Taxes have always been among the hardest things to do regardless of whether you run an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. When you’re not able to afford the funds to engage an accountant making it yourself can be risky. If you make a mistake, you might have to redo things again!
Almost everyone wants to skipping this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. Even though this is an extensive read it is possible to determine if TaxJar is the tool you require today.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, we’ll dive right into.
What exactly is TaxJar? Tax Rate By Address TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all of the sales channels you use to ensure that you are in compliance with sales taxes. It simplifies the processes that require days to complete and is completed in just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s look into the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you have multiple sales channels, you must maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar lets you display your key metrics in one spot. This means that there is no need to gather data in multiple channels and then organize it on a single platform. All you need to do is to integrate TaxJar it will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to make sales tax filings manually or through TaxJar’s AutoFile feature. In this review, we’ll dig at both.
If you decide to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to filing income tax returns TaxJar will train you on how to handle them. But, it is up to you and your staff to complete the process in time. TaxJar is only there to help you understand what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. Through this feature, everything is automated, from calculating sales tax in order to record and process it. There could be extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team can access everything you require, including an inventory of your transactions, reports, and the data.
The greatest benefit of this option is the fact that they allow you to automatically update every day. Not only will they let to know the amount you’ve earned and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to see the sales tax totals for your business. It is also possible to export your data as a CSV file if you need it to aid in process of financial planning and accounting or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. This means that you don’t have to scramble for your documents whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature can make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds better. You’ll be aware of the budget you have available for other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only on their platform, but for anything that has to do with sales tax. You can look through their webinars, guides and blog for more details. Apart from that their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they can be too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and the features that each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most effective plan to help you with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, and an CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company manager, the plan will be perfect for you. It may not have all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration features.
If you’re looking to get different from the standard features and options, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up when you add additional features.
How different is it from the basic plan?
Apart from having access to every one of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive company, you may need to go for an upgrade instead. It comes with all the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data as well as API integrationsfor team members as well as AutoFiles.
They also have a team dedicated for managing the account. But, they don’t divulge the amount that the Premium plan will cost you. Tax Rate By Address TaxJar
However, they did say that this plan is customized for each user. Therefore, the cost will differ according to what you require for your business.
It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to see whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a breather. To sum it all up Here are the pros and cons of using TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides 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 possible to integrate it with other platforms
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with many sales channels and utilizes plenty of platforms. If this sounds like the way you do, then you should try this.
It’s not just a way to assist you in keeping track of your revenue and products, but it can assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they have tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline or requirement you need to fulfill. If you live in an area with complex tax laws, this can certainly help you to get your head around the subject. Tax Rate By Address TaxJar
However, if managing taxes is easy and straightforward, then TaxJar might not be a good expense. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
FAQ Tax Rate By Address TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to USdollars before TaxJar can calculate your tax.