Taxes are always one of the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have any experience in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have enough money to employ an accountant, doing it on yourself can be risky. If you make a mistake it could mean you have to redo things again!
Almost everyone wants to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What is the best way to deal with it?
We can make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can assist you. Even though this is lengthy it is possible to determine if TaxJar is exactly what you need in the present.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, then we’ll dive right into.
What is TaxJar Stripe TaxJar Setup
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it across all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It streamlines processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to make their business more organized and straightforward. Let’s look into the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to ensure is that your accounting tax system seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your critical data in one location. So, there’s no need to collect data from different channels and sort it into a single platform. All you need to do is connect TaxJar, then the system will handle the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to submit their sales tax by hand or using their AutoFile feature. In our review we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing tax returns for income The team will guide you on how to handle them. But, it is up to you and your team members to complete the process within the timeframe. TaxJar is there to help you understand what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing them. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting problems. The orders you place through your online channels can be compiled into a single dashboard via this platform. From there you and your staff will have access to everything you require, including an inventory of your transactions, reports, as well as the data.
The most appealing aspect of the feature you’ve chosen is they allow you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
The dashboard allows users to view in detail the total sales tax within your company. You can also export your data to a CSV file in case you require it in your accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all your sales channels. This means that you don’t have to hunt for your paperwork when you need them in the event of a need. Even when you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have to cover other operating costs.
What’s more is that TaxJar offers training and tutorials not only for their platform , but also everything related to sales tax. You can look through their webinars, guides or blog posts for additional information. Additionally, their sales tax calculator should be helpful if you’re planning on complete everything 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’re sometimes 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 choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They say it’s the most effective plan to help you in filing and reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a small business proprietor, then this program should be ideal for you. It might not include all the features of TaxJar, but it has the basic features you require.
You can also contact their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for that is more than the basic features Professional could be the one for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive enterprise, you may want to choose the Premium plan instead. It has all of the features you need to help with your taxes. Moreover, they allow unlimited data import integrations, API integrationsfor team members, and AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge how much the Premium plan costs you. Stripe TaxJar Setup
But they did state that this plan is tailor-fit for 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 determine if this service is the right one for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to determine whether the service is a good fit for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar let’s take a breather. To sum it all up, here are the advantages and disadvantages of the use of TaxJar to run your business.
- Does the plan include a 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 easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for 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 companies with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it assist you in keeping track of your products and revenue however, it will assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they provide the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
The use of TaxJar will help you reduce time and keep track of every deadline and requirement you have to meet. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around the subject. Stripe TaxJar Setup
But if handling taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure simple to follow, you might be better in doing it all on your own.
FAQ Stripe TaxJar Setup
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it to US$ before TaxJar will calculate your tax.