Taxes are always one of the most difficult things to handle, whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the funds to employ an accountant, doing it on your own can be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Most people want to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
What is the best way to deal with it?
We can always make our lives easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can benefit you. While this is an extensive read it is possible to assess whether TaxJar is what you need today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, let’s dive right in.
What is TaxJar? Rincon Daher TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it in all of your sales channels to make sure you’re in compliance with sales taxes. It streamlines processes that take 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, and even medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting software perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to ensure that everything is in order. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your key metrics in one place. This means that there is no need to collect data from different channels and then organize it on one platform. All you have to do is to integrate TaxJar then the system will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to file their sales taxes 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. Once the time comes for filing tax returns for income The team will guide you on how to handle the tax returns. However, it will be up for you and your team to finish the tax returns in time. TaxJar is only there to guide you on what you should 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 all forms by hand. This feature will ensure that everything will be automated, from calculating sales tax in order to record and process them. There could be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard through this platform. From there, you and your team will have access to everything you need, like a list of your transactions, reports and the data.
The greatest benefit of this option is the fact that they allow you to automatically update every day. Not only can they help you keep track of how much you’ve accumulated, but they also help you determine when your next payment is due.
The dashboard allows you to see the overall sales taxes in your business. Additionally, you can export the information to a CSV file, if you want to use it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all your sales channels. It means you don’t need to scramble for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds better. You’ll know exactly how much budget you have available for other operational costs.
What’s more is that TaxJar provides training and tutorials not only for their platform but all things connected to sales tax. You can check out their webinars, guides, as well as their blog to find more details. In addition the sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing levels and what each of those choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the best plan if you need help in filing and reporting. It includes the tax on sales, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not have all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for something a bit more than just the basic features Professional may be the best option for you. It starts at $99, but you can increase it if you add custom features.
What is the difference from the basic plan?
Apart from having access to all of the Starter plan’s features, you also have their support via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to choose an upgrade instead. It includes all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports as well as API integrations, team users, and AutoFiles.
They also have a team dedicated in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. Rincon Daher TaxJar
However, they did say that this plan is customized for every user. The cost of the plan will be different according to what you require for your company.
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to see 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 take a breather. To summarize we’ll go over the advantages and disadvantages of the use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- 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
- Certain countries will not have access to the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If that’s what you do, then you should try this.
Not only will it aid in tracking your products and revenue however, it will help you meet your deadlines. It’s also an excellent option for accountants as they offer tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
The use of TaxJar can help you reduce time and keep track of every deadline and requirement you have to fulfill. If you’re living in a place with complicated tax laws, this can surely help you wrap your mind around it. Rincon Daher TaxJar
However, if managing your taxes is simple, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you find the whole procedure easy to complete, you might be better off doing it by yourself.
FAQ Rincon Daher TaxJar
Which areas does TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it to USUSD before TaxJar can calculate the tax.