Taxes are always one of the most difficult tasks to complete regardless of whether you run an enterprise or not. Particularly if you don’t have any experience in accounting or finance. Tax-related work aren’t easy, particularly when you’re full of things to be done. If you don’t have enough money to engage an accountant doing it on your own could be dangerous. If you make a mistake, you might have to redo things again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do about it?
We can always make life easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can help you. While this is an extensive read but you’ll be able to gauge whether TaxJar is the tool you require today.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar? Taxes After Pay
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It streamlines processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to make their business more neat and simple. Let’s explore their features and services.
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Features and services
Integration
One of the most important things you’ll need to make sure you have a tax accounting software perfectly integrates 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 not paying attention to a minor thing.
TaxJar allows you to show your key metrics in one spot. So, there’s no need to collect data from different channels and then organize it on one platform. All you need to do is connect TaxJar, it will handle all the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows clients to make sales tax filings either manually or via the AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for filing income tax returns, the team will instruct you on how to handle them. But, it is up for you and your team members to finish the tax returns on time. TaxJar is there to help you understand what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales through recording, and then processing them. There could be extra fees if not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting problems. The orders you place through your online channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to all the information you need, like an inventory of your transactions, reports, and information.
The best part about 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 accumulated however, they can also help you determine when your next payments are due.
The dashboard allows you to fully view the overall sales taxes in your business. It is also possible to export the information in CSV format. CSV file in case you require it to aid in process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the channels you sell through. That means you won’t have to hunt for your paperwork whenever you’re in the event of a need. Even when you already have your accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operational expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform but for anything related to sales tax. Check out their webinars, guides, as well as their blog to find more information. Additionally the sales tax calculator is useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and what each of those choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They say it’s the best plan for those who need assistance with filing requirements or reporting. It includes sales tax reporting, 4 annual AutoFiles for free, as well as the option of 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 will be ideal for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration tools.
Professional
If you’re looking for something that is more than the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher when you add additional features.
What is the difference from the starter plan?
In addition to accessing every one of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large business, you might need to opt for an upgrade instead. It has all of the features needed to make your tax filing easier. Additionally, they permit unlimited data import integrations, API integrations, team users, and AutoFiles.
They also have a staff who are devoted for managing the account. But, they don’t divulge how much the Premium plan will cost you. Taxes After Pay
However, they did say that the plan is custom-made for each user. So the costs will vary in line with what you require for your company.
Free Trial
Luckily, you don’t have to risk your money to find out if the platform is for you. If you’re still looking into different options, they offer a 30-day free trial. It should give you enough time to determine whether the service is an excellent fit for you.
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Pros and Pros and
We’ve covered everything you need to know about TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of using TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you ought to try this.
Not only will it help you track your products and revenue however, it will also help you meet the deadlines you set. It is also a great option for accountants as they have the Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
Using TaxJar can allow you to save more time while keeping track of every deadline or requirement you need to meet. If you’re in an area with complex tax regulations, this will definitely help you get your head around the subject. Taxes After Pay
If handling your taxes is simple and straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the whole procedure simple to follow then you’re better to do it by yourself.
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FAQ Taxes After Pay
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to USUSD prior to when TaxJar will calculate your tax.
