Taxes are always one of the most difficult tasks to complete regardless of whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford enough money to employ an accountant, doing it on yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
What can we do about it?
We can always simplify our lives by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can assist you. Although this is quite an extensive read it is possible to assess whether TaxJar is what you need right now.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar 10K
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it in all of the sales channels you use to ensure compliance with your sales taxes. It streamlines processes that take 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.
How can it help you?
TaxJar is widely used by online business owners to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax software perfectly integrates along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar allows you to display your critical metrics in one place. So, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you need to do is integrate TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows customers to make sales tax filings either manually or via the AutoFile feature. For this review, we’ll take a look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When it comes time to filing tax returns for income The team will guide you on managing the tax returns. It is up for you and your staff to complete everything within the timeframe. TaxJar will only provide guidance on what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. Through this feature, everything is automated, from calculating sales taxes in order to record and process it. But, it is possible to incur additional charges if they are not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. 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 will have access to everything you need, like a list of your transactions, reports and information.
The best part about this option is the fact that they allow you to update your account automatically each day. Not only can they help you know how much you’ve earned however, they can also help you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals within your company. It is also possible to export your data to a CSV file if you need it to aid in financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to search for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have for other operational costs.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also everything that has to do with sales tax. You can look through their webinars, guides as well as their blog to find more information. Additionally, their sales tax calculator should be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of those choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They say it’s the best plan if you need help with filing requirements or reporting. It also includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a smaller company proprietor, then this program will be perfect for you. It may not have all the features offered by TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for something that is more than the basic features, 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.
How different is it from the original plan?
In addition to accessing all of the Starter plan’s options, you also have access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you run a large company, you may need to go for the Premium plan instead. It includes all of the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations Integrations with APIs, teams of users as well as AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the amount that the Premium plan is going to cost. TaxJar 10K
However, they did say that this plan is customized for every user. The cost of the plan will be different according to what you require for your business.
Fortunately, you don’t need to bet your life on it to see if this 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 gauge if the platform is the right choice for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your products and revenue It can also help you meet the deadlines you set. It is also a great opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you reduce time and keep the track of each deadline and requirement you have to meet. If you’re in a place with complicated tax regulations, this will certainly help you to get your head around the subject. TaxJar 10K
If handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole procedure simple to follow then you’re better off doing it on your own.
FAQ TaxJar 10K
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions are in US$. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar can calculate your tax.