Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to engage an accountant doing it on yourself can be risky. If you make a mistake it could mean you have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do about it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is the tool you require right now.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What is TaxJar TaxJar 179Mlundentechcrunch
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all your sales channels to ensure that you are in compliance with your sales taxes. It simplifies the processes that require days to complete and finish within just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the most important things you’ll want to check is your tax-reporting software perfectly integrates along with sales funnels. If you’re selling through multiple channels, it is essential to maintain everything in line. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to show your most important metrics in one spot. That way, there’s no need to gather data from different channels and organize it into one platform. All you need to do is to integrate TaxJar it will do all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to submit their sales tax either manually or via their AutoFile feature. In the purpose of this article, we’ll look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing income tax returns TaxJar will train you on how to manage them. It is up to you and your team members to finish the tax returns within the timeframe. TaxJar is there to help you understand what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales tax in order to record and process it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be put together into a single dashboard through this platform. From there, you and your team will have access to everything you require, including an inventory of your transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let to know the amount you’ve earned, but they also help you determine when your next payments are due.
Their dashboard also allows you to see the overall sales taxes for your business. Additionally, you can export the information in CSV format. CSV file in case you require it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. It means you don’t need to search for your documents when you’re when you’re in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have available for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also everything connected to sales tax. You can look through their webinars, guides, and blog for more information. Apart from that 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. Some platforms offer superb capabilities, but they’re often too costly for your business. This is why in this section we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you to help you with filing requirements and reporting. It includes the tax on sales, four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a smaller company owner, this plan could be perfect for you. It might not include all the features of TaxJar however, it does include the essentials that you need.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get that is more than the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it by adding custom features.
So how different is it from the starter plan?
In addition to having access to each 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. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive business, you might need to opt for the Premium plan instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data, Integrations with APIs, teams of users as well as AutoFiles.
There is also a team that is devoted for managing the account. They don’t reveal how much the Premium plan will cost you. TaxJar 179Mlundentechcrunch
But they did state that the plan is custom-made for each user. The cost of the plan will be different according to what you require for your company.
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to gauge if the platform is a good fit for you.
Pros and Cons
Now that we’ve covered all you need to know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
- 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 simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- You can track several sales channels
- 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 down, TaxJar can be a great platform businesses with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business, but it can also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they offer a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Using TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax laws, this can surely help you wrap your head around the subject. TaxJar 179Mlundentechcrunch
But if handling your taxes is straightforward, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure simple to follow, you might be better to do it by yourself.
FAQ TaxJar 179Mlundentechcrunch
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate 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 with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transaction amounts are n US$. If you’re using another currency, you’ll have to convert it into USdollars before TaxJar can calculate your tax.