Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the budget to employ an accountant, performing the task on yourself can be risky. If you miss one detail it could mean you need to repeat the process!
Nearly everyone would prefer to avoid this step. But since it’s required and mandatory, there’s no other choice.
What can we do about it?
We can make life easier with tools such as TaxJar.
We’ll look at this life-saving tool and explain how it can assist you. Although this is quite lengthy but you’ll be able to gauge whether TaxJar is the tool you require in the present.
Prefer to watch videos instead? Watch 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 exactly is TaxJar? Ryan Thompson TaxJar Email
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to make their business more simple and organized. Let’s look into the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure is your tax-reporting software is compatible 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 get a penalty for overlooking just one minor detail.
TaxJar allows you to show your key metrics in one place. That way, there’s no need to gather data in multiple channels and then organize it on a single platform. All you have to do is connect TaxJar, and the platform will take care of all the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they can integrate with:
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. In this review, we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all those sales tools. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle the tax returns. However, it will be up to you and your staff to complete everything on time. TaxJar is only there to guide you on what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. This feature will ensure that everything is automated, from calculating sales tax to recording and processing them. There could be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into a single dashboard via this platform. From there, you and your team will have access to all the information you need, like the list of transactions, reports and data.
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, but they also help you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the overall sales taxes in your business. It is also possible to export your data as a CSV file in case you require it for your process of financial planning and accounting or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to hunt for your paperwork when you’re in the event of a need. Even even if you already have an accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have to cover other operational expenses.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform but everything related to sales tax. You can check out their webinars, guides, and blog for more details. Additionally 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 set your budget. Certain platforms have amazing features, but they can be too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing levels and the features that each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It also includes sales tax reporting, four autofiles for free each year, and a CSV import. Even with the starter plan, you will be able to access 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 has the basic features you require.
Additionally, you can contact their support team with their support chart for email. You’ll also be able to use their integration features.
If you’re looking for different from the basic features and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
How different is it from the basic plan?
Apart from having access to all of the Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge business, you might need to choose premium plans instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of members as well as AutoFiles.
They also have a staff that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan will cost you. Ryan Thompson TaxJar Email
However, they did mention that this plan is customized for every user. The cost of the plan will be different in line with what you require to run your business.
Luckily, you don’t have to bet your life on it to see if this platform is right for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to gauge whether the software is the right choice for you.
Pros and Pros and
We’ve covered everything you must know about TaxJar let’s take a break. To sum it all up Here are the pros and cons of using TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated 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.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If that’s what you do, then you ought to try this.
It’s not just a way to aid in tracking your revenue and products, but it can help you meet the deadlines you set. This is also an excellent platform for an accountant since they have the Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can help you get more done while keeping track of every deadline and obligation you have to meet. If you live in a place with complicated tax laws, this will definitely help you get your mind around it. Ryan Thompson TaxJar Email
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the entire process easy to do and you’re comfortable with it, you may be better to do it by yourself.
FAQ Ryan Thompson TaxJar Email
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you will need to convert it into US$ prior to when TaxJar determines the tax.