Taxes have always been one of the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. In the event that you do not have the funds to hire an accountant, doing it on yourself can be risky. If you overlook one thing it could mean you have to do it all over again!
Almost everyone wants to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can help you. Although this is quite lengthy it is possible to determine if TaxJar is what you need today.
Do you prefer watching videos rather than watch them? 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 exactly is TaxJar? Switching From Annual To Monthly In TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that take days to complete and is completed in just a few only a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to ensure you have a tax accounting software seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you need to keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your key metrics in one spot. So, there’s no need to gather information from multiple sources and then organize it on a single platform. All you have to do is integrate TaxJar, it will do all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. For this review, we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns, the team will instruct you on how to handle the tax returns. It is up to you and your team members to finish the tax returns in time. TaxJar will only provide guidance on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. With this feature, everything is automated, from calculating taxes on sales in order to record and process them. There could be extra fees if not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. From there you and your team will have access to everything you need, such as the list of transactions, reports, as well as information.
The greatest benefit of this option is the fact that it lets you to automatically update every day. They not only let you keep track of how much you’ve earned however, they can also help you keep track of when the next payments are due.
Their dashboard also allows you to see the total sales tax in your business. Additionally, you can export the data to a CSV file in case you require it to aid in accounting and financial planning processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even when you already have your accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your funds better. You’ll know better how much budget you have for other operating expenses.
What’s more is that TaxJar offers tutorials and training not only on their platform, but for anything connected to sales tax. You can look through their guides, webinars, as well as their blog to find more info. Additionally the sales tax calculator can be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a smaller business proprietor, then this program should be ideal for you. It may not offer all the features offered by TaxJar however, it does include the basic features you require.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something a bit more than just the standard features, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up by adding custom features.
So how different is it from the original plan?
In addition to having access to every one of Starter plan’s options, you also have access to their phone customer support, API access, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to opt for premium plans instead. It comes with all the features that you require to make your tax filing easier. In addition, they offer unlimited import integrations of data as well as API integrations, team members and AutoFiles.
There is also a team that is devoted for managing the account. However, they don’t disclose the price of the Premium plan. costs you. Switching From Annual To Monthly In TaxJar
However, they did mention that this plan is customized for every user. So the costs will vary in line with what you require to run your business.
Luckily, you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to determine whether the software is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you need to know about TaxJar let’s take a breather. To sum it all up we’ll go over the advantages and disadvantages of the use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only valid for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies with multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then ought to try this.
Not only can it assist you in keeping track of your revenue and products however, it will help you meet your deadlines. It’s also an excellent opportunity for accountants since they have tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to meet. If you live in an area with complex tax laws, this will surely help you wrap your mind around it. Switching From Annual To Monthly In TaxJar
But if handling your taxes is straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. If you find the entire procedure easy to complete, you might be better to do it on your own.
FAQ Switching From Annual To Monthly In TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into US$ prior to when TaxJar determines your tax.