Taxes are always one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, making it yourself can be risky. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
So what can we do about it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can help you. Although this is quite a long read it is possible to assess whether TaxJar is what you need right now.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, then let’s dive right in.
What is TaxJar? Stripe TaxJar Acquisition
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure compliance with your sales taxes. It makes the process simpler that could can take days to complete, and finish within just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to keep everything neat and simple. Let’s look into the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to maintain everything in line. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your key metrics in one place. This means that there is no need to gather data in multiple channels and organize it into one platform. All you have to do is integrate TaxJar then the system will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows clients to file their sales taxes by hand or using the AutoFile feature. In this review, we’ll look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing income tax returns, the team will instruct you on managing these. But, it is up to you and your staff to finish the tax returns on time. TaxJar will only guide you on what you have to do but not 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. Through this feature, everything is automated, from calculating sales tax through recording, and then processing them. There could be additional charges if they are not included in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. From there you and your team will have access to all the information you need, such as an inventory of your transactions, reports, as well as data.
The greatest benefit of this feature is that they allow you to automatically update every 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 keep track of when the next payments are due.
The dashboard allows users to view in detail the sales tax totals in your business. Additionally, you can export the data to CSV format. CSV file, if you want to use it to aid in process of financial planning and accounting or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re in the event of a need. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll be aware of the budget you have for other operating costs.
The best part is that TaxJar offers tutorials and training, not just on their platform, but all things related to sales tax. You can check out their webinars, guides, as well as their blog to find more information. Additionally, their sales tax calculator should be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They say it’s the most effective plan to help you with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, 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 company owner, this plan should be perfect for you. It may not offer all the features of TaxJar however, it does include the essentials that you need.
You can also contact their support team with their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for that is more than the basics and options, then the Professional plan might be the right one for you. It starts at $99, but it can go higher if you add custom features.
So how different is it from the original plan?
Apart from having access to all of the Starter plan’s options, you also have access to their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you run a large enterprise, you may want to go for an upgrade instead. It comes with all the features needed to aid in your tax preparation. Additionally, they permit unlimited import integrations of data, API integrations, team members and AutoFiles.
There is also a team who are devoted for managing the account. However, they don’t disclose the price of the Premium plan. will cost you. Stripe TaxJar Acquisition
However, they did say that this plan is customized for every user. The cost of the plan will be different depending on what you need for your company.
Free Trial
Fortunately, you don’t need to risk your money to see if this platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to determine whether the service is a good fit for you.
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Pros and Pros and
We’ve covered everything you must know about TaxJar let’s take a breather. To summarize Here are the pros and cons of using TaxJar for your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then you should try this.
It’s not just a way to help you track your revenue and products It can also help you meet your deadlines. It’s also an excellent option for accountants as they have tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar can allow you to save more time while keeping on top of each deadline and obligation you have to meet. If you’re living in a region with a lot of tax regulations, this will definitely help you get your head around it. Stripe TaxJar Acquisition
However, if managing taxes is easy If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. If you find the whole process easy to do then you’re better in doing it all by yourself.
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FAQ Stripe TaxJar Acquisition
Which areas does TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. 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 your tax.
