Taxes are always one of the hardest things to do regardless of whether you’re running an enterprise or not. More so if you don’t have a background in finance or accounting. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have enough money to engage an accountant making it your own could be risky. If you make a mistake it could mean you have to do it all over again!
Nearly everyone would prefer to skipping this step. But since it’s required, we have no choice.
So what is the best way to deal with it?
It is always possible to simplify our lives with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can assist you. Even though this is a long read, you should be able to gauge whether TaxJar is what you need right now.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What is TaxJar? Refund Tax In TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for your entire sales tax life cycle. In addition, you can apply it across all of your sales channels to ensure compliance with your sales taxes. It streamlines processes that take days to complete and is completed in just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by online business owners to keep everything neat and simple. Let’s explore their features and services.
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Features and services
Integration
One of the first things you’ll need to ensure is that your accounting tax platform is compatible along with sales funnels. If you’re using multiple sales channels, you must keep everything in place. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. This means that there is no requirement to collect information from multiple sources and organize it into a single platform. All you need to do is to integrate TaxJar and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows customers to file their sales taxes either manually or via the AutoFile feature. In our review we’ll look into both.
If you opt to go it alone, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing tax returns for income TaxJar will train you on how to manage them. But, it is up for you and your team to finish the tax returns on time. TaxJar is there to help you understand what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing it. There could be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there you and your team will have access to everything you need, such as the list of transactions, reports, and information.
The best part about this feature is that it allows you to update your account automatically each day. Not only can they help you know how much you’ve collected, but they also help you track when your following payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes within your company. You can also export your data as CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the sales avenues you use. It means you don’t need to search for your documents whenever you’re when you’re in a pinch. Even even if you already have an accounting firm, the feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your money more efficiently. You’ll be aware of the budget you have to cover other operating expenses.
The best part is that TaxJar offers training and tutorials not only on their platform, but for anything related to sales tax. You can check out their guides, webinars, as well as their blog to find more information. Apart from that the sales tax calculator is helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing tiers and what each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan starts at $19. The company claims that it’s the best plan if you need help in filing and reporting. It comes with the tax on sales, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small-scale company proprietor, then this program will be perfect for you. It may not have all of TaxJar’s features however, it does include all the basics you require.
Additionally, you can contact the support team via their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking to get that is more than the basics, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up when you add additional features.
What is the difference from the basic plan?
In addition to accessing every one of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you own a huge enterprise, you may want to go for an upgrade instead. It includes all of the features that you require to help with your taxes. In addition, they offer unlimited data import integrations Integrations with APIs, teams of members, and AutoFiles.
There is also a team who are devoted for managing the account. They don’t reveal how much the Premium plan will cost you. Refund Tax In TaxJar
But they did state that the plan is custom-made to each user. Therefore, the cost will differ depending on what you need for your company.
Free Trial
Luckily, you don’t have to bet your life on it to see if this platform is right for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to gauge if the platform is the right choice for you.
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Pros and Cons
We’ve covered everything you must know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of the use of TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is simple 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
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have multiple sales channels and uses many platforms. If that’s what you’re doing, then should try this.
Not only can it help you track the sales and profits of your business, but it can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they have the Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar will help you reduce time and keep track of every deadline or requirement you need to fulfill. If you’re living in an area with complex tax regulations, this will certainly help you to get your head around it. Refund Tax In TaxJar
But if handling your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire procedure simple to follow, you might be better off doing it by yourself.
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FAQ Refund Tax In TaxJar
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar determines your tax.
