Taxes have always been one of the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. If you don’t have the budget to engage an accountant making it your own can be dangerous. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. Even though this is an extensive read it is possible to assess whether TaxJar is the tool you require in the present.
Are you looking 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 let’s dive right in.
What exactly is TaxJar? Pitchbook TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that require days to complete and can be completed in a matter of minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to make their business more neat and simple. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll need to make sure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you have multiple sales channels, you must ensure that everything is in order. 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. So, there’s no requirement to collect data from different channels and sort it into a single platform. All you need to do is connect TaxJar, and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows clients to make sales tax filings manually or through the AutoFile feature. In the purpose of this article, we’ll look into both.
If you decide to go it alone, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on how to manage them. It is up for you and your staff to finish the tax returns on time. TaxJar is there to provide guidance on what you have 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. With this feature, everything is automated, from calculating sales tax through recording, and then processing it. However, there might be additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be put together into a single dashboard through 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 the data.
The greatest benefit of the feature you’ve chosen is it allows you to update automatically every day. They not only let to know the amount you’ve earned, but they also help you keep track of when the next payments are due.
Their dashboard also allows you to see the overall sales taxes in your business. You can also export the information as the form of a CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. It means you don’t need to scramble for your documents when you’re in the event of a need. Even if you already have your accountant, this function can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds better. You’ll be aware of the budget you have for other operational costs.
What’s more is that TaxJar provides training and tutorials and tutorials, not just on 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. Apart from that the sales tax calculator can be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and what each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. The company claims that it’s the best plan to help you with filing requirements and reporting. It includes the tax on sales, four free yearly AutoFiles, and an CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small business proprietor, then this program could be ideal for you. It may not offer all the features of TaxJar, but it has the essentials that you need.
You can also contact their support team with their email support chart. You’ll also be able to use their integration features.
Professional
If you’re looking for something different from the basic features, then the Professional plan could be the one for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the original plan?
In addition to having access to every one of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large enterprise, you may want to choose the Premium plan instead. It comes with all the features you need to help with your taxes. Additionally, they permit unlimited data import integrations API integrations, team users and AutoFiles.
They also have a staff that is devoted to managing your account. But, they don’t divulge the amount that the Premium plan costs you. Pitchbook TaxJar
But they did state that this plan is customized to each user. So the costs will vary in line with what you require to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to gauge whether the software is an excellent fit for you.
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Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a breather. To summarize, here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by 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 laid out, TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only will it help you track the sales and profits of your business however, it will assist you in meeting the deadlines you set. This is also an excellent option for accountants as they provide a Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you get more done while keeping on top of each deadline and requirement you have to meet. If you’re living in a region with a lot of tax laws, this can certainly help you to get your head around it. Pitchbook TaxJar
But if handling taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ Pitchbook TaxJar
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions are in USdollars. If you’re using another currency, you’ll need to convert it into USdollars before TaxJar determines your tax.
