Taxes are always one of the most difficult tasks to complete 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 issues can be overwhelming, particularly when your whole day is filled with tasks to complete. In the event that you do not have the budget to engage an accountant making it your own could be dangerous. If you miss one detail, you might have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement, we have no choice.
So what can we do ?
We can simplify our lives with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can help you. While this is lengthy it is possible to assess whether TaxJar is exactly what you need right now.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then we’ll dive right into.
What is TaxJar Should I Get TaxJar Right Away
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with sales tax requirements. It streamlines processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by online business owners to make their business more organized and straightforward. Let’s look into the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is that your accounting tax software seamlessly works well with your sales channel. If you’re selling through multiple channels, it is essential to maintain everything in line. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to show your most important data in one location. This means that there is no need to collect data from different channels and organize it into one platform. All you have to do is to integrate TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. For our review we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for filing income tax returns, the team will instruct you on how to manage these. But, it is up for you and your team to complete the process within the timeframe. TaxJar will only help you understand what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing them. But, it is possible to incur extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. From there you and your team can access everything you require, including the list of transactions, reports, and the data.
The best part about the feature you’ve chosen is it lets you to automatically update every day. Not only will they let to know the amount you’ve earned and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard also allows you to see the sales tax totals within your company. You can also export the information in a CSV file in case you require it in your financial planning and accounting processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. It means you don’t need to scramble for your documents whenever you’re when you’re in a pinch. Even when you already have your accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds better. You’ll know exactly how much budget you have to cover other operational costs.
The best part is that TaxJar offers training and tutorials, not just on their platform, but for anything connected to sales tax. Check out their webinars, guides or blog posts for additional details. Additionally the sales tax calculator is useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of those choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the best plan if you need help in filing and reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a small business owner, this plan could be perfect for you. It might not include all of TaxJar’s features however, it does include the essentials that you need.
You can also contact their support team with their email support chart. You’ll also be able to use their integration tools.
If you’re looking for different from the standard features, then the Professional plan might be the right one for you. The price starts at $99 but it can go higher when you add additional features.
What is the difference from the original plan?
Apart from having access to all of the Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you have a massive business, you might need to choose the Premium plan instead. It includes all of the features needed to make your tax filing easier. Additionally, they permit unlimited import integrations of data as well as API integrationsfor team members, and AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose how much the Premium plan will cost you. Should I Get TaxJar Right Away
However, they did mention that this plan is tailor-fit for each user. So the costs will vary according to what you require for your business.
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should be enough time to determine whether the software is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing, here are the pros and cons of the use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides 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 have access to the API feature.
- Only valid for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that sounds like what you do, then you ought to try this.
It’s not just a way to aid in tracking your revenue and products It can assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they provide the Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar will help you get more done while keeping track of every deadline or requirement you need to meet. If you live in an area with complex tax laws, this will definitely help you get your head around it. Should I Get TaxJar Right Away
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. If you find the whole procedure simple to follow, you might be better in doing it all by yourself.
FAQ Should I Get TaxJar Right Away
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar can calculate your tax.