Taxes have always been among the most difficult things to handle regardless of whether you’re running an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, particularly when you’re packed with things to do. If you don’t have the budget to hire an accountant, doing it on your own can be dangerous. If you miss one detail, you might have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
So what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can assist you. While this is lengthy, you should be able to assess whether TaxJar is the tool you require right now.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? Should You Exempt Yourself On Taxes
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your channels of sales to make sure you’re in compliance with sales tax requirements. It simplifies the processes that take days to complete and is completed in just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to make their business more neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax software is compatible with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to display your critical data in one location. This means that there is no need to gather data in multiple channels and organize it into one platform. All you need to do is connect TaxJar, it will do the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers submit their sales tax by hand or using their AutoFile feature. In the purpose of this article, we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns The team will guide you on how to handle these. It is up for you and your staff to finish the tax returns on time. TaxJar is 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 – that means you won’t need to fill out any forms manually. Through this feature, everything will be automated, from calculating sales tax in order to record and process them. However, there might be extra fees if not part of the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. From there, you and your team will have access to all the information you need, such as the list of transactions, reports, as well as the data.
The greatest benefit of the feature you’ve chosen is it allows you to update your account automatically each day. Not only can they help you know how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard can also allow you to see the total sales tax in your business. Additionally, you can export the data as CSV format. CSV file in case you require it for your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. It means you don’t need to hunt for your paperwork when you need them when you’re in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have available for other operational costs.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just on their platform, but for anything related to sales tax. You can check out their guides, webinars, or blog posts for additional info. Apart from that the sales tax calculator should be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the most effective plan if you need help with filing requirements or reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as an CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business manager, the plan could be ideal for you. It may not have all the features of TaxJar, but it has the essentials that you need.
You can also contact their customer support via their support chart for email. You’ll also have access to their integration features.
If you’re looking to get that is more than the basics, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
So how different is it from the original plan?
In addition to having access to all of the Starter plan’s options, you also have access to their phone customer support access to APIs, as well as sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive enterprise, you may want to opt for an upgrade instead. It comes with all the features that you require to help with your taxes. In addition, they offer unlimited import integrations of data API integrationsfor team members and AutoFiles.
They also have a team that is devoted to managing your account. They don’t reveal the amount that the Premium plan will cost you. Should You Exempt Yourself On Taxes
But they did state that this plan is tailor-fit for each user. Therefore, the cost will differ according to what you require for your company.
Luckily, you don’t have to gamble your money just to find out if the platform is right for you. If you’re still looking into various options, they provide 30 days of free trial. It should give you enough time to determine if the platform is a good fit for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with multiple sales channels and uses numerous 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 products and revenue however, it will assist you in meeting the deadlines you set. It is also a great option for accountants as they have tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar will help you save more time while keeping track of every deadline or requirement you need to fulfill. If you’re living in an area with complex tax laws, this can certainly help you to get your head around it. Should You Exempt Yourself On Taxes
If handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the whole procedure simple to follow then you’re better off doing it on your own.
FAQ Should You Exempt Yourself On Taxes
What areas does TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify 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 doesn’t convert currencies. The transactions are in USdollars. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar will calculate your tax.