Taxes are always one of the most difficult tasks to complete, whether you’re running an enterprise or not. Even more so if you do not have a background in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the funds to hire an accountant, doing it on your own can be dangerous. If you overlook one thing it could mean you have to do it all over again!
Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do about it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can help you. While this is lengthy but you’ll be able to assess whether TaxJar is the tool you require right now.
Prefer to watch videos instead? Watch 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 With TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for your entire sales tax 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 simplifies the processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check is that your accounting tax software perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you must maintain everything in line. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one spot. That way, there’s no requirement to collect data from different channels and sort it into one platform. All you have to do is integrate TaxJar, then the system will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. For this review, we’ll look into both.
If you opt to go it alone, TaxJar will allow you to connect your sales platforms. Once the time comes for the filing of income tax returns The team will guide you on how to handle the tax returns. But, it is up to you and your staff to complete everything within the timeframe. TaxJar will only guide you on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. With this feature, everything will be automated, from calculating sales tax to recording and processing it. But, it is possible to incur additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your team can access everything you need, such as the list of transactions, reports, as well as information.
The best part about this option is the fact that they allow you to update automatically every day. Not only will they let to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard also allows you to see the overall sales taxes within your company. You can also export the information to a CSV file in case you require it to aid in process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. That means you won’t have to scramble for your documents whenever you’re in the event of a need. Even when you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have for other operational costs.
What’s more is that TaxJar provides training and tutorials, not just on their platform, but all things connected to sales tax. You can look through their guides, webinars, or blog posts for additional info. Apart from that the sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you to help you in filing and reporting. It comes with sales tax reporting, 4 free yearly AutoFiles, and an CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a smaller company manager, the plan should be ideal for you. It may not offer 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. You’ll also be able to use their integration features.
If you’re looking for that is more than the basics, 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.
How different is it from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge business, you might need to opt for premium plans instead. It has all of the features needed to help with your taxes. Moreover, they allow unlimited data import integrations, API integrationsfor team members and AutoFiles.
They also have a staff that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. will cost you. Stripe With TaxJar
However, they did mention that this plan is customized for every user. The cost of the plan will be different in line with what you require for your business.
Luckily, you don’t have to bet your life on it to see if this platform is right for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should be enough time to determine whether the service is the right choice for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform businesses with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it help you track your revenue and products It can help you meet your deadlines. It is also a great opportunity for accountants since they offer the Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
The use of TaxJar will help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you live in a place with complicated tax laws, this will surely help you wrap your mind around it. Stripe With TaxJar
But if handling your taxes is simple and straightforward, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the entire procedure simple to follow, you might be better in doing it all by yourself.
FAQ Stripe With TaxJar
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions’ amounts are in US$. If you’re using another currency, you will need to convert it to USdollars prior to when TaxJar determines your tax.