Taxes have always been among the hardest things to do, whether you’re running your own business or not. Even more so if you do not have a background in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have the budget to hire an accountant, doing it on your own could be risky. If you make a mistake it could mean you have to redo things again!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
So what is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can assist you. While this is a long read it is possible to gauge whether TaxJar is exactly what you need in the present.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar Quickbooks Vs TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it across all your channels of sales to ensure compliance with sales tax requirements. It simplifies the processes that take days to complete and is completed in just a few minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is simple and organized. Let’s take a look at their features and services.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting software perfectly integrates along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your most important metrics in one spot. This means that there is no need to collect data from different channels and organize it into a single platform. All you need to do is connect TaxJar then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar lets customers submit their sales tax by hand or using TaxJar’s AutoFile feature. For our review we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for filing tax returns for income The team will guide you on managing them. However, it will be up to you and your team to complete the process on time. 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 for you. This means that you don’t have to submit the forms in a manual manner. With this feature, everything will be automated from calculating taxes on sales in order to record and process them. There could be extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to all the information you need, like a list of your transactions, reports, and data.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only can they help you know how much you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to see the total sales tax for your business. Additionally, you can export the data as CSV format. CSV file if you need it for your financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top 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 if you already have your accountant, this function will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds better. You’ll be aware of the budget you have to cover other operational costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also everything connected to sales tax. You can check out their webinars, guides, as well as their blog to find more info. In addition their sales tax calculator should be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they can be too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing structures and what each of those options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the best plan to help you with filing requirements or reporting. It comes with sales tax reporting, four autofiles for free each year, and an CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a smaller business manager, the plan will be perfect for you. It may not have all the features offered by TaxJar, but it has the essentials that you need.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration tools.
If you’re looking for a bit more than just the basic features Professional could be the one for you. It starts at $99, however, it could go up by adding custom features.
So how different is it 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, as well as sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge business, you might need to opt for the Premium plan instead. It includes all of the features you need to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as API integrationsfor team members as well as AutoFiles.
They also have a staff dedicated in managing your accounts. They don’t reveal the price of the Premium plan. is going to cost. Quickbooks Vs TaxJar
But they did state that this plan is tailor-fit for every user. The cost of the plan will be different depending on what you need for your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is for you. If you’re still considering various options, they provide a 30-day free trial. This should be enough time to determine if the platform is the right choice for you.
Pros and Pros and
We’ve covered everything you must be aware of TaxJar let’s take a breather. To sum it all up, here are the advantages and disadvantages of the use of TaxJar to run your business.
- Has 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 simple to navigate
- The company offers a 30-day trial for free.
- 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 applicable for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have multiple sales channels and uses numerous platforms. If this sounds like the way you do, then you must try TaxJar.
Not only can it assist you in keeping track of your products and revenue however, it will also help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they have the Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to meet. If you live in an area with complex tax regulations, this will certainly help you to get your mind around it. Quickbooks Vs TaxJar
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire process easy to do and you’re comfortable with it, you may be better in doing it all on your own.
FAQ Quickbooks Vs TaxJar
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n USdollars. If you’re using another currency, you will need to convert it into US$ before TaxJar can calculate your tax.