Taxes are always one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the funds to engage an accountant performing the task on your own can be dangerous. If you make a mistake it could mean you have to do it all over again!
Most people want to skipping this step. But since it’s required, we have no choice.
So , what can we do ?
We can make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and explain how it can assist you. While this is a long read but you’ll be able to determine if TaxJar is the tool you require right now.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar Stripe TaxJar Pitchbook
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it in all of the sales channels you use to make sure you’re in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and is completed in just a few only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s look into their features and services.
Services and features
One of the first things you’ll want to check 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 maintain everything in line. The last thing you want is to be penalized for missing a single minor point.
TaxJar allows you to display your key metrics in one place. This means that there is no requirement to collect data from different channels and organize it into one platform. All you need to do is to integrate TaxJar then the system will take care of all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers make sales tax filings either manually or via the AutoFile feature. In the purpose of this article, we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect the sales channels you use. When it comes time to filing income tax returns, the team will instruct you on how to handle the tax returns. However, it will be up to you and your staff to finish the tax returns on time. TaxJar will only guide you on what you need to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. With this feature, everything will be automated, from calculating taxes on sales to recording and processing them. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, such as a list of your transactions, reports, as well as the data.
The most appealing aspect of this option is the fact that it allows you to update your account automatically each day. They not only let you know how much you’ve accumulated however, they can also help you keep track of when the next payment is due.
Their dashboard can also allow you to see the sales tax totals for your business. You can also export the data in a CSV file if you need 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 on top of all your sales channels. That means you won’t have to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accountant, this function can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have available for other operating expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform but everything related to sales tax. You can look through their guides, webinars, and blog for more details. Apart from that the sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they can be too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small-scale company owner, this plan could be perfect for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
You can also contact the support team via their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking for that is more than the basics Professional may be the best option for you. It’s priced at $99 however, it could go up if you add custom features.
What is the difference from the starter plan?
In addition to having access to every one of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive business, you might need to go for an upgrade instead. It has all of the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data API integrationsfor team members as well as AutoFiles.
They also have a team who are devoted for managing the account. They don’t reveal how much the Premium plan is going to cost. Stripe TaxJar Pitchbook
But they did state that the plan is custom-made for each user. So the costs will vary according to what you require for your company.
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to see if the platform is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the pros and cons of making use of TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features can help you 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 is possible to integrate it with other platforms
- You can track several sales channels
- Limits on AutoFile are determined by 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 review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then ought to try this.
Not only can it help you track your products and revenue, but it can help you meet your deadlines. It is also a great option for accountants as they provide the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar will help you save more time while keeping the track of each deadline and obligation you have to meet. If you’re in an area with complex tax laws, this can surely help you wrap your mind around it. Stripe TaxJar Pitchbook
However, if managing your taxes is straightforward and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ Stripe TaxJar Pitchbook
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into USdollars before TaxJar determines the tax.