Taxes have always been among the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have a background in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have the funds to hire an accountant, making it yourself can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do ?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can help you. Although this is quite lengthy it is possible to determine if TaxJar is the tool you require right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? Ryan Thompson At TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s explore their features and services.
Features and services
One of the first things you’ll need to ensure is your tax-reporting software perfectly integrates along with sales funnels. If you have multiple sales channels, it is essential to maintain everything in line. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical data in one location. This means that there is no need to gather data in multiple channels and organize it into a single platform. All you have to do is integrate TaxJar, then the system will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to file their sales taxes either manually or via TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing income tax returns, the team will instruct you on managing these. But, it is up for you and your team members to complete everything in time. TaxJar will only provide guidance on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. Through this feature, everything will be automated, from calculating sales taxes to recording and processing them. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you need, such as the list of transactions, reports, as well as data.
The greatest benefit of this feature is that it lets you to update your account automatically each day. Not only can they help you know how much you’ve earned, but they also help you determine when your next payments are due.
Their dashboard can also allow users to view in detail the total sales tax for your business. It is also possible to export the information as the form of a CSV file if you need it to aid in process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep on top of all your sales channels. That means you won’t have to hunt for your paperwork when you’re when you’re in a pinch. Even if you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds better. You’ll know exactly how much budget you have to cover other operating costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also everything related to sales tax. You can check out their webinars, guides, and blog for more info. Additionally, their sales tax calculator is beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. For this reason, we’ll look into TaxJar’s pricing tiers and the features that each of these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. The company claims that it’s the most suitable plan for you for those who need assistance in filing and reporting. It includes sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a smaller company owner, this plan could be ideal for you. It may not have all of TaxJar’s features but it comes with the essentials that you need.
You can also contact their support team with their support chart for email. You’ll also have access to their integration features.
If you’re looking to get that is more than the basic features, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher if you add custom features.
So how different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge business, you might need to opt for premium plans instead. It comes with all the features you need to help with your taxes. In addition, they offer unlimited integrations with data imports API integrationsfor team users as well as AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose the price of the Premium plan. costs you. Ryan Thompson At TaxJar
However, they did say that this plan is customized to each user. Therefore, the cost will differ depending on what you need for your company.
It’s a good thing that you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to gauge if the platform is an excellent fit for you.
Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a break. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- 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
- Limits on AutoFile are determined by 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 review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you’re doing, then must try TaxJar.
It’s not just a way to assist you in keeping track of the sales and profits of your business It can also help you meet the deadlines you set. It is also a great opportunity for accountants since they provide the Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar will help you get more done while keeping on top of each deadline and requirement you have to meet. If you’re in a place with complicated tax regulations, this will certainly help you to get your mind around it. Ryan Thompson At TaxJar
But if handling taxes is easy and straightforward, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better off doing it on your own.
FAQ Ryan Thompson At TaxJar
Which areas does 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 connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in USdollars. If you’re using another currency, you’ll have to convert it to USUSD before TaxJar will calculate the tax.