Taxes are always one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the budget to hire an accountant, performing the task on your own can be risky. If you make a mistake it could mean you have to redo things again!
Most people want to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do ?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can assist you. Even though this is lengthy it is possible to gauge whether TaxJar is what you need in the present.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? Support Analyst TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculations. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all your sales channels to make sure you’re in compliance with your sales taxes. It simplifies the processes that require days to complete and finish within minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s take a look at their features and services.
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Features and services
Integration
One of the first things you’ll need to ensure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. So, there’s no need to gather data in multiple channels and organize it into one platform. All you have to do is integrate TaxJar then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows clients to file their sales taxes by hand or using TaxJar’s AutoFile feature. For our review we’ll look at both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. When the time is right for the filing of income tax returns, the team will instruct you on managing these. But, it is up to you and your team members to complete everything within the timeframe. TaxJar is only there to provide guidance on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales taxes through recording, and then processing them. There could be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there, you and your team will have access to all the information you need, such as an inventory of your transactions, reports, and data.
The best part about this option is the fact that it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve earned and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes in your business. You can also export the data in CSV format. CSV file in case you require it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all your sales channels. This means that you don’t have to scramble for your documents when you need them in a pinch. Even when you already have your accountant, this function can aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds more effectively. You’ll be aware of the budget you have for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform but for anything related to sales tax. Check out their webinars, guides, as well as their blog to find more information. Apart from that the sales tax calculator is useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the most effective plan if you need help with filing requirements and reporting. It comes with sales tax reporting, four autofiles for free each year, and the option of a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small-scale company manager, the plan should be perfect for you. It might not include all of TaxJar’s features, but it has the basic features you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for a bit more than just the standard features, then the Professional plan 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 basic plan?
In addition to accessing all of the Starter plan’s features, you also have their phone customer support access to APIs, as well as advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge enterprise, you may want to choose an upgrade instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports API integrations, team users as well as AutoFiles.
There is also a team dedicated in managing your accounts. They don’t reveal how much the Premium plan costs you. Support Analyst TaxJar
However, they did say that this plan is customized to each user. So the costs will vary in line with what you require for your business.
Free Trial
Luckily, you don’t have to gamble your money just to find out if the platform is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to see if the platform is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you should know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then should try this.
Not only can it aid in tracking the sales and profits of your business, but it can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they provide tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Using TaxJar will help you save more time while keeping on top of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax laws, this can surely help you wrap your head around it. Support Analyst TaxJar
If handling taxes is easy, then TaxJar might not be a good investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ Support Analyst TaxJar
Which areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it to US$ before TaxJar can calculate your tax.
