Taxes have always been among the most difficult things to handle, whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have enough money to engage an accountant doing it on your own could be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can benefit you. Although this is quite an extensive read, you should be able to assess whether TaxJar is what you need today.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? Stripe TaxJar For Free
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for your entire sales tax life cycle. In addition, you can apply it in all of your channels of sales to ensure compliance with your sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to keep everything organized and straightforward. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to make sure is that your accounting tax software is compatible with your sales channel. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. That way, there’s no need to collect data from different channels and then organize it on a single platform. All you need to do is connect TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar lets customers submit their sales tax by hand or using the AutoFile feature. In this review, we’ll take a look into both.
If you opt to go it alone, TaxJar will allow you to connect all the sales channels you use. Once the time comes for filing tax returns for income, the team will instruct you on how to manage them. But, it is up for you and your team to finish the tax returns on time. TaxJar is only there to provide guidance on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing it. However, there might be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting issues. The orders you place through your online channels can be compiled into a single dashboard via this platform. From there, you and your team can access everything you need, like an inventory of your transactions, reports and data.
The greatest benefit of this feature is that it allows you to update automatically every day. They not only let you keep track of how much you’ve collected, but they also help you determine when your next payment is due.
Their dashboard also allows you to see the total sales tax in your business. Additionally, you can export the data to a CSV file, if you want to use it for your process of financial planning and accounting or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of your sales channels. This means that you don’t have to search for your documents whenever you’re in a pinch. Even if you already have your accounting firm, the feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds more effectively. You’ll know better how much budget you have available for other operational expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform but for anything related to sales tax. You can check out their guides, webinars, and blog for more information. Additionally the sales tax calculator can be 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 establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of those choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They claim that it’s the most effective plan if you need help in filing and reporting. It comes with sales tax reporting, four annual AutoFiles for free, as well as a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a smaller company owner, this plan will be perfect for you. It may not have all the features offered by TaxJar but it comes with the essentials that you need.
You can also contact the support team via their support chart for email. You’ll also be able to use their integration tools.
If you’re looking to get different from the basic features Professional could be the one for you. It’s priced at $99 but it can go higher when you add additional features.
What is the difference from the original plan?
In addition to accessing each of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to go for the Premium plan instead. It includes all of the features needed to help with your taxes. Moreover, they allow unlimited import integrations of data as well as Integrations with APIs, teams of members and AutoFiles.
There is also a team that is devoted in managing your accounts. They don’t reveal the price of the Premium plan. is going to cost. Stripe TaxJar For Free
But they did state that this plan is customized for each user. Therefore, the cost will differ according to what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to see if this platform is right for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to see whether the software is a good fit for you.
Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To summarize, here are the pros and cons of using TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to 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 have access to the API feature
- Only valid for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If that sounds like what you do, then you should try this.
It’s not just a way to aid in tracking your revenue and products, but it can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they have the Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar can help you save more time while keeping track of every deadline and requirement you have to meet. If you’re living in a region with a lot of tax laws, this can definitely help you get your mind around it. Stripe TaxJar For Free
But if handling your taxes is straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better to do it on your own.
FAQ Stripe TaxJar For Free
Which areas does TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it into USdollars before TaxJar determines the tax.