Taxes are always one of the most difficult tasks to complete, whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the funds to hire an accountant, performing the task on yourself can be risky. If you overlook one thing and you don’t know it, you may have to redo things again!
Most people want to skipping this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with it?
We can simplify our lives with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can benefit you. Although this is quite a long read but you’ll be able to determine if TaxJar is exactly what you need in the present.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? Stripe TaxJar Pitchbook 179Mlundentechcrunch
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it across all the sales channels you use to ensure compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by online business owners to ensure that everything is simple and organized. Let’s look into their features and services.
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Services and features
Integration
One of the first things you’ll need to make sure you have a tax accounting software is compatible with your sales channel. If you’re selling through multiple channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your key data in one location. So, there’s no requirement to collect information from multiple sources and then organize it on one platform. All you have to do is connect TaxJar it will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax either manually or via the AutoFile feature. In the purpose of this article, we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect your sales platforms. When the time is right for filing tax returns for income, the team will instruct you on managing them. However, it will be up for you and your team to complete the process within the timeframe. TaxJar is 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 fill out any forms manually. With this feature, everything is automated, from calculating sales tax through recording, and then processing them. There could be additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you require, including a list of your transactions, reports, and information.
The greatest benefit of the feature you’ve chosen is it allows you to update your account automatically each day. They not only let you keep track of how much you’ve earned and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard can also allow you to fully view the overall sales taxes within your company. You can also export the data to CSV format. CSV file if you need it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to scramble for your documents when you’re when you’re in a pinch. Even when you already have your accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have available for other operational costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just on their platform, but all things connected to sales tax. You can check out their webinars, guides, as well as their blog to find more information. In addition their sales tax calculator can 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. Some platforms offer superb features, but they can be 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. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the most effective plan to help you with filing requirements and reporting. It also includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a smaller business manager, the plan could be ideal for you. It may not have all the features of TaxJar but it comes with all the basics you require.
You can also contact their support team with their email support chart. You’ll also be able to use their integration features.
Professional
If you’re looking for something a bit more than just the basics Professional might be the right one for you. The price starts at $99 but you can increase it when you add additional features.
So how different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support, API access, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge enterprise, you may want to go for an upgrade instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer 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 amount that the Premium plan will cost you. Stripe TaxJar Pitchbook 179Mlundentechcrunch
However, they did mention that this plan is tailor-fit for every user. The cost of the plan will be different in line with what you require for your company.
Free Trial
It’s a good thing that you don’t have to risk your money to find out if the platform is the right one for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to determine if the platform is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of making use of TaxJar to run your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access 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 businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you do, then you ought to try this.
Not only can it assist you in keeping track of your products and revenue however, it will help you meet the deadlines you set. This is also an excellent platform for an accountant since they provide tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Using TaxJar can allow you to save more time while keeping on top of each deadline or requirement you need to meet. If you’re in a region with a lot of tax regulations, this will certainly help you to get your head around the subject. Stripe TaxJar Pitchbook 179Mlundentechcrunch
If handling taxes is easy and straightforward, then TaxJar might not be a good expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure easy to complete, you might be better off doing it by yourself.
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FAQ Stripe TaxJar Pitchbook 179Mlundentechcrunch
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it to USdollars before TaxJar will calculate your tax.
