Taxes are always one of the most difficult things to handle, whether you’re running an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re filled with tasks to complete. When you’re not able to afford the funds to hire an accountant, doing it on yourself can be risky. If you make a mistake it could mean you have to redo things again!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
So what can we do about it?
We can make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and how it can assist you. Even though this is lengthy it is possible to gauge whether TaxJar is exactly what you need right now.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What is TaxJar? Ryan Thompson TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all the sales channels you use to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could can take 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 businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is simple and organized. Let’s look into the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax platform seamlessly works well with your sales channel. If you have multiple sales channels, you must keep everything in place. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your critical metrics in one spot. So, there’s no need to collect information from multiple sources and organize it into one platform. All you need to do is connect TaxJar and the platform will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar allows customers to make sales tax filings manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns TaxJar will train you on how to manage them. But, it is up to you and your staff to complete everything on time. TaxJar is only there to guide you on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating taxes on sales to recording and processing it. There could be extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting issues. The orders you place through your online channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team can access everything you require, including a list of your transactions, reports, and the data.
The best part about this feature is that it lets you to update your account automatically each day. They not only let you know how much you’ve earned and how much you’ve earned, but they also let you determine when your next payment is due.
The dashboard allows users to view in detail the sales tax totals within your company. Additionally, you can export your data to CSV format. CSV file if you need it in your accounting and financial planning processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even if you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds better. You’ll know better how much budget you have available for other operating expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also all things related to sales tax. You can look through their guides, webinars, and blog for more details. In addition the sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. This is why in this section we’ll examine TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the best plan for those who need assistance with filing requirements and reporting. It includes the tax on sales, 4 autofiles for free each year, and an CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a smaller company owner, this plan will be ideal for you. It might not include all the features offered by TaxJar however, it does include the basic features you require.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get a bit more than just the standard features, then the Professional plan might be the right one for you. It starts at $99, but it can go higher by adding custom features.
So how different is it from the original 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. They also allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for premium plans instead. It comes with all the features that you require to help with your taxes. Additionally, they permit unlimited data import integrations, Integrations with APIs, teams of users, and AutoFiles.
They also have a staff that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. Ryan Thompson TaxJar
However, they did say that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need for your business.
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to determine whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has support service team
- The dashboard is easy 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
- Certain countries will not have access to the API feature
- Only applicable to USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it assist you in keeping track of your products and revenue, but it can help you meet your deadlines. It is also a great option for accountants as they provide a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep on top of each deadline and obligation you have to fulfill. If you live in a region with a lot of tax laws, this can definitely help you get your head around the subject. Ryan Thompson TaxJar
However, if managing your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire process easy to do then you’re better off doing it on your own.
FAQ Ryan Thompson TaxJar
Which areas does TaxJar provide API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it into US$ before TaxJar will calculate the tax.