly how much budget you have available for other operating expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just on their platform, but for anything connected to sales tax. You can check out their webinars, guides, or blog posts for additional info. In addition their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing structures and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small-scale business owner, this plan could be perfect for you. It may not have all the features offered by TaxJar however, it does include the essentials that you need.
You can also contact their support team with their email support chart. You’ll also have access to their integration tools.
If you’re looking for that is more than the standard features and options, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.
So how different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you run a large company, you may need to choose premium plans instead. It includes all of the features needed to aid in your tax preparation. Moreover, they allow unlimited data import integrations, API integrationsfor team users, and AutoFiles.
They also have a team who are devoted to managing your account. However, they don’t disclose how much the Premium plan is going to cost. Mi TaxJar
But they did state that this plan is customized for every user. So the costs will vary according to what you require for your business.
Luckily, you don’t have to gamble your money just to find out if the platform is right for you. If you’re still looking into different options, they offer a 30-day free trial. It should give you enough time to gauge whether the software is a good fit for you.
Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a breather. To sum it all up Here are the advantages and disadvantages of using TaxJar to run your business.
- There is a 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
- Offers a 30-day free trial
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
- 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 to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you’re doing, then you should try this.
Not only will it aid in tracking your revenue and products It can help you meet your deadlines. This is also an excellent opportunity for accountants since they have tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax regulations, this will certainly help you to get your mind around it. Mi TaxJar
However, if managing your taxes is straightforward 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 track everything. In addition, if you find the whole procedure easy to complete, you might be better to do it on your own.
FAQ Mi TaxJar
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it into USUSD prior to when TaxJar will calculate your tax.