Taxes have always been among the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have enough money to engage an accountant doing it on your own could be risky. If you overlook one thing, you might have to redo things again!
Most people want to skipping this step. But since it’s required, we have no choice.
What can we do about it?
We can simplify our lives with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can benefit you. While this is lengthy it is possible to determine if TaxJar is what you need today.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? Paypal TaxJar
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your sales channels to ensure compliance with your sales taxes. It makes the process simpler that could can take days to complete, and is completed in 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.
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 benefits and features of TaxJar.
Services and features
One of the first things you’ll want to check you have a tax accounting software perfectly integrates with your sales channel. If you’re selling through multiple channels, it is essential to maintain everything in line. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one place. That way, there’s no requirement to collect information from multiple sources and then organize it on one platform. All you have to do is connect TaxJar, and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. For our review we’ll take a look at both.
If you opt to go it alone, TaxJar will allow you to connect all the sales channels you use. When it comes time to the filing of income tax returns The team will guide you on how to handle these. It is up to you and your staff to complete everything on time. TaxJar will only guide you on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales taxes through recording, and then processing it. There could be additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be combined into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you need, such as an inventory of your transactions, reports, and data.
The greatest benefit of this option is the fact that it lets you to update automatically every day. Not only will they let you know how much you’ve collected, but they also help you keep track of when the next payments are due.
Their dashboard can also allow you to see the total sales tax within your company. It is also possible to export the information in CSV format. CSV file if you need it to aid in accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents when you’re in a pinch. Even even if you already have an accountant, this function 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 be aware of the budget you have to cover other operational expenses.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just for their platform but all things that has to do with sales tax. Check out their guides, webinars, as well as their blog to find more information. In addition their sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing levels and the features that each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They claim that it’s the best 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 a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small business proprietor, then this program could be perfect for you. It might not include all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration features.
If you’re looking to get a bit more than just the basic features, then the Professional plan may be the best option for you. It starts at $99, but you can increase it when you add additional features.
How different is it from the starter plan?
Apart from having access to every one of Starter plan’s features, you also get access to their support via phone, API access, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to choose premium plans instead. It includes all of the features needed 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 staff dedicated for managing the account. However, they don’t disclose how much the Premium plan is going to cost. Paypal TaxJar
However, they did say that this plan is customized to each user. The cost of the plan will be different in line with what you require to run your business.
Fortunately, you don’t need to gamble your money just to determine if this service is for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to determine whether the software is the right choice for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only valid for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only will it aid in tracking your revenue and products however, it will also help you meet the deadlines you set. It’s also an excellent option for accountants as they provide the Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
The use of TaxJar will help you get more done while keeping track of every deadline and requirement you have to meet. If you’re in a place with complicated tax laws, this can certainly help you to get your head around it. Paypal TaxJar
However, if managing your taxes is straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the whole procedure simple to follow, you might be better to do it by yourself.
FAQ Paypal TaxJar
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it into US$ before TaxJar determines your tax.