Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the budget to engage an accountant making it your own can be dangerous. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory, we have no choice.
What can we do ?
We can make our lives easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. Although this is quite a long read it is possible to assess whether TaxJar is the tool you require today.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar? Stripe TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. In addition, you can apply it in all of your sales channels to ensure that you are in compliance with sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to keep everything neat and simple. Let’s look into the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting software seamlessly works well along with sales funnels. If you’re selling through multiple channels, it is essential to maintain everything in line. The final thing you would like is to be penalized for missing a single minor point.
TaxJar allows you to display your key data in one location. That way, there’s no requirement to collect information from multiple sources and then organize it on one platform. All you have to do is to integrate TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to submit their sales tax either manually or via their AutoFile feature. In this review, we’ll look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income The team will guide you on managing the tax returns. But, it is up to you and your team members to complete everything in time. TaxJar is only there to help you understand what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated from calculating sales tax to recording and processing them. However, there might be extra fees if not part of the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to all the information you need, like the list of transactions, reports and the data.
The most appealing aspect of this feature is that it allows you to automatically update every day. Not only can they help you know how much you’ve accumulated, but they also help you track when your following payments are due.
Their dashboard also allows users to view in detail the sales tax totals within your company. It is also possible to export your data to CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. It means you don’t need to hunt for your paperwork when you’re when you’re in a pinch. Even if you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only on their platform, but for anything related to sales tax. You can look through their webinars, guides, and blog for more info. In addition, their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing structures and the features that each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They say it’s the most suitable plan for you to help you with filing requirements or reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small business manager, the plan should be ideal for you. It may not have all the features offered by TaxJar but it comes with all the basics you require.
You can also contact the support team via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for something that is more than the basics, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
So how different is it from the basic plan?
In addition to accessing each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to opt for an upgrade instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations API integrationsfor team members, and AutoFiles.
There is also a team that is devoted to managing your account. They don’t reveal how much the Premium plan will cost you. Stripe TaxJar
But they did state that this plan is tailor-fit for every user. The cost of the plan will be different depending on what you need for your company.
Luckily, you don’t have to bet your life on it to see if this platform is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the service is a good fit for you.
Pros and Pros and
After we’ve gone over everything you need to know about TaxJar let’s take a break. To summarize, here are the advantages and disadvantages of using TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you do, then you ought to try this.
Not only can it assist you in keeping track of your revenue and products, but it can assist you in meeting the deadlines you set. It is also a great platform for an accountant since they provide a Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar will help you reduce time and keep track of every deadline and obligation you have to meet. If you’re living in a place with complicated tax laws, this can surely help you wrap your mind around it. Stripe TaxJar
If handling taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you’re finding the entire process easy to do, you might be better in doing it all by yourself.
FAQ Stripe TaxJar
What areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to USUSD before TaxJar will calculate the tax.