Taxes are always one of the hardest things to do, whether you’re running your own business or not. Even more so if you do not have a background in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. If you don’t have the budget to engage an accountant performing the task on yourself can be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
What can we do about it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can benefit you. Although this is quite lengthy, you should be able to determine if TaxJar is exactly what you need in the present.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? Ryan Thompson TaxJar Plus
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Additionally, you can use it in all of your channels of sales to ensure compliance with sales taxes. It streamlines processes that require days to complete and is completed in just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is organized and straightforward. Let’s take a look at their features and services.
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Features and services
Integration
One of the most important things you’ll need to ensure is that your accounting tax system perfectly integrates along with sales funnels. If you’re selling through multiple channels, you must maintain everything in line. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your key data in one location. That way, there’s no need to collect data from different channels and sort it into one platform. All you have to do is connect TaxJar, it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax manually or through the AutoFile feature. In this review, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns, the team will instruct you on managing these. But, it is up for you and your staff to complete the process in time. TaxJar is only there to guide you on what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. With this feature, everything will be automated, from calculating sales tax to recording and processing them. But, it is possible to incur additional charges if they are not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your team will have access to all the information you need, such as a list of your transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. They not only let you know how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the sales tax totals for your business. Additionally, you can export your data to a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. It means you don’t need to hunt for your paperwork whenever you’re in the event of a need. Even if you already have your accountant, this feature can make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have available for other operational expenses.
But what’s even better is that TaxJar provides training and tutorials not only for their platform but for anything that has to do with sales tax. Check out their webinars, guides, as well as their blog to find more info. Apart from that, their sales tax calculator should be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. For this reason, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale business manager, the plan should be perfect for you. It may not offer all the features offered by TaxJar but it comes with the essentials that you need.
In addition, you can reach their customer support via their email support chart. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for different from the basic features, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
What is the difference from the original plan?
In addition to accessing all of the Starter plan’s features, you also get access to their phone customer support, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to go for an upgrade instead. It comes with all the features that you require to make your tax filing easier. Moreover, they allow unlimited import integrations of data as well as API integrations, team members and AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. will cost you. Ryan Thompson TaxJar Plus
But they did state that this plan is customized for each user. The cost of the plan will be different in line with what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it to determine if this service is right for you. If you’re still considering different options, they offer 30 days of free trial. This should be enough time to see whether the software is the right choice for you.
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Pros and Cons
After we’ve gone over everything 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.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
Cons
- 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 to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with many sales channels and utilizes numerous platforms. If that’s what you do, then you should try this.
Not only will it aid in tracking the sales and profits of your business, but it can help you meet your deadlines. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Using TaxJar will help you reduce time and keep the track of each deadline and obligation you have to meet. If you’re in an area with complex tax laws, this will surely help you wrap your mind around it. Ryan Thompson TaxJar Plus
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole procedure simple to follow then you’re better in doing it all on your own.
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FAQ Ryan Thompson TaxJar Plus
Which areas does TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in USdollars. If you’re using another currency, you’ll need to convert it to US$ prior to when TaxJar can calculate the tax.
