Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have the funds to employ an accountant, doing it on yourself can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. But since it’s required, we have no choice.
So what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can benefit you. Even though this is a long read but you’ll be able to determine if TaxJar is what you need today.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What is TaxJar Similar To TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it across all of the sales channels you use to make sure you’re in compliance with your sales taxes. It makes the process simpler that could require 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.
What can it do to help you?
TaxJar is widely used by owners of online businesses to ensure that everything is organized and straightforward. Let’s take a look at their features and services.
Features and services
One of the most important things you’ll want to check is that your accounting tax software is compatible with your sales channel. If you’re selling through multiple channels, you must ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar allows you to display your key data in one location. This means that there is no need to gather information from multiple sources and sort it into one platform. All you need to do is to integrate TaxJar and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to submit their sales tax either manually or via TaxJar’s AutoFile feature. In this review, we’ll take a look 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 managing the tax returns. However, it will be up to you and your team members to finish the tax returns on time. TaxJar is only there to guide you on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing it. But, it is possible to incur extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. The orders you place through your online channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your team will have access to all the information you need, like an inventory of your transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. They not only let you know how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows you to see the sales tax totals in your business. You can also export your data as CSV format. CSV file, if you want to use it for your process of financial planning and accounting or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. This means that you don’t have to search for your documents when you’re in a pinch. Even even if you already have an accountant, this function can aid them in being 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 operating costs.
The best part is that TaxJar offers tutorials and training not only for their platform , but also for anything connected to sales tax. You can check out their webinars, guides as well as their blog to find more information. Additionally, their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They say it’s the most effective plan if you need help with filing requirements or reporting. It comes with sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small company proprietor, then this program will be ideal for you. It may not have all the features offered by TaxJar but it comes with the essentials that you need.
You can also contact their customer support via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking for something different from the standard features, then the Professional plan could be the one for you. It starts at $99, but you can increase it if you add custom features.
What is the difference from the starter plan?
Apart from having access to every one of Starter plan’s features, you also have their phone customer support access to APIs, as well as advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large business, you might need to opt for the Premium plan instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of members and AutoFiles.
They also have a staff who are devoted in managing your accounts. They don’t reveal the price of the Premium plan. will cost you. Similar To TaxJar
However, they did mention that the plan is custom-made to each user. The cost of the plan will be different in line with what you require to run your business.
Luckily, you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still considering different options, they offer 30 days of free trial. This should give you enough time to determine whether the software is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar Let’s relax. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- You can track several 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 applicable for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies with many sales channels and utilizes many platforms. If that sounds like what you do, then you ought to try this.
It’s not just a way to help you track your products and revenue, but it can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they provide tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline or requirement you need to fulfill. If you live in an area with complex tax laws, this will surely help you wrap your head around the subject. Similar To TaxJar
If handling taxes is easy, then TaxJar might not be a good expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire process easy to do, you might be better off doing it by yourself.
FAQ Similar To TaxJar
What areas does TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into US$ before TaxJar will calculate the tax.