Taxes are always one of the most difficult things to handle 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 issues can be overwhelming, especially when you’re packed with things to do. In the event that you do not have the budget to employ an accountant, doing it on your own could be dangerous. If you miss one detail it could mean you need to repeat the process!
Nearly everyone would prefer 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?
We can simplify our lives with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can benefit you. Although this is quite lengthy it is possible to determine if TaxJar is what you need in the present.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar Remove TaxJar Composer
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of your sales channels to make sure you’re in compliance with sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by online business owners to ensure that everything is simple and organized. Let’s look into their features and services.
Services and features
One of the first things you’ll need to make sure is your tax-reporting system perfectly integrates along with sales funnels. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The last thing you want is to be penalized for missing a single minor point.
TaxJar lets you display your key metrics in one spot. That way, there’s no requirement to collect data in multiple channels and sort it into one platform. All you have to do is to integrate TaxJar, and the platform will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to make sales tax filings by hand or using the AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you decide to do it manually, TaxJar will allow you to connect those sales tools. Once the time comes for the filing of income tax returns, the team will instruct you on managing them. But, it is up for you and your staff to finish the tax returns within the timeframe. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. With this feature, everything will be automated, from calculating sales tax through recording, and then processing it. There could be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you require, including a list of your transactions, reports, and information.
The best part about the feature you’ve chosen is it allows you to update automatically every day. They not only let to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
The dashboard allows users to view in detail the overall sales taxes within your company. You can also export the information in a CSV file in case you require it for your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep on top of all the channels you sell through. That means you won’t have to search for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials not only for their platform , but also everything connected to sales tax. Check out their guides, webinars, and blog for more information. Apart from that the sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of these choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you 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. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program should be ideal for you. It might not include all the features offered by TaxJar, but it has the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking for something a bit more than just the basics Professional might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
So how different is it from the basic plan?
Apart from having access to every one of Starter plan’s options, you also have access to their phone customer support, API access, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to choose an upgrade instead. It has all of the features you need to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as API integrations, team members as well as AutoFiles.
They also have a staff who are devoted for managing the account. But, they don’t divulge how much the Premium plan costs you. Remove TaxJar Composer
However, they did say that the plan is custom-made to each user. So the costs will vary 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 right for you. If you’re still looking into various options, they provide a 30-day free trial. It should give you enough time to determine if the platform is a good fit for you.
Pros and Cons
We’ve covered everything you must know about TaxJar Let’s relax. In order to sum up the whole thing, here are the advantages and disadvantages of the use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online 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
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by 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 review local laws
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then should try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business however, it will help you meet your deadlines. It is also a great opportunity for accountants since they have a Tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar can help you save more time while keeping track of every deadline and requirement you have to meet. If you’re living in an area with complex tax regulations, this will definitely help you get your mind around it. Remove TaxJar Composer
However, if managing your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire process easy to do then you’re better off doing it by yourself.
FAQ Remove TaxJar Composer
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it to US$ before TaxJar will calculate your tax.