Taxes have always been among the most difficult tasks to complete regardless of whether you’re running a business or not. Even more so if you do not have a background in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re packed with things to do. In the event that you do not have enough money to employ an accountant, making it yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So , what can we do ?
We can always simplify our lives by using tools like TaxJar.
This article will take a look at this life-saving device and how it can help you. Even though this is a long read but you’ll be able to assess whether TaxJar is the tool you require today.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar Stripe TaxJar Integration
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales taxes. It makes the process simpler that could take days to complete and is completed in just a few only a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure you have a tax accounting platform seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to display your critical metrics in one spot. So, there’s no need to collect data from different channels and then organize it on one platform. All you have to do is integrate TaxJar and the platform will handle all the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to submit their sales tax manually or through the AutoFile feature. In the purpose of this article, we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income The team will guide you on how to handle the tax returns. However, it will be up for you and your team to finish the tax returns in time. TaxJar is there to guide you on what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales taxes through recording, and then processing it. There could be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. From there, you and your team will have access to all the information you need, like the list of transactions, reports, and the data.
The greatest benefit of this feature is that it allows you to update your account automatically each day. They not only let to know the amount you’ve earned, but they also help you keep track of when the next payments are due.
The dashboard allows users to view in detail the sales tax totals within your company. You can also export the data to a CSV file, if you want to use 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 track of all of the channels you sell through. This means that you don’t have to scramble for your documents whenever you’re when you’re in a pinch. Even when you already have your accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds better. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also everything connected to sales tax. Check out their webinars, guides as well as their blog to find more information. Apart from that their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the best plan if you need help in filing and reporting. It also includes the tax on sales, four free yearly AutoFiles, and an CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a smaller business owner, this plan will be ideal for you. It may not offer all the features offered by TaxJar, but it has the basic features you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for something different from the standard features and options, then the Professional plan may be the best option for you. It starts at $99, but it can go higher by adding custom features.
How different is it from the original plan?
In addition to having access to each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to go for the Premium plan instead. It has all of the features needed to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as API integrationsfor team members, and AutoFiles.
They also have a team who are devoted to managing your account. However, they don’t disclose how much the Premium plan will cost you. Stripe TaxJar Integration
However, they did say that the plan is custom-made to each 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 risk your money to find out if the platform is right for you. If you’re still considering other options, they have 30 days of free trial. It should give you enough time to determine whether the software is an excellent fit for you.
Pros and Pros and
We’ve covered everything you must be aware of TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of using TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it 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 be able to access the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with many sales channels and utilizes numerous platforms. If that sounds like what you do, then you should try this.
Not only can it assist you in keeping track of your products and revenue however, it will help you meet your deadlines. It’s also an excellent opportunity for accountants since they offer tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
Utilizing TaxJar will help you reduce time and keep track of every deadline and obligation you have to meet. If you live in a region with a lot of tax laws, this will surely help you wrap your head around it. Stripe TaxJar Integration
However, if managing your taxes is simple, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you’re finding the entire procedure simple to follow, you might be better to do it by yourself.
FAQ Stripe TaxJar Integration
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it into USdollars before TaxJar will calculate your tax.