Taxes have always been one of the hardest things to do regardless of whether you run a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re packed with things to do. In the event that you do not have the funds to engage an accountant doing it on yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
So , what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. Although this is quite a long read but you’ll be able to assess whether TaxJar is the tool you require right now.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, let’s dive right in.
What is TaxJar Stripe TaxJar Pitchbook TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales tax requirements. It simplifies the processes that require days to complete and finish within just a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure is your tax-reporting system is compatible with your sales channel. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. That way, there’s no need to collect data from different channels and sort it into a single platform. All you need to do is integrate TaxJar then the system will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax either manually or via their AutoFile feature. In our review we’ll dig at both.
If you decide to go it alone, TaxJar will allow you to connect all the sales channels you use. When the time is right for the filing of income tax returns TaxJar will train you on how to manage these. However, it will be up to you and your team members to finish the tax returns within the timeframe. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. Through this feature, everything will be automated from calculating sales tax to recording and processing it. But, it is possible to incur extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. From there you and your team can access everything you need, like a list of your transactions, reports and information.
The most appealing aspect of the feature you’ve chosen is it lets you to update automatically every day. Not only can they help you keep track of how much you’ve collected, but they also help you determine when your next payment is due.
The dashboard allows you to see the overall sales taxes within your company. It is also possible to export the data to CSV format. CSV file in case you require it in your process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. That means you won’t have to scramble for your documents whenever you’re in a pinch. Even even if you already have an accountant, this feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have available for other operational expenses.
The best part is that TaxJar offers tutorials and training not only on their platform, but all things connected to sales tax. You can look through their webinars, guides as well as their blog to find more info. Apart from that their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they can be too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing tiers and the features that each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most effective plan if you need help with filing requirements and reporting. It comes with sales tax reporting, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller company proprietor, then this program could be perfect for you. It may not offer all the features offered by TaxJar, but it has the essentials that you need.
Additionally, you can contact their support team with their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking for something different from the basic features and options, then the Professional plan may be the best option for you. It starts at $99, but you can increase it if you add custom features.
What is the difference from the original plan?
In addition to accessing all of the Starter plan’s options, you also have access to their phone customer support, API access, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large company, you may need to choose the Premium plan instead. It comes with all the features that you require to make your tax filing easier. Additionally, they permit unlimited integrations with data imports as well as API integrationsfor team users, and AutoFiles.
They also have a team that is devoted to managing your account. However, they don’t disclose how much the Premium plan is going to cost. Stripe TaxJar Pitchbook TaxJar
However, they did mention that this plan is customized to each user. So the costs will vary in line with what you require for your business.
Luckily, you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to determine whether the service is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of making use of TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then ought to try this.
Not only will it help you track your products and revenue, but it can also help you meet your deadlines. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax laws, this can certainly help you to get your head around the subject. Stripe TaxJar Pitchbook TaxJar
But if handling your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete, you might be better to do it on your own.
FAQ Stripe TaxJar Pitchbook TaxJar
What are the areas in which TaxJar offer API assistance?
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 connect your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it to USdollars before TaxJar will calculate the tax.