Taxes have always been among the hardest things to do regardless of whether you run an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work 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, doing it on your own could be dangerous. If you make a mistake, you might have to do it all over again!
Most people want to skip this step. However, since it’s mandatory, we have no choice.
What can we do ?
We can always make life easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can benefit you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is exactly what you need today.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? S Tax Pro
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it in all of the sales channels you use to ensure compliance with sales taxes. It simplifies the processes that take days to complete and is completed in just a few only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to make their business more simple and organized. Let’s take a look at their features and services.
Features and services
One of the first things you’ll need to make sure is that your accounting tax platform is compatible along with sales funnels. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your critical metrics in one spot. So, there’s no need to collect data from different channels and organize it into one platform. All you have to do is connect TaxJar and the platform will do all the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to make sales tax filings either manually or via their AutoFile feature. In the purpose of this article, we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When the time is right for the filing of income tax returns The team will guide you on managing the tax returns. It is up to you and your staff to complete the process within the timeframe. TaxJar will only provide guidance on what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. 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 you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. From there you and your staff will have access to everything you need, such as a list of your transactions, reports, and information.
The best part about this option is the fact that it lets 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 track when your following payments are due.
Their dashboard also allows users to view in detail the total sales tax within your company. It is also possible to export your data as CSV format. CSV file in case you require it for your process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the channels you sell through. That means you won’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even even if you already have an accountant, this function will make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have for other operational expenses.
The best part is that TaxJar offers training and tutorials, not just for their platform but all things that has to do with sales tax. You can look through their webinars, guides and blog for more details. Apart from that their 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 establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They say it’s the most effective plan to help you in filing and reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small-scale company proprietor, then this program could be perfect for you. It may not have all the features offered by TaxJar, but it has the essentials that you need.
You can also contact the support team via their email support chart. You’ll also have access to their integration tools.
If you’re looking for a bit more than just the basics Professional may be the best option for you. It starts at $99, but you can increase it by adding custom features.
What is the difference from the original plan?
In addition to having access to each of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you run a large enterprise, you may want to opt for the Premium plan instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of users and AutoFiles.
There is also a team that is devoted in managing your accounts. They don’t reveal how much the Premium plan will cost you. S Tax Pro
However, they did say that this plan is customized for every user. Therefore, the cost will differ according to what you require for your company.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to see if the platform is a good fit for you.
Pros and Pros and
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. To sum it all up Here are the pros and cons of using TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on 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 check local legislation
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes numerous platforms. If that’s what you do, then you should try this.
Not only can it aid in tracking your products and revenue It can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they offer tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
The use of TaxJar will help you get more done while keeping track of every deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this will definitely help you get your head around the subject. S Tax Pro
But if handling taxes is easy, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure easy to complete, you might be better to do it by yourself.
FAQ S Tax Pro
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transaction amounts are n USdollars. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar will calculate your tax.