Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. If you don’t have the budget to engage an accountant doing it on your own could be dangerous. If you make a mistake and you don’t know it, you may have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So what is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can assist you. Although this is quite lengthy it is possible to determine if TaxJar is exactly what you need right now.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What exactly is TaxJar? Stripe TaxJar TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all your channels of sales to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within just 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 it help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is simple and organized. Let’s look into the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to ensure you have a tax accounting platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one place. So, there’s no need to collect data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar, it will handle the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to file their sales taxes manually or through the AutoFile feature. For this review, we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on how to handle the tax returns. However, it will be up for you and your team to complete the process in time. TaxJar will only help you understand what you have to 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. Through this feature, everything will be automated, from calculating sales taxes in order to record and process them. However, there might be additional charges if they are not part of the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your team will have access to all the information you need, such as the list of transactions, reports and information.
The best part about this feature is that it lets you to update automatically every day. Not only can they help to know the amount you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payment is due.
The dashboard allows users to view in detail the overall sales taxes in your business. It is also possible to export the information in the form of a CSV file in case you require it in your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all your sales channels. That means you won’t have to hunt for your paperwork when you’re when you’re in a pinch. Even even if you already have an accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operational costs.
The best part is that TaxJar offers training and tutorials not only on their platform, but for anything related to sales tax. You can look through their webinars, guides, as well as their blog to find more info. Additionally their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they can be too costly for your business. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It includes sales tax reporting, four autofiles for free each year, and a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale business manager, the plan could be perfect for you. It may not offer all the features offered by TaxJar, but it has the basic features you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for something different from the standard features and options, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it when you add additional features.
How different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge enterprise, you may want to go for premium plans instead. It has all of the features that you require to help with your taxes. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of users and AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose how much the Premium plan will cost you. Stripe TaxJar TaxJar
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need for your company.
Fortunately, you don’t need to risk your money to determine if this service is right for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to determine whether the software is a good fit for you.
Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a break. To sum it all up Here are the pros and cons of using TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated 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 applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then you should try this.
Not only can it assist you in keeping track of your products and revenue however, it will help you meet your deadlines. It is also a great platform for an accountant since they have the Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re in a place with complicated tax laws, this can surely help you wrap your head around the subject. Stripe TaxJar TaxJar
If handling taxes is easy, then TaxJar might not be a good expense. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire process easy to do then you’re better to do it on your own.
FAQ Stripe TaxJar TaxJar
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in USdollars. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar will calculate your tax.