Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. More so if you don’t have a degree in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford the budget to hire an accountant, doing it on your own could be dangerous. If you make a mistake, you might have to do it all over again!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
What can we do ?
We can always make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can help you. Although this is quite an extensive read but you’ll be able to determine if TaxJar is the tool you require in the present.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? Partnerships Division TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it in all of the sales channels you use to ensure that you are in compliance with your sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of 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 make their business more organized and straightforward. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting platform is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one spot. This means that there is no requirement to collect data in multiple channels and organize it into one platform. All you need to do is connect TaxJar it will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. For our review we’ll dig at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns TaxJar will train you on managing these. But, it is up for you and your team members to complete the process in time. TaxJar is there to guide you on what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. With this feature, everything will be automated from calculating sales tax to recording and processing it. However, there might be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard through 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, as well as data.
The greatest benefit of the feature you’ve chosen is it lets you to automatically update every day. They not only let you know how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes within your company. Additionally, you can export the information in a CSV file in case you require it in your accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the sales avenues you use. It means you don’t need to search for your documents whenever you’re in the event of a need. Even if you already have your accountant, this function can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have for other operating costs.
What’s more is that TaxJar provides training and tutorials, not just for their platform but all things related to sales tax. You can check out their webinars, guides, as well as their blog to find more info. Additionally their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of those plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the best plan for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, four autofiles for free each year, and the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small company manager, the plan will be perfect for you. It may not have all the features of 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 features.
If you’re looking for something different from the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it by adding custom features.
So how different is it from the basic plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive company, you may need to go for the Premium plan instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as Integrations with APIs, teams of users as well as AutoFiles.
They also have a team dedicated for managing the account. However, they don’t disclose the amount that the Premium plan is going to cost. Partnerships Division TaxJar
However, they did mention that this plan is customized for every user. Therefore, the cost will differ in line with what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still looking into various options, they provide a 30-day free trial. This should be enough time to determine if the platform is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several 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 for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you do, then you should try this.
Not only can it help you track your revenue and products, but it can help you meet the deadlines you set. It’s also an excellent option for accountants as they offer tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax laws, this can definitely help you get your mind around it. Partnerships Division TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it on your own.
FAQ Partnerships Division TaxJar
What areas does TaxJar provide API support?
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 sync your Shopify account to 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 US$. If you’re using another currency, you’ll have to convert it to USdollars prior to when TaxJar will calculate the tax.