Taxes have always been one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. In the event that you do not have the funds to hire an accountant, making it your own can be risky. If you overlook one thing and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
What can we do ?
We can always make our lives easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and how it can benefit you. While this is lengthy but you’ll be able to gauge whether TaxJar is what you need today.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar Npm TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use it in 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 just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by owners of online businesses to make their business more neat and simple. Let’s explore their features and services.
Features and services
One of the first things you’ll need to ensure is your tax-reporting platform is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must ensure that everything is in order. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your critical metrics in one spot. This means that there is no requirement to collect data from different channels and organize it into a single platform. All you need to do is integrate TaxJar, and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to file their sales taxes either manually or via the AutoFile feature. For our review we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all those sales tools. When the time is right for filing income tax returns TaxJar will train you on how to handle these. However, it will be up to you and your staff to complete the process in time. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. This feature will ensure that everything will be automated, from calculating taxes on sales to recording and processing it. But, it is possible to incur additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you need, such as an inventory of your transactions, reports and the data.
The most appealing aspect of this feature is that it lets you to update your account automatically each day. They not only let you keep track of how much you’ve earned and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow you to fully view the overall sales taxes for your business. You can also export the information as CSV format. CSV file in case you require it in your accounting and financial planning processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. It means you don’t need to scramble for your documents when you’re in a pinch. Even when you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds better. You’ll know exactly how much budget you have available for other operating costs.
The best part is that TaxJar offers tutorials and training not only for their platform , but also for anything that has to do with sales tax. Check out their guides, webinars, as well as their blog to find more details. 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 establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most effective plan if you need help with filing requirements and reporting. It includes taxes on sales and sales as well as 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 tips.
If you’re a small-scale company owner, this plan could be perfect for you. It may not offer all the features offered by TaxJar, but it has the essentials that you need.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration capabilities.
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 starts at $99, but you can increase it if you add custom features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive company, you may need to choose the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of users and AutoFiles.
They also have a team who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan will cost you. Npm TaxJar
However, they did mention that this plan is tailor-fit for each 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 considering other options, they have 30 days of free trial. This should be enough time to determine whether the software is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the advantages and disadvantages of using TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online 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
- 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.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies with many sales channels and utilizes many platforms. If this sounds like the way you’re doing, then should try this.
It’s not just a way to aid in tracking your products and revenue It can also help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they offer a Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar will help you reduce time and keep the track of each deadline and obligation you have to meet. If you’re living in a region with a lot of tax laws, this can surely help you wrap your head around it. Npm TaxJar
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire process easy to do, you might be better in doing it all by yourself.
FAQ Npm TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in US$. If you’re using another currency, you will need to convert it to USdollars prior to when TaxJar determines your tax.