Taxes have always been among the hardest things to do regardless of whether you run a business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the budget to engage an accountant doing it on your own could be risky. If you overlook one thing it could mean you have to do it all over again!
Most people want to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do about it?
We can always simplify our lives with tools such as TaxJar.
We’ll look at this well-known life-saving tool and how it can benefit you. While this is an extensive read, you should be able to gauge whether TaxJar is what you need in the present.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? Squarespace TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all of your sales channels to ensure compliance with sales tax requirements. It streamlines processes that require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything simple and organized. Let’s look into the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting platform is compatible with your sales channel. If you have multiple sales channels, you need to maintain everything in line. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your key data in one location. This means that there is no need to collect information from multiple sources and sort it into a single platform. All you need to do is integrate TaxJar and the platform will do all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to file their sales taxes manually or through the AutoFile feature. For this review, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income TaxJar will train you on how to handle these. However, it will be up for you and your team members to finish the tax returns in time. TaxJar is only there to guide you on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. This feature will ensure that everything will be automated from calculating taxes on sales to recording and processing them. But, it is possible to incur additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your team can access everything you need, like the list of transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. Not only will they let to know the amount you’ve earned 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 total sales tax within your company. It is also possible to export your data in CSV format. CSV file if you need it to aid in accounting and financial planning processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. It means you don’t need to search for your documents whenever you’re in the event of a need. Even if you already have your accounting firm, the feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have available for other operating costs.
What’s more is that TaxJar offers training and tutorials, not just on their platform, but all things that has to do with sales tax. Check out their webinars, guides, and blog for more details. Additionally, their sales tax calculator is helpful if you’re planning on complete everything yourself.
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 expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They claim that it’s the most effective plan if you need help with filing requirements and reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small business proprietor, then this program will be ideal for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking for different from the standard features, then the Professional plan may be the best option for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the starter plan?
Apart from having access to all of the 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 receive 12 free AutoFiles every year.
If you own a huge company, you may need to go for the Premium plan instead. It includes all of the features you need to aid in your tax preparation. Moreover, they allow unlimited import integrations of data as well as API integrationsfor team members as well as AutoFiles.
They also have a staff dedicated in managing your accounts. They don’t reveal how much the Premium plan is going to cost. Squarespace TaxJar
But they did state that this plan is customized for each user. So the costs will vary according to what you require for your company.
It’s a good thing that 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 a 30-day free trial. It should give you enough time to gauge whether the software is the right choice 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 advantages and disadvantages of using TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features 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 is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes many platforms. If that’s what you do, then you ought to try this.
It’s not just a way to aid in tracking the sales and profits of your business, but it can also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they have tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can allow you to save more time while keeping track of every deadline and obligation you have to meet. If you live in a place with complicated tax laws, this will definitely help you get your mind around it. Squarespace TaxJar
If handling your taxes is straightforward and straightforward, then TaxJar could be a waste of expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure simple to follow, you might be better to do it by yourself.
FAQ Squarespace TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll need to convert it into USdollars prior to when TaxJar determines the tax.