Taxes have always been one of the hardest things to do regardless of 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 enough money to engage an accountant performing the task on your own can be dangerous. If you overlook one thing, you might need to repeat the process!
Almost everyone wants to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do ?
It is always possible to make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can help you. While this is lengthy but you’ll be able to determine if TaxJar is exactly what you need in the present.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar? Q Takote
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with sales taxes. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is simple and organized. Let’s look into their features and services.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting software is compatible with your sales channel. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your critical metrics in one spot. That way, there’s no requirement to collect data from different channels and organize it into one platform. All you need to do is to integrate TaxJar then the system will handle all the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers file their sales taxes manually or through their AutoFile feature. For the purpose of this article, we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all the sales channels you use. Once the time comes for filing income tax returns, the team will instruct you on how to manage the tax returns. But, it is up to you and your staff to finish the tax returns on time. TaxJar is only there to 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 don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating sales tax through recording, and then processing them. There could be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform, you and your team can access everything you require, including the list of transactions, reports, as well as data.
The greatest benefit of this option is the fact that it allows you to automatically update every day. They not only let you keep track of how much you’ve collected, but they also help you track when your following payment is due.
The dashboard allows users to view in detail the total sales tax within your company. It is also possible to export the data in CSV format. CSV file if you need it to aid in process of financial planning and accounting or if your team requires it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. This means that you don’t have to search for your documents when you’re in a pinch. Even if you already have your accounting firm, the feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also for anything related to sales tax. You can look through their webinars, guides, or blog posts for additional info. Additionally their sales tax calculator can be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of those options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. They say it’s the most suitable plan for you to help you in filing and reporting. It also includes taxes on sales and sales as well as 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 business owner, this plan should be ideal for you. It may not have all of TaxJar’s features however, it does include the basic features 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 for that is more than the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
How different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to opt for an upgrade instead. It has all of the features needed to help with your taxes. Moreover, they allow unlimited data import integrations, API integrations, team users, and AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. costs you. Q Takote
But they did state that this plan is customized to each user. So the costs will vary depending on what you need for your company.
Fortunately, you don’t need to bet your life on it to see if this platform is for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to determine whether the service is the right choice for you.
Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing, here are the pros and cons of using TaxJar to run your business.
- There is a 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 simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- It allows you to monitor 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 valid for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then must try TaxJar.
Not only will it assist you in keeping track of the sales and profits of your business It can help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they provide a Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Using TaxJar will help you reduce time and keep on top of each deadline or requirement you need to fulfill. If you’re in a region with a lot of tax laws, this will definitely help you get your mind around it. Q Takote
If handling your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better off doing it by yourself.
FAQ Q Takote
Which areas does TaxJar provide API assistance?
TaxJar currently works with 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 with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar will calculate your tax.