Taxes are always one of the most difficult tasks to complete regardless of whether you run your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford enough money to engage an accountant making it your own can be dangerous. If you overlook one thing, you might have to do it all over again!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can help you. While this is lengthy it is possible to assess whether TaxJar is exactly what you need today.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What is TaxJar Stripe Buys TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of the sales channels you use to make sure you’re in compliance with sales taxes. It simplifies the processes that require days to complete and finish within just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to make their business more simple and organized. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting system perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one spot. That way, there’s no need to gather data in multiple channels and then organize it on a single platform. All you need to do is integrate TaxJar then the system will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect all your sales platforms. When the time is right for the filing of income tax returns TaxJar will train you on how to manage these. It is up for you and your team members to finish the tax returns on time. TaxJar is only there to provide guidance on what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing them. However, there might be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting problems. The orders you place through your online channels can be combined into one dashboard using this platform. From there, you and your team will have access to all the information you need, like an inventory of your transactions, reports, as well as the data.
The greatest benefit of this feature is that it allows you to update automatically every day. Not only will they let you know how much you’ve earned, but they also help you determine when your next payments are due.
Their dashboard can also allow you to see the total sales tax in your business. You can also export the data to a CSV file in case you require it for your financial planning and accounting processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. That means you won’t have to hunt for your paperwork when you’re when you’re in a pinch. Even when you already have your accountant, this function can make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds more effectively. You’ll know exactly how much budget you have available for other operational expenses.
The best part is that TaxJar offers tutorials and training not only for their platform but all things related to sales tax. Check out their guides, webinars, as well as their blog to find more info. In addition their sales tax calculator is useful if 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 provide amazing features, but they’re sometimes too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small company owner, this plan should be perfect for you. It might not include all the features offered by TaxJar but it comes with all the basics you require.
Additionally, you can contact their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking for something different from the basics and options, then the Professional plan may be the best option for you. It starts at $99, but you can increase it if you add custom features.
So how different is it from the basic 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. You can also have 12 free AutoFiles each year.
If you have a massive enterprise, you may want to choose premium plans instead. It has all of the features that you require to aid in your tax preparation. Additionally, they permit unlimited import integrations of data API integrations, team users as well as AutoFiles.
They also have a team that is devoted for managing the account. They don’t reveal the price of the Premium plan. costs you. Stripe Buys TaxJar
But they did state that this plan is customized for every user. Therefore, the cost will differ in line with what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to determine whether the service is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a break. To summarize we’ll go over the pros and cons of making use of TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- It allows you to monitor multiple 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 to USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you must try TaxJar.
It’s not just a way to assist you in keeping track of your revenue and products however, it will assist you in meeting your deadlines. It’s also an excellent option for accountants as they have tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline or requirement you need to meet. If you’re in a place with complicated tax laws, this can certainly help you to get your mind around it. Stripe Buys TaxJar
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete, you might be better to do it on your own.
FAQ Stripe Buys TaxJar
What areas does TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to USdollars before TaxJar determines the tax.