Taxes have always been one of the most difficult tasks to complete, whether you’re running an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have the funds to engage an accountant making it your own could be risky. If you overlook one thing, you might have to do it all over again!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving device and how it can benefit you. While this is a long read it is possible to gauge whether TaxJar is exactly what you need in the present.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, let’s dive right in.
What is TaxJar Products Like TaxJar
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it across all of your channels of sales to make sure you’re in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to keep everything simple and organized. Let’s look into the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to ensure you have a tax accounting system seamlessly works well with your sales channel. If you’re selling through multiple channels, you must keep everything in place. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one spot. That way, there’s no need to gather data in multiple channels and then organize it on a single platform. All you have to do is connect TaxJar, and the platform will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. For this review, we’ll dig into both.
If you choose to do it manually, TaxJar will allow you to connect your sales platforms. When the time is right for filing income tax returns, the team will instruct you on how to manage them. However, it will be up for you and your team 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 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 will be automated from calculating sales tax in order to record and process it. However, there might be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team will have access to everything you require, including a list of your transactions, reports and data.
The best part about this feature is that it lets you to update automatically every day. Not only can they help you know how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes in your business. You can also export the data to a CSV file, if you want to use it in your accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accountant, this feature can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operating costs.
What’s more is that TaxJar offers training and tutorials, not just on their platform, but all things connected to sales tax. Check out their guides, webinars, and blog for more details. In addition the sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing features, but they can be too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They claim that it’s the best plan if you need help with filing requirements or reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller company proprietor, then this program will be ideal for you. It may not have all the features offered by TaxJar but it comes with all the basics you require.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking to get different from the basics, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher when you add additional features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge company, you may need to opt for premium plans instead. It has all of the features needed to make your tax filing easier. Additionally, they permit unlimited data import integrations, API integrationsfor team members, and AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal the price of the Premium plan. costs you. Products Like TaxJar
However, they did say that the plan is custom-made for each user. So the costs will vary depending on what you need for your business.
Luckily, you don’t have to risk your money to determine if this service is the right one for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to see whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator
- 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
- AutoFile limit is 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 companies with numerous sales channels, and that utilizes many platforms. If that’s what you do, then you ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue, but it can assist you in meeting your deadlines. It’s also an excellent option for accountants as they offer the Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can help you get more done while keeping on top of each deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this can definitely help you get your head around it. Products Like TaxJar
If handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better off doing it on your own.
FAQ Products Like TaxJar
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into USdollars before TaxJar will calculate your tax.