Taxes are always one of the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford the budget to engage an accountant performing the task on yourself can be dangerous. If you make a mistake it could mean you have to do it all over again!
Almost everyone wants to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can assist you. Even though this is an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, let’s dive right in.
What is TaxJar? Should I Take My Taxes To A Professional
In 2013, TaxJar was established. TaxJar is an application that automatizes 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 your sales channels to ensure compliance with sales taxes. It streamlines processes that take days to complete and finish within just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to make their business more simple and organized. Let’s look into their features and services.
Services and features
One of the first things you’ll want to check is your tax-reporting system seamlessly works well along with sales funnels. If you’re selling through multiple 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 data in one location. That way, there’s no need to collect information from multiple sources and organize it into one platform. All you need to do is to integrate TaxJar and the platform will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers make sales tax filings either manually or via their AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing tax returns for income, the team will instruct you on how to manage these. But, it is up to you and your team to complete the process in time. TaxJar is there to help you understand what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. This feature will ensure that everything will be automated, from calculating sales taxes to recording and processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be put together into one dashboard using this platform. Once you’re on the platform you and your staff can access everything you require, including an inventory of your transactions, reports and the data.
The best part about this feature is that it allows you to update your account automatically each day. Not only will they let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard can also allow you to see the overall sales taxes within your company. You can also export the data as a CSV file, if you want to use it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. This means that you don’t have to search for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds better. You’ll know exactly how much budget you have available for other operational costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform but all things related to sales tax. You can check out their guides, webinars, or blog posts for additional information. Additionally, their sales tax calculator should be useful if you’re planning to complete everything yourself.
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 costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help with filing requirements and reporting. It includes sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small company proprietor, then this program should be perfect for you. It may not have all the features of TaxJar however, it does include the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration features.
If you’re looking for something different from the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
What is the difference from the original plan?
Apart from having access to each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you have a massive company, you may need to choose the Premium plan instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited data import integrations, API integrationsfor team members, and AutoFiles.
They also have a team who are devoted to managing your account. They don’t reveal how much the Premium plan is going to cost. Should I Take My Taxes To A Professional
However, they did say that the plan is custom-made for each user. Therefore, the cost will differ depending on what you need for your business.
Luckily, you don’t have to risk your money to see if this platform is the right one for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to gauge whether the software is a good fit for you.
Pros and Pros and
After we’ve gone over everything you should know about TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of using TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- 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
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then ought to try this.
Not only will it assist you in keeping track of your products and revenue however, it will help you meet your deadlines. It is also a great option for accountants as they provide the Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar can allow you to save more time while keeping track of every deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this can certainly help you to get your head around it. Should I Take My Taxes To A Professional
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 track all of it. In addition, if you find the entire process easy to do and you’re comfortable with it, you may be better to do it on your own.
FAQ Should I Take My Taxes To A Professional
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars before TaxJar can calculate the tax.