Taxes are always one of the hardest things to do regardless of 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 aren’t easy, particularly when you’re full of things to be done. If you don’t have enough money to hire an accountant, performing the task on your own could be risky. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to skipping this step. But since it’s required and mandatory, there’s no other choice.
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 life-saving tool and how it can benefit you. While this is a long read it is possible to gauge whether TaxJar is what you need in the present.
Prefer watching videos rather than watch them? Take a look at 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 Stripe Pitchbook TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all of your channels of sales to ensure compliance with sales taxes. It simplifies the processes that require days to complete and finish within minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is neat and simple. Let’s look into their features and services.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting platform perfectly integrates with your sales channel. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your most important data in one location. That way, there’s no need to collect information from multiple sources and sort it into one platform. All you need to do is to integrate TaxJar it will handle all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax either manually or via their AutoFile feature. In the purpose of this article, we’ll look into both.
If you choose to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns TaxJar will train you on managing the tax returns. However, it will be up for you and your team members to complete everything on time. TaxJar is there to guide you on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. There could be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. From there you and your team will have access to everything you require, including an inventory of your transactions, reports, and information.
The greatest benefit of this option is the fact that it lets 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 determine when your next payment is due.
Their dashboard can also allow users to view in detail the total sales tax within your company. Additionally, you can export the data in CSV format. CSV file in case you require it to aid in financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. This means that you don’t have to search for your documents whenever you’re in a pinch. Even when you already have your accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have to cover other operating expenses.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also for anything that has to do with sales tax. You can look through their guides, webinars, or blog posts for additional information. In addition, their sales tax calculator can be 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. Some platforms offer superb capabilities, but they’re often too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing levels and the features that each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It includes taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller business manager, the plan will be ideal for you. It may not have all of TaxJar’s features but it comes with all the basics you require.
You can also contact their customer support via their email support chart. You’ll also be able to use their integration features.
If you’re looking to get different from the standard features Professional could be the one for you. The price starts at $99 however, it could go up when you add additional features.
So how different is it from the original plan?
In addition to accessing all of the Starter plan’s features, you also get access to their phone customer support, API access, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive business, you might need to go for the Premium plan instead. It includes all of the features needed to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports API integrationsfor team members and AutoFiles.
They also have a team who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. is going to cost. Stripe Pitchbook TaxJar
However, they did mention that this plan is customized for each user. So the costs will vary depending on what you need to run your business.
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 considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to see whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a break. To summarize we’ll go over the pros and cons of the use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- It allows you to monitor multiple 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 for USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then must try TaxJar.
Not only can it help you track your products and revenue however, it will also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they have the Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax laws, this can certainly help you to get your head around it. Stripe Pitchbook TaxJar
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you find the whole procedure easy to complete, you might be better in doing it all by yourself.
FAQ Stripe Pitchbook TaxJar
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it into USdollars before TaxJar will calculate your tax.