Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford enough money to employ an accountant, making it your own can be risky. If you overlook one thing and you don’t know it, you may need to repeat the process!
Almost everyone wants to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can help you. Although this is quite an extensive read but you’ll be able to assess whether TaxJar is exactly what you need in the present.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar? Stripe Acquires TaxJar
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. Furthermore, you can utilize it across all your sales channels to ensure that you are 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 establishments.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check is that your accounting tax platform seamlessly works well along with sales funnels. 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 overlooking just one minor detail.
TaxJar lets you display your most important metrics in one place. This means that there is no requirement to collect data from different channels and organize it into a single platform. All you need to do is to integrate TaxJar and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to make sales tax filings either manually or via TaxJar’s AutoFile feature. In this review, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income, the team will instruct you on how to manage these. However, it will be up to you and your team to finish the tax returns within the timeframe. TaxJar is there to provide guidance on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. With this feature, everything is automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team will have access to all the information you need, like a list of your transactions, reports, as well as data.
The best part about this feature is that it allows you to update your account automatically each day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard also allows users to view in detail the total sales tax within your company. You can also export the data as CSV format. CSV file, if you want to use it to aid in process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep the track of all the channels you sell through. It means you don’t need to hunt for your paperwork when you’re in the event of a need. Even when you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operational expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also for anything related to sales tax. You can look through their webinars, guides as well as their blog to find more info. In addition, their sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their 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 also includes sales tax reporting, 4 autofiles for free each year, and a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale business proprietor, then this program could be ideal for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration features.
If you’re looking for that is more than the basics Professional may be the best option for you. It starts at $99, but you can increase it by adding custom features.
How different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also get access to their support via phone, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive enterprise, you may want to go for the Premium plan instead. It includes all of the features you need to make your tax filing easier. In addition, they offer unlimited data import integrations as well as API integrationsfor team users and AutoFiles.
They also have a team that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. Stripe Acquires TaxJar
However, they did say that the plan is custom-made to each user. So the costs will vary in line with what you require for your company.
Luckily, you don’t have to gamble your money just to find out if the platform is for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to gauge whether the service is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar let’s take a breather. To summarize, here are the pros and cons of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- You can track several sales channels
- Limits for AutoFile are based on 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 clearly laid down, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then you must try TaxJar.
It’s not just a way to aid in tracking your products and revenue however, it will also help you meet the deadlines you set. This is also an excellent platform for an accountant since they offer a Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar will help you get more done while keeping track of every deadline or requirement you need to fulfill. If you’re in a place with complicated tax laws, this can surely help you wrap your mind around it. Stripe Acquires TaxJar
If handling taxes is easy and straightforward, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to track everything. If you find the entire procedure simple to follow and you’re comfortable with it, you may be better to do it by yourself.
FAQ Stripe Acquires TaxJar
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it to USUSD before TaxJar will calculate your tax.