Taxes are always one of the hardest things to do regardless of whether you run a business or not. Even more so if you do not have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. In the event that you do not have the budget to engage an accountant making it your own can be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Almost everyone wants to skip this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can benefit you. While this is a long read, you should be able to gauge whether TaxJar is the tool you require today.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What exactly is TaxJar? Rate Lookup TaxJar
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that require days to complete and finish within only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, 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 explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to make sure you have a tax accounting platform seamlessly works well with your sales channel. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one place. That way, there’s no need to collect information from multiple sources and sort it into a single platform. All you need to do is to integrate TaxJar it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. In the purpose of this article, we’ll look at both.
If you opt to do it manually, TaxJar will allow you to connect all your sales platforms. When it comes time to the filing of income tax returns The team will guide you on how to manage these. However, it will be up for you and your team members to complete everything on time. TaxJar is there to help you understand what you should do , but not to 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 is automated, from calculating sales taxes in order to record and process them. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your team will have access to all the information you need, such as an inventory of your transactions, reports, as well as the data.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let you know how much you’ve accumulated however, they can also help you keep track of when the next payments are due.
Their dashboard can also allow users to view in detail the total sales tax in your business. You can also export the information to CSV format. CSV file in case you require it for your accounting and financial planning processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the channels you sell through. This means that you don’t have to scramble for your documents whenever you’re in a pinch. Even even if you already have an accountant, this feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform but for anything that has to do with sales tax. You can check out their guides, webinars, or blog posts for additional information. Apart from that the sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the best plan if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as four annual AutoFiles for free, as well as an CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small business owner, this plan will be perfect for you. It may not offer all of TaxJar’s features however, it does include all the basics you require.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration features.
If you’re looking for something a bit more than just the basic features Professional might be the right one for you. It’s priced at $99 but it can go higher when you add additional features.
So how different is it from the basic plan?
In addition to having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge company, you may need to go for premium plans instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations API integrations, team users, and AutoFiles.
There is also a team that is devoted for managing the account. They don’t reveal how much the Premium plan will cost you. Rate Lookup TaxJar
But they did state that this plan is tailor-fit to each user. The cost of the plan will be different according to what you require for your business.
Luckily, you don’t have to risk your money to see if this platform is the right one for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to determine if the platform is the right choice for you.
Pros and Pros and
Now that we’ve covered all you need to know about TaxJar Let’s relax. To sum it all up, here are the pros and cons of the use of TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for 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
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that sounds like what you do, then you ought to try this.
Not only can it help you track your revenue and products, but it can help you meet the deadlines you set. It is also a great platform for an accountant since they have the Tax Advisor program. You can find tips 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 obligation you have to meet. If you’re in a region with a lot of tax laws, this can certainly help you to get your head around the subject. Rate Lookup TaxJar
However, if managing taxes is easy and straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure simple to follow then you’re better off doing it by yourself.
FAQ Rate Lookup TaxJar
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to USdollars before TaxJar can calculate the tax.