Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is full of things to be done. If you don’t have enough money to engage an accountant doing it on your own could be dangerous. If you miss one detail, you might have to do it all over again!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do about it?
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 help you. Even though this is lengthy it is possible to gauge whether 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 give a complete analysis of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? Stripe TaxJar TaxJar 179Mlundentechcrunch
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of your sales channels to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to ensure you have a tax accounting platform is compatible with your sales channel. If you’re using multiple sales channels, you must ensure that everything is in order. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your critical data in one location. That way, there’s no need to collect data in multiple channels and sort it into one platform. All you need to do is connect TaxJar, and the platform will do the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to submit their sales tax manually or through the AutoFile feature. In this review, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect your sales platforms. When it comes time to filing income tax returns, the team will instruct you on how to handle the tax returns. It is up to you and your staff to complete everything on time. TaxJar will only help you understand what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating sales taxes through recording, and then processing them. However, there might be additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be compiled into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to all the information you need, like a list of your transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve earned, but they also help you keep track of when the next payments are due.
Their dashboard also allows you to fully view the total sales tax in your business. You can also export your data as the form of a CSV file in case you require it in your process of financial planning and accounting or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep on top of all the sales avenues you use. It means you don’t need to hunt for your paperwork when you’re when you’re in a pinch. Even even if you already have an accountant, this function can make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have for other operational costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just on their platform, but everything connected to sales tax. Check out their guides, webinars, as well as their blog to find more details. Apart from that the sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small-scale business owner, this plan could be perfect for you. It may not have all the features of TaxJar, but it has all the basics you require.
You can also contact the support team via their email support chart. You’ll also have access to their integration features.
If you’re looking to get a bit more than just the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it when you add additional features.
So how different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also have their phone customer support, API access, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive business, you might need to go for premium plans instead. It has all of the features needed to aid in your tax preparation. In addition, they offer unlimited data import integrations, API integrationsfor team members and AutoFiles.
They also have a team who are devoted for managing the account. They don’t reveal the amount that the Premium plan costs you. Stripe TaxJar TaxJar 179Mlundentechcrunch
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need to run your business.
Fortunately, you don’t need to gamble your money just to determine if this service is for you. If you’re still looking into various options, they provide 30 days of free trial. It should give you enough time to see if the platform is a good fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. To summarize Here are the pros and cons of making use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
It’s not just a way to assist you in keeping track of your revenue and products It can assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they provide a Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you get more done while keeping on top of each deadline and requirement you have to meet. If you’re living in a place with complicated tax laws, this will certainly help you to get your mind around it. Stripe TaxJar TaxJar 179Mlundentechcrunch
However, if managing your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure simple to follow and you’re comfortable with it, you may be better to do it on your own.
FAQ Stripe TaxJar TaxJar 179Mlundentechcrunch
Which areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar determines your tax.