Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have enough money to hire an accountant, doing it on yourself can be risky. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So what is the best way to deal with it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can assist you. Even though this is lengthy it is possible to determine if TaxJar is exactly what you need in the present.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? Should I Tax Gift Wrap TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your sales channels to ensure that you are in compliance with sales taxes. It makes the process simpler that could 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 companies, SaaS, retail, services and even medical establishments.
How can it 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 ensure is that your accounting tax platform seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one place. That way, there’s no need to collect data in multiple channels and sort it into a single platform. All you need to do is to integrate TaxJar, it will take care of the rest.
In addition, 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 by hand or using TaxJar’s AutoFile feature. In our review we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When the time is right for the filing of income tax returns The team will guide you on how to handle these. However, it will be up for you and your team members to complete the process on time. TaxJar will only guide you on what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. With this feature, everything will be automated from calculating sales taxes in order to record and process them. There could be additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting problems. The orders you place through your online channels can be put together into one dashboard using this platform. From there, you and your team will have access to all the information you require, including the list of transactions, reports and the data.
The best part about this option is the fact that it lets you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated however, they can also help you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes within your company. It is also possible to export the data in CSV format. CSV file in case you require it to aid in process of financial planning and accounting or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of your sales channels. This means that you don’t have to search for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have for other operational expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform but everything connected to sales tax. Check out their webinars, guides as well as their blog to find more details. In addition, their sales tax calculator can be 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. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan if you need help in filing and reporting. It includes the tax on sales, four autofiles for free each year, and the option of a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a smaller company manager, the plan could be ideal for you. It might not include all the features offered by TaxJar however, it does include all the basics you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for something a bit more than just the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up if you add custom features.
How different is it from the original plan?
In addition to accessing all of the Starter plan’s features, you also get access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to go for an upgrade instead. It includes all of the features needed to help with your taxes. Moreover, they allow unlimited import integrations of data API integrationsfor team members and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose the price of the Premium plan. costs you. Should I Tax Gift Wrap TaxJar
However, they did say that this plan is tailor-fit for every user. So the costs will vary 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 considering various options, they provide 30 days of free trial. This should be enough time to see whether the software is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a break. To sum it all up, here are the pros and cons of using TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online 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
- Some countries won’t be able to access the API feature.
- Only valid for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies 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 revenue and products however, it will help you meet the deadlines you set. This is also an excellent option for accountants as they offer tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can help you save more time while keeping track of every deadline and requirement you have to fulfill. If you live in a region with a lot of tax laws, this will surely help you wrap your head around it. Should I Tax Gift Wrap TaxJar
If handling your taxes is simple, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure simple to follow and you’re comfortable with it, you may be better to do it by yourself.
FAQ Should I Tax Gift Wrap TaxJar
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync 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 doesn’t convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it into US$ before TaxJar determines your tax.