Taxes are always one of the hardest things to do, whether you’re running your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, especially when you’re packed with things to do. If you don’t have enough money to engage an accountant doing it on yourself can be risky. If you make a mistake, you might need to repeat the process!
Most people want to skip this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can make our lives easier with tools such as TaxJar.
Here we’ll take a look at this life-saving device and how it can help you. Even though this is an extensive read but you’ll be able to determine if TaxJar is the tool you require today.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? Solidus TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of the sales channels you use to ensure that you are in compliance with sales taxes. It makes the process simpler that could take days to complete and is completed in just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to keep everything simple and organized. Let’s look into their features and services.
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Features and services
Integration
One of the most important things you’ll want to check is that your accounting tax system is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to show your key data in one location. So, there’s no need to gather information from multiple sources and then organize it on one platform. All you have to do is integrate TaxJar, it will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar lets customers file their sales taxes either manually or via their AutoFile feature. In our review we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing tax returns for income The team will guide you on how to manage these. However, it will be up to you and your staff to complete everything within the timeframe. TaxJar will only provide guidance on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit 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 additional charges if they are not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to everything you need, such as an inventory of your transactions, reports, as well as information.
The most appealing aspect of the feature you’ve chosen is it allows you to automatically update every day. Not only can they help to know the amount you’ve accumulated, but they also help you determine when your next payments are due.
The dashboard allows you to fully view the sales tax totals for your business. You can also export the information to the form of a CSV file if you need it to aid in accounting and financial planning processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. That means you won’t have to hunt for your paperwork whenever you’re in a pinch. Even even if you already have an accountant, this feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds better. You’ll know exactly how much budget you have for other operational expenses.
But what’s even better is that TaxJar provides training and tutorials not only for their platform , but also all things that has to do with sales tax. You can check out their webinars, guides as well as their blog to find more details. Apart from that, their sales tax calculator is helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll examine TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements and reporting. It also includes the tax on sales, 4 free yearly AutoFiles, and an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a smaller business manager, the plan should be ideal for you. It might not include all of TaxJar’s features, but it has the basic features you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for different from the standard features Professional could be the one for you. The price starts at $99 but you can increase it if you add custom features.
How different is it from the starter plan?
In addition to accessing all of the Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you own a huge enterprise, you may want to go for an upgrade instead. It comes with all the features needed to aid in your tax preparation. Additionally, they permit unlimited data import integrations, API integrationsfor team members as well as AutoFiles.
There is also a team who are devoted for managing the account. They don’t reveal the price of the Premium plan. costs you. Solidus TaxJar
However, they did mention that the plan is custom-made to each user. The cost of the plan will be different according to what you require to run your business.
Free Trial
Fortunately, you don’t need to gamble your money just to find out if the platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to determine whether the service is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar let’s take a break. In order to sum up the whole thing, here are the pros and cons of using TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have multiple sales channels and uses plenty of platforms. If this sounds like the way you do, then you must try TaxJar.
Not only will it help you track your revenue and products, but it can also help you meet your deadlines. It is also a great option for accountants as they provide a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Using TaxJar can allow you to save more time while keeping on top of each deadline or requirement you need to meet. If you’re in a region with a lot of tax laws, this can certainly help you to get your head around it. Solidus TaxJar
If handling your taxes is straightforward and straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ Solidus TaxJar
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions are in USdollars. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar determines your tax.
