Taxes have always been among the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford enough money to employ an accountant, performing the task on your own can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to avoid 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 with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can help you. Although this is quite lengthy it is possible to gauge whether TaxJar is what you need right now.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, let’s get right into it.
What exactly is TaxJar? Tax Minus Calculator
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use it across all of your channels of sales to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and finish within only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll want to check is that your accounting tax platform is compatible with your sales channel. If you have multiple sales channels, you need to keep everything in place. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar lets you display your most important metrics in one spot. This means that there is no need to collect data from different channels and organize it into a single platform. All you need to do is connect TaxJar then the system will take care of 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 clients to make sales tax filings by hand or using the AutoFile feature. For this review, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When the time is right for filing income tax returns The team will guide you on how to handle the tax returns. However, it will be up for you and your team to finish the tax returns within the timeframe. TaxJar is there to provide guidance on what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales tax to recording and processing them. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting problems. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your team will have access to everything you need, like the list of transactions, reports and information.
The greatest benefit of this feature is that it lets you to automatically update every day. Not only can they help you know how much you’ve earned, but they also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the overall sales taxes for your business. Additionally, you can export your data to CSV format. CSV file, if you want to use it for your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. This means that you don’t have to search for your documents whenever you’re when you’re in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have for other operating costs.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform , but also for anything related to sales tax. Check out their guides, webinars, as well as their blog to find more information. Apart from that their sales tax calculator is beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing structures and the features that each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements and reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller business owner, this plan should be ideal for you. It might not include all of TaxJar’s features but it comes with the essentials that you need.
You can also contact the support team via their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking for something a bit more than just the basics, then the Professional plan may be the best option for you. It starts at $99, however, it could go up by adding custom features.
So how different is it from the original plan?
Apart from having access to all of the Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to choose premium plans instead. It has all of the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as API integrations, team members as well as AutoFiles.
They also have a team dedicated to managing your account. But, they don’t divulge the amount that the Premium plan will cost you. Tax Minus Calculator
However, they did say that this plan is tailor-fit to each user. So the costs will vary according to what you require to run your business.
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the software is a good fit for you.
Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of the use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- Allows you to track 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.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then you must try TaxJar.
Not only can it assist you in keeping track of the sales and profits of your business It can also help you meet the deadlines you set. This is also an excellent platform for an accountant since they provide the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar can help you save more time while keeping the track of each deadline and requirement you have to meet. If you’re in a region with a lot of tax laws, this can definitely help you get your head around the subject. Tax Minus Calculator
However, if managing your taxes is simple, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete, you might be better to do it by yourself.
FAQ Tax Minus Calculator
Which areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions are in US$. If you’re using another currency, you’ll have to convert it to US$ prior to when TaxJar can calculate the tax.