Taxes have always been one of the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related work can be overwhelming, especially when you’re packed with things to do. If you don’t have the budget to hire an accountant, performing the task on yourself can be dangerous. If you miss one detail it could mean you need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
What can we do ?
We can make our lives easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. While this is lengthy but you’ll be able to determine if TaxJar is exactly what you need in the present.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar? Stripe TaxJar Pitchbook TaxJar 179Mlundentechcrunch
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with sales tax requirements. It simplifies the processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar is used 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 owners of online businesses to ensure that everything is neat and simple. Let’s explore their features and services.
Features and services
One of the most important things you’ll need to ensure you have a tax accounting platform is compatible along with sales funnels. If you have multiple sales channels, you must ensure that everything is in order. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one spot. This means that there is no need to collect data from different channels and then organize it on a single platform. All you need to do is to integrate TaxJar, it will do all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax either manually or via their AutoFile feature. For our review we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns TaxJar will train you on how to manage the tax returns. But, it is up to you and your staff to complete the process on time. TaxJar is only there to help you understand what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. With this feature, everything will be automated from calculating sales tax through recording, and then processing it. There could be additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you need, like an inventory of your transactions, reports and data.
The most appealing aspect of this option is the fact that it allows you to update automatically every day. Not only will they let to know the amount you’ve accumulated however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to see the sales tax totals for your business. Additionally, you can export the data in a CSV file, if you want to use it for your accounting and financial planning processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents whenever you’re in a pinch. Even if you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform but for anything connected to sales tax. You can check out their guides, webinars, as well as their blog to find more information. Apart from that, their sales tax calculator can be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of those options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most effective plan for those who need assistance with filing requirements or reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and an CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company manager, the plan could be ideal for you. It may not offer all the features of TaxJar, but it has all the basics you require.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration tools.
If you’re looking to get a bit more than just the basic features 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 every one of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you run a large business, you might need to opt for an upgrade instead. It has all of the features needed to help with your taxes. Moreover, they allow unlimited import integrations of data Integrations with APIs, teams of users as well as AutoFiles.
They also have a staff who are devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan is going to cost. Stripe TaxJar Pitchbook TaxJar 179Mlundentechcrunch
However, they did say that this plan is tailor-fit to each user. So the costs will vary in line with what you require for your business.
Luckily, you don’t have to bet your life on it to determine if this service is for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to gauge whether the service is an excellent fit for you.
Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a break. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to aid in tracking the sales and profits of your business however, it will also help you meet your deadlines. This is also an excellent option for accountants as they offer tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re in a place with complicated tax laws, this can certainly help you to get your mind around it. Stripe TaxJar Pitchbook TaxJar 179Mlundentechcrunch
However, if managing your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire procedure easy to complete then you’re better off doing it by yourself.
FAQ Stripe TaxJar Pitchbook TaxJar 179Mlundentechcrunch
What 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 integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions are in USdollars. If you’re using a different currency, you’ll need to convert it into USdollars prior to when TaxJar can calculate your tax.