Taxes have always been one of the hardest things to do regardless of whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related work aren’t easy, particularly when you’re packed with things to do. If you don’t have the budget to hire an accountant, performing the task on your own could be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory, we have no choice.
What can we do ?
It is always possible to simplify our lives with tools such as TaxJar.
We’ll look at this life-saving tool and how it can assist you. Although this is quite lengthy, you should be able to determine if TaxJar is the tool you require right now.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar? Sellers Permit TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with your sales taxes. It streamlines processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything 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 system seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one place. So, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you need to do is connect TaxJar then the system will do all the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns TaxJar will train you on managing the tax returns. But, it is up to you and your staff to complete everything on time. TaxJar is only there to provide guidance 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 don’t have to fill out all forms by hand. With this feature, everything will be automated, from calculating sales tax in order to record and process it. But, it is possible to incur additional costs if the feature is not included in the plan you choose.
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 put together into a single dashboard through this platform. From there, you and your team will have access to everything you require, including a list of your transactions, reports, and data.
The greatest benefit of the feature you’ve chosen is it allows you to update automatically every day. They not only let you keep track of how much you’ve accumulated however, they can also help you determine when your next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals for your business. You can also export the information to a CSV file in case you require it to aid in financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. This means that you don’t have to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accountant, this feature can help them be 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 costs.
The best part is that TaxJar offers tutorials and training, not just for their platform but for anything connected to sales tax. You can look through their webinars, guides, and blog for more details. Additionally their sales tax calculator can be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. They say it’s the best plan to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a smaller company proprietor, then this program could be perfect for you. It may not have all the features of 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 tools.
If you’re looking for something a bit more than just the basics and options, then the Professional plan could be the one for you. The price starts at $99 but you can increase it when you add additional features.
How different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to choose premium plans instead. It includes all of the features that you require to help with your taxes. Additionally, they permit unlimited data import integrations, API integrationsfor team members as well as AutoFiles.
They also have a team who are devoted to managing your account. They don’t reveal how much the Premium plan will cost you. Sellers Permit TaxJar
However, they did say that this plan is tailor-fit for each user. Therefore, the cost will differ according to what you require for your business.
Fortunately, you don’t need to risk your money to find out if the platform is right for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to determine if the platform is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you need to be aware of TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of the use of TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to aid in tracking your revenue and products however, it will assist you in meeting your deadlines. This is also an excellent platform for an accountant since they provide the Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this will surely help you wrap your head around the subject. Sellers Permit TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the whole process easy to do, you might be better off doing it on your own.
FAQ Sellers Permit TaxJar
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transaction amounts are n US$. If you’re using another currency, you’ll need to convert it into USdollars before TaxJar can calculate your tax.