Taxes are always one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. When you’re not able to afford enough money to employ an accountant, performing the task on your own could be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and explain how it can benefit you. While this is lengthy but you’ll be able to determine if TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? Quickbooks Combined With TaxJar
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure is that your accounting tax system 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 most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar lets you display your most important data in one location. So, there’s no need to gather data in multiple channels and sort it into a single platform. All you have to do is to integrate TaxJar it will do all the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to file their sales taxes manually or through TaxJar’s AutoFile feature. For this review, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect those sales tools. Once the time comes for filing income tax returns The team will guide you on how to manage the tax returns. But, it is up to you and your staff to complete the process within the timeframe. TaxJar will only provide guidance on what you have to 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 the forms in a manual manner. Through this feature, everything is automated, from calculating sales tax to recording and processing it. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be compiled into a single dashboard via this platform. From there, you and your team will have access to all the information you need, like the list of transactions, reports, as well as data.
The most appealing aspect of this option is the fact that it lets you to automatically update every day. They not only let to know the amount you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard also allows you to see the total sales tax for your business. Additionally, you can export your data to the form of a CSV file if you need it to aid in financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. That means you won’t have to scramble for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have to cover other operating costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also everything that has to do with sales tax. Check out their guides, webinars, or blog posts for additional details. Additionally, their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. For this reason, we’ll look into TaxJar’s pricing levels and what each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. They say it’s the best plan to help you with filing requirements and reporting. It also includes the tax on sales, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small-scale company owner, this plan will be ideal for you. It may not offer all of TaxJar’s features but it comes with the basic features you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration features.
If you’re looking to get different from the basic features, then the Professional plan could be the one for you. It starts at $99, but it can go higher by adding custom features.
So how different is it from the basic plan?
In addition to having access to all of the Starter plan’s options, you also have access to their support via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for premium plans instead. It comes with all the features that you require to make your tax filing easier. In addition, they offer unlimited import integrations of data as well as API integrationsfor team users and AutoFiles.
They also have a team who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. Quickbooks Combined With TaxJar
But they did state that this plan is tailor-fit for each user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to determine if the platform is a good fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a break. To sum it all up, here are the advantages and disadvantages of making use of TaxJar for your company.
- There is a 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 simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with many sales channels and utilizes plenty of platforms. If that’s what you do, then you ought to try this.
Not only will it assist you in keeping track of your revenue and products however, it will help you meet your deadlines. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. You can find tips and learn from their sessions about taxes through it.
The use of TaxJar will help you save more time while keeping track of every deadline and requirement you have to meet. If you’re in an area with complex tax regulations, this will certainly help you to get your mind around it. Quickbooks Combined With TaxJar
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary expense. 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 entire process easy to do and you’re comfortable with it, you may be better to do it by yourself.
FAQ Quickbooks Combined With TaxJar
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it into USUSD prior to when TaxJar will calculate the tax.