Taxes have always been one of the most difficult tasks to complete, whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when you’re packed with things to do. If you don’t have enough money to hire an accountant, making it your own can be risky. If you miss one detail, you might have to redo things again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So , what can we do about it?
We can always make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can help you. While this is a long read but you’ll be able to assess whether TaxJar is what you need in the present.
Do you prefer 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, we’ll dive right into.
What is TaxJar? Remove TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your channels of sales to ensure that you are in compliance with sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of only a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll want to check you have a tax accounting system is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar allows you to display your most important metrics in one place. That way, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar, then the system will handle the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows clients to submit their sales tax by hand or using TaxJar’s AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing income tax returns The team will guide you on managing the tax returns. It is up for you and your team to complete everything on time. TaxJar is there to help you understand what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. With this feature, everything is automated, from calculating sales tax through recording, and then processing them. But, it is possible to incur extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting problems. The orders you place through your online channels can be combined 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 require, including a list of your transactions, reports, as well as information.
The greatest benefit of the feature you’ve chosen is it lets you to update automatically every day. They not only let to know the amount you’ve earned and how much you’ve earned, but they also let you determine when your next payment is due.
The dashboard allows you to fully view the sales tax totals for your business. Additionally, you can export the information in a CSV file in case you require it for your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. This means that you don’t have to scramble for your documents whenever you’re in the event of a need. Even if you already have your accountant, this function can make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll be aware of the budget you have to cover other operational expenses.
The best part is that TaxJar offers tutorials and training not only on their platform, but for anything related to sales tax. You can check out their webinars, guides, or blog posts for additional details. Additionally, their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. For this reason we’ll examine TaxJar’s pricing levels and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan starts at $19. The company claims that it’s the most effective plan for those who need assistance in filing and reporting. It includes the tax on sales, 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a small-scale business manager, the plan should be perfect for you. It may not offer all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration features.
Professional
If you’re looking to get a bit more than just the standard features Professional may be the best option for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the basic plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you have a massive company, you may need to choose premium plans instead. It includes all of the features needed to help with your taxes. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of members, and AutoFiles.
They also have a team who are devoted to managing your account. But, they don’t divulge how much the Premium plan costs you. Remove TaxJar
But they did state that the plan is custom-made for each user. The cost of the plan will be different in line with what you require for your business.
Free Trial
Fortunately, you don’t need to gamble your money just to determine if this service is right for you. If you’re still considering different options, they offer a 30-day free trial. This should give you enough time to see whether the software is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a breather. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies that have numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it help you track your products and revenue, but it can assist you in meeting your deadlines. It is also a great opportunity for accountants since they have a Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
The use of TaxJar can allow you to reduce time and keep track of every deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this can definitely help you get your head around the subject. Remove TaxJar
If handling taxes is easy, then TaxJar may be an unnecessary investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ Remove TaxJar
What are the areas in which TaxJar offer 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 integrate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate 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 US$. If you’re using a different currency, you will need to convert it into US$ before TaxJar can calculate your tax.
