Taxes are always one of the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is filled with tasks to complete. If you don’t have the funds to hire an accountant, doing it on yourself can be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required, we have no choice.
What can we do about it?
It is always possible to make our lives easier with tools such as TaxJar.
This article will take a look at this life-saving tool and explain how it can assist you. While this is an extensive read it is possible to gauge whether TaxJar is what you need today.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? Taxes After Salary
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with sales tax requirements. It streamlines processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by online business owners to ensure that everything is neat and simple. Let’s take a look at the features and services offered by TaxJar.
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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 system is compatible with your sales channel. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your most important metrics in one place. That way, there’s no need to collect information from multiple sources and then organize it on one platform. All you have to do is connect TaxJar, it will handle the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar allows clients to submit their sales tax by hand or using TaxJar’s AutoFile feature. In our review we’ll take a look at both.
If you choose to go it alone, TaxJar will allow you to connect all of your sales platforms. When the time is right for the filing of income tax returns TaxJar will train you on how to handle these. However, it will be up for you and your team to complete everything in time. TaxJar is there to provide guidance on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. With this feature, everything will be automated from calculating sales tax through recording, and then processing them. But, it is possible to incur additional charges if they are not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there, you and your team can access everything you need, like a list of your transactions, reports, and information.
The most appealing aspect of this feature is that it allows you to automatically update every day. Not only will they let to know the amount you’ve accumulated however, they can also help you track when your following payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. It is also possible to export the data as 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.
Training and Streamlining
TaxJar helps you organize and keep the track of all the sales avenues you use. 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 accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount 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 to cover other operational costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also all things related to sales tax. Check out their guides, webinars, as well as their blog to find more details. Additionally, their sales tax calculator is useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing structures and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the most effective plan if you need help in filing and reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small business owner, this plan will be ideal for you. It might not include all the features offered by TaxJar however, it does include the essentials that you need.
You can also contact their customer support via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for a bit more than just the basic features, then the Professional plan could be the one for you. The price starts at $99 however, it could go up if you add custom features.
What is the difference from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive enterprise, you may want to choose the Premium plan instead. It has all of the features that you require to help with your taxes. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of members as well as AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge how much the Premium plan will cost you. Taxes After Salary
But they did state that this plan is tailor-fit for each user. The cost of the plan will be different in line with what you require for your company.
Free Trial
Luckily, you don’t have to bet your life on it to determine if this service is right for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to gauge if the platform is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you should know about TaxJar let’s take a break. To summarize we’ll go over the pros and cons of making use of TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help 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
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your revenue and products, but it can also help you meet the deadlines you set. It’s also an excellent option for accountants as they have the Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Using TaxJar can help you reduce time and keep track of every deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this will surely help you wrap your head around it. Taxes After Salary
If handling taxes is easy, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the entire process easy to do, you might be better to do it on your own.
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FAQ Taxes After Salary
Which areas does TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n US$. If you’re using a different currency, you will need to convert it to USUSD prior to when TaxJar will calculate the tax.
