Taxes are always one of the hardest things to do regardless of whether you run a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford enough money to hire an accountant, doing it on your own could be risky. If you overlook one thing it could mean you need to repeat the process!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory, we have no choice.
What can we do ?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can benefit you. While this is lengthy but you’ll be able to assess whether TaxJar is the tool you require in the present.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Accounts For Stores
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your sales channels to make sure you’re in compliance with sales tax requirements. It streamlines processes that take days to complete and is completed in just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by online business owners to keep everything simple and organized. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting system seamlessly works well with your sales channel. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your key data in one location. So, there’s no need to gather information from multiple sources and then organize it on a single platform. All you need to do is integrate TaxJar, and the platform will do 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 they are able to integrate with:
TaxJar allows customers to make sales tax filings either manually or via their AutoFile feature. In this review, we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle them. It is up to you and your team to finish the tax returns within the timeframe. TaxJar is only there to guide you on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. Through this feature, everything will be automated, from calculating taxes on sales in order to record and process them. However, there might be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your staff can access everything you need, like an inventory of your transactions, reports, and the data.
The greatest benefit of this option is the fact that they allow you to update automatically every day. Not only can they help to know the amount you’ve collected, but they also help you determine when your next payments are due.
Their dashboard also allows you to fully view the overall sales taxes in your business. It is also possible to export your data to the form of a CSV file if you need it in your financial planning and accounting processes 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. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this feature will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll be aware of the budget you have available for other operating costs.
The best part is that TaxJar offers tutorials and training not only for their platform but all things connected to sales tax. You can look through their webinars, guides, and blog for more details. Additionally, their sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a smaller company proprietor, then this program could be perfect for you. It may not offer all the features of TaxJar but it comes with the essentials that you need.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration features.
If you’re looking to get a bit more than just the standard features Professional might be the right one for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to go for an upgrade instead. It comes with all the features that you require to help with your taxes. Moreover, they allow unlimited data import integrations as well as Integrations with APIs, teams of users, and AutoFiles.
They also have a staff that is devoted in managing your accounts. They don’t reveal how much the Premium plan is going to cost. TaxJar Accounts For Stores
However, they did say that this plan is tailor-fit to 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 see if this platform is right for you. If you’re still looking into various options, they provide a 30-day free trial. This should be enough time to see whether the software is a good fit for you.
Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of using TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- It allows you to monitor 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
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you ought to try this.
Not only can it aid in tracking your revenue and products It can help you meet your deadlines. It is also a great platform for an accountant since they have tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar can help you reduce time and keep track of every deadline and requirement you have to fulfill. If you’re in an area with complex tax laws, this can certainly help you to get your mind around it. TaxJar Accounts For Stores
If handling your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better to do it by yourself.
FAQ TaxJar Accounts For Stores
Which areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency using 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 into USdollars before TaxJar can calculate the tax.