Taxes are always one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford the budget to employ an accountant, making it your own can be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can help you. While this is lengthy but you’ll be able to determine if TaxJar is what you need today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then let’s get right into it.
What is TaxJar? Tax Overage Business
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all your channels of sales to make sure you’re in compliance with sales taxes. It makes the process simpler that could take days to complete and is completed in just a few 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 used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure is your tax-reporting platform seamlessly works well with your sales channel. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one place. This means that there is no requirement to collect data in multiple channels and then organize it on a single platform. All you have to do is integrate TaxJar, it will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. For our review we’ll dig at both.
If you opt to do it manually, TaxJar will allow you to connect those sales tools. When the time is right for filing income tax returns The team will guide you on how to handle them. It is up for you and your team members to complete the process on time. TaxJar is there to guide you on what you should do but not handle it.
If you would 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 is automated, from calculating sales taxes to recording and processing them. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team can access everything you need, such as an inventory of your transactions, reports, as well as information.
The most appealing aspect 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, but they also help you track when your following payment is due.
The dashboard allows you to see the overall sales taxes in your business. Additionally, you can export your data in a CSV file in case you require it to aid in financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. That means you won’t have to hunt for your paperwork when you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your money more efficiently. You’ll know better how much budget you have for other operational expenses.
What’s more is that TaxJar offers training and tutorials, not just for their platform , but also all things related to sales tax. You can look through their webinars, guides as well as their blog to find more information. Additionally their sales tax calculator is helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing tiers and the features that each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small-scale business manager, the plan will be ideal for you. It might not include all the features offered by TaxJar but it comes with the essentials that you need.
Additionally, you can contact their support team with their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something that is more than the basic features and options, then the Professional plan may be the best option for you. The price starts at $99 however, it could go up when you add additional features.
How different is it from the original plan?
In addition to accessing all of the Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you have a massive enterprise, you may want to opt for premium plans instead. It includes all of the features needed to aid in your tax preparation. In addition, they offer unlimited data import integrations API integrationsfor team users, and AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal the amount that the Premium plan costs you. Tax Overage Business
However, they did say that this plan is tailor-fit for every user. The cost of the plan will be different in line with what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to see whether the service is an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of using TaxJar for your company.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then you should try this.
Not only will it assist you in keeping track of your revenue and products It can help you meet the deadlines you set. It is also a great platform for an accountant since they provide a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar will help you reduce time and keep track of every deadline or requirement you need to meet. If you’re living in a place with complicated tax laws, this can surely help you wrap your head around it. Tax Overage Business
If handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better off doing it on your own.
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FAQ Tax Overage Business
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it into US$ prior to when TaxJar determines the tax.
