Taxes are always one of the most difficult things to handle regardless of whether you’re running an enterprise or not. More so if you don’t have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford enough money to employ an accountant, making it your own can be risky. If you overlook one thing, you might have to do it all over again!
Most people want to avoid this step. But since it’s required, we have no choice.
What can we do about it?
We can make life easier by using tools like TaxJar.
We’ll look at this life-saving device and how it can assist you. While this is a long read but you’ll be able to gauge whether TaxJar is the tool you require right now.
Do you 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 the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What is TaxJar? Ok Sales Tax TaxJar
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all 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 only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure is that your accounting tax software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to keep everything in place. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one place. That way, there’s no need to collect information from multiple sources and organize it into one platform. All you have to do is connect TaxJar then the system will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers make sales tax filings either manually or via the AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income The team will guide you on how to handle the tax returns. However, it will be up to you and your team to complete the process in time. TaxJar is only there to guide you 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 won’t need to fill out any forms manually. This feature will ensure that everything will be automated from calculating sales tax in order to record and process them. There could be extra fees if not included in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting woes. The orders you place through your online 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, like a list of your transactions, reports, as well as information.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. Not only can they help to know the amount you’ve earned however, they can also help you determine when your next payment is due.
The dashboard allows you to see the overall sales taxes within your company. It is also possible to export the information to a CSV file, if you want to use it for your accounting and financial planning processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. This means that you don’t have to scramble for your documents whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature will help them be 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 just for their platform , but also all things that has to do with sales tax. You can check out their webinars, guides, or blog posts for additional info. Additionally, their sales tax calculator is useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll examine TaxJar’s pricing levels and what each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the most effective plan to help you with filing requirements and reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a smaller business owner, this plan will be ideal for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
In addition, you can reach the support team via their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking for different from the basic features and options, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
So how different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive business, you might need to choose premium plans instead. It has all of the features that you require to make your tax filing easier. In addition, they offer unlimited data import integrations API integrationsfor team members, and AutoFiles.
There is also a team dedicated for managing the account. However, they don’t disclose the amount that the Premium plan is going to cost. Ok Sales Tax TaxJar
However, they did mention that this plan is tailor-fit to each user. Therefore, the cost will differ in line with what you require for your company.
Fortunately, you don’t need to gamble your money just to see if this platform is for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to see if the platform is the right choice for you.
Pros and Cons
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of using TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- Allows you to track 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 valid for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then ought to try this.
Not only can it help you track your revenue and products It can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can allow you to get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re in a region with a lot of tax laws, this will definitely help you get your head around it. Ok Sales Tax TaxJar
But if handling your taxes is simple, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole process easy to do, you might be better in doing it all on your own.
FAQ Ok Sales Tax TaxJar
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it to USdollars before TaxJar can calculate the tax.