Taxes are always one of the most difficult things to handle regardless of whether you run an enterprise or not. More so if you don’t have any experience in finance or accounting. Tax-related tasks aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford enough money to employ an accountant, doing it on your own could be risky. If you miss one detail it could mean you have to do it all over again!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
So , what can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can help you. Although this is quite an extensive read, you should be able to gauge whether TaxJar is what you need right now.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What is TaxJar? Opposite Of Taxing
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all of your sales channels to ensure compliance with sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is neat and simple. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check is that your accounting tax software is compatible along with sales funnels. If you have multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one spot. This means that there is no need to collect information from multiple sources and organize it into one platform. All you need to do is integrate TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to submit their sales tax by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing tax returns for income TaxJar will train you on how to manage the tax returns. It is up to you and your team members to finish the tax returns in time. TaxJar is only there to guide you on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. Through this feature, everything will be automated, from calculating sales tax through recording, and then processing them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there you and your staff will have access to all the information you need, such as a list of your transactions, reports and information.
The best part about this feature is that it allows you to update automatically 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 users to view in detail the overall sales taxes within your company. Additionally, you can export the data as a CSV file in case you require it in your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. This means that you don’t have to scramble for your documents when you need them in a pinch. Even when you already have your accounting firm, the feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have to cover other operational expenses.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but all things related to sales tax. Check out their webinars, guides, as well as their blog to find more information. In addition, their sales tax calculator should be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to determine 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 the features that each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. They say it’s the most suitable plan for you to help you with filing requirements or reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small-scale business proprietor, then this program will be perfect for you. It might not include all the features offered by TaxJar, but it has the essentials that you need.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking to get that is more than the basic features Professional could be the one for you. The price starts at $99 however, it could go up by adding custom features.
What is the difference from the original plan?
In addition to having access to each of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large company, you may need to choose an upgrade instead. It has all of the features needed to make your tax filing easier. Additionally, they permit unlimited integrations with data imports Integrations with APIs, teams of users and AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal the amount that the Premium plan costs you. Opposite Of Taxing
However, they did mention that the plan is custom-made for each user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to gamble your money just to see if this platform is right for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to see whether the software is the right choice for you.
Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can 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 have access to the API feature.
- Only applicable to USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If this sounds like the way you do, then you should try this.
Not only will it help you track the sales and profits of your business It can also help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they have tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar can allow you to get more done while keeping track of every deadline or requirement you need to meet. If you’re in an area with complex tax laws, this can surely help you wrap your head around the subject. Opposite Of Taxing
But if handling your taxes is straightforward, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. If you’re finding the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ Opposite Of Taxing
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transaction amounts are n US$. If you’re using another currency, you’ll need to convert it into USdollars prior to when TaxJar determines the tax.