Taxes are always one of the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Even more so if you do not have any experience in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is filled with tasks to complete. When you’re not able to afford the funds to hire an accountant, making it your own could be risky. If you make a mistake it could mean you have to do it all over again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what can we do about it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can assist you. Although this is quite lengthy but you’ll be able to assess whether TaxJar is what you need in the present.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? Tax After Paycheck
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all the sales channels you use to ensure compliance with sales taxes. It streamlines processes that can take days to complete, and is completed in just a few only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to keep everything organized and straightforward. Let’s take a look at their features and services.
Features and services
One of the first things you’ll want to check is your tax-reporting system is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. So, there’s no requirement to collect data from different channels and then organize it on one platform. All you have to do is to integrate TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms that they can connect with:
TaxJar lets customers submit their sales tax manually or through the AutoFile feature. In this review, we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing income tax returns TaxJar will train you on managing these. It is up to you and your team members to complete everything on time. TaxJar is there to provide guidance on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. Through this feature, everything will be automated from calculating sales tax to recording and processing them. However, there might be additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there you and your staff will have access to all the information you need, like a list of your transactions, reports and the data.
The best part about this feature is that it lets you to update your account automatically each day. Not only will they let you keep track of how much you’ve earned, but they also help you determine when your next payment is due.
The dashboard allows you to see the total sales tax for your business. Additionally, you can export your data as CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to search for your documents whenever you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have for other operating costs.
The best part is that TaxJar offers training and tutorials, not just for their platform but everything related to sales tax. You can check out their webinars, guides or blog posts for additional details. Additionally, their sales tax calculator should be useful if you’re planning to take on the entire task yourself.
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 costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements or reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small business owner, this plan should be ideal for you. It may not offer all of TaxJar’s features, but it has the essentials that you need.
In addition, you can reach their support team with their support chart for email. 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 could be the one for you. The price starts at $99 but you can increase it by adding custom features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their support via phone, API access, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you run a large business, you might need to go for the Premium plan instead. It includes all of the features that you require to make your tax filing easier. Additionally, they permit unlimited import integrations of data as well as Integrations with APIs, teams of members as well as AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal the amount that the Premium plan will cost you. Tax After Paycheck
But they did state that this plan is customized to each user. Therefore, the cost will differ in line with what you require for your company.
Fortunately, you don’t need to bet your life on it to determine if this service is for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to gauge if the platform is the right choice for you.
Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- It allows you to monitor 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.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes many platforms. If that sounds like what you do, then you should try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business It can also help you meet your deadlines. It’s also an excellent option for accountants as they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can help you get more done while keeping on top of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this will certainly help you to get your mind around it. Tax After Paycheck
However, if managing taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you find the whole process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
FAQ Tax After Paycheck
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n US$. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar will calculate the tax.