Taxes have always been one of the most difficult tasks to complete, whether you’re running an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re full of things to be done. If you don’t have the funds to engage an accountant performing the task on your own could be risky. If you miss one detail, you might have to redo things again!
Almost everyone wants to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do about it?
We can always make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can help you. Although this is quite a long read it is possible to determine if TaxJar is exactly what you need today.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? Stackoverflow TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by business owners who run 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 first things you’ll need to make sure is your tax-reporting platform perfectly integrates along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key data in one location. That way, there’s no need to collect data from different channels and then organize it on one platform. All you need to do is to integrate TaxJar, then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they can integrate with:
TaxJar allows customers to file their sales taxes manually or through their AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you opt to do it manually, TaxJar will allow you to connect all those sales tools. Once the time comes for filing income tax returns, the team will instruct you on how to manage these. It is up to you and your team members to complete the process within the timeframe. TaxJar is only there to guide you on what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything will be automated, from calculating sales taxes in order to record and process it. However, there might be additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team can access everything you need, such as an inventory of your transactions, reports and data.
The best part about this feature is that it lets you to update automatically every day. Not only can they help to know the amount you’ve earned, but they also help you track when your following payments are due.
The dashboard allows you to fully view the total sales tax for your business. Additionally, you can export the information as the form of a CSV file in case you require it in your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the channels you sell through. That means you won’t have to scramble for your documents when you’re when you’re in a pinch. Even even if you already have an accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform but everything connected to sales tax. You can look through their guides, webinars, and blog for more details. Apart from that the sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It comes with the tax on sales, 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a smaller company proprietor, then this program could be perfect for you. It may not offer all the features of TaxJar, but it has the essentials that you need.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for different from the standard features and options, then the Professional plan might be the right one for you. It starts at $99, however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to accessing every one of Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and 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 opt for premium plans instead. It includes all of the features you need to help with your taxes. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of users, and AutoFiles.
They also have a team that is devoted for managing the account. They don’t reveal how much the Premium plan will cost you. Stackoverflow TaxJar
However, they did say that this plan is tailor-fit for every user. Therefore, the cost will differ according to what you require for your business.
Luckily, you don’t have to risk your money to determine if this service is right for you. If you’re still considering different options, they offer a 30-day free trial. It should give you enough time to gauge if the platform is the right choice for you.
Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of using TaxJar to run your business.
- There is 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 easy to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- You can track several 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 check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses plenty of platforms. If that sounds like what you do, then you should try this.
Not only will it assist you in keeping track of your revenue and products It can help you meet the deadlines you set. This is also an excellent platform for an accountant since they have tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
The use of TaxJar can help you reduce time and keep the track of each deadline and obligation you have to meet. If you live in a place with complicated tax regulations, this will certainly help you to get your head around it. Stackoverflow TaxJar
However, if managing taxes is easy, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. If you find the whole procedure simple to follow then you’re better off doing it on your own.
FAQ Stackoverflow TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect 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 doesn’t convert currency values. All transactions are in USdollars. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar determines the tax.