Taxes have always been among the hardest things to do regardless of whether you run your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have the budget to hire an accountant, performing the task on your own can be dangerous. If you make a mistake, you might have to do it all over again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So what is the best way to deal with it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving device and how it can benefit you. While this is an extensive read but you’ll be able to determine if TaxJar is the tool you require right now.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? Ryan Thompson Linkedin TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all of your channels of sales to ensure compliance with sales tax requirements. It simplifies the 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 as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to make their business more organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to ensure is that your accounting tax software perfectly integrates along with sales funnels. If you have multiple sales channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key metrics in one spot. That way, there’s no need to gather information from multiple sources and organize it into one platform. All you need to do is to integrate TaxJar, then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers make sales tax filings manually or through TaxJar’s AutoFile feature. In this review, we’ll take a look at both.
If you opt to go it alone, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing tax returns for income, the team will instruct you on managing the tax returns. It is up for you and your staff to complete everything within the timeframe. TaxJar is only there to help you understand what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. This feature will ensure that everything will be automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur additional charges if they are not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you need, such as an inventory of your transactions, reports and information.
The most appealing aspect of this option is the fact that they allow you to update automatically every day. Not only will they let to know the amount you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard can also allow you to fully view the sales tax totals within your company. It is also possible to export the information as CSV format. CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this function can make them more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds better. You’ll know exactly how much budget you have available for other operating costs.
What’s more is that TaxJar offers tutorials and training, not just for their platform but for anything connected to sales tax. You can check out their guides, webinars, as well as their blog to find more details. Apart from that the sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing levels and the features that each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. The company claims that it’s the most effective plan for those who need assistance in filing and reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a small-scale company owner, this plan could be ideal for you. It may not have all of TaxJar’s features, but it has the basic features you require.
You can also contact the support team via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for something different from the basic features and options, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the starter plan?
Apart from having access to all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive company, you may need to go for the Premium plan instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited integrations with data imports as well as 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 will cost you. Ryan Thompson Linkedin TaxJar
However, they did mention that this plan is tailor-fit for every user. So the costs will vary depending on what you need for your company.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to see if the platform is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar let’s take a breather. To summarize, here are the advantages and disadvantages of using TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax 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
- 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 clearly laid down, TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then should try this.
It’s not just a way to help you track your products and revenue It can help you meet the deadlines you set. It’s also an excellent option for accountants as they have a Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
The use of TaxJar will help you save more time while keeping on top of each deadline and obligation you have to fulfill. If you’re in an area with complex tax regulations, this will certainly help you to get your head around the subject. Ryan Thompson Linkedin TaxJar
But if handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ Ryan Thompson Linkedin TaxJar
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you will need to convert it to USUSD before TaxJar can calculate your tax.