Taxes have always been among the most difficult things to handle regardless of whether you’re running a 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 full of things to be done. If you don’t have the funds to hire an accountant, performing the task on your own can be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Most people want to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can assist you. While this is an extensive read it is possible to assess whether TaxJar is what you need today.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar TaxJar Acquired By Stripe
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it across all your sales channels to make sure you’re in compliance with sales taxes. It streamlines processes that can take days to complete, and finish within just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check you have a tax accounting system perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar lets you display your most important data in one location. So, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you have to do is connect TaxJar, and the platform will do the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to make sales tax filings by hand or using the AutoFile feature. In the purpose of this article, we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect those sales tools. When the time is right for filing income tax returns The team will guide you on managing them. But, it is up to you and your team to complete the process within the timeframe. TaxJar is there to guide you on what you need to do , but not to handle it.
If you would 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 taxes on sales to recording and processing it. However, there might be extra fees if not part of the plan you select.
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 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 data.
The best part about this option is the fact that it allows you to update automatically every day. They not only let you know how much you’ve earned, but they also help you determine when your next payment is due.
The dashboard allows you to see the total sales tax within your company. Additionally, you can export your data to a CSV file in case you require it in your process of financial planning and accounting or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. That means you won’t have to hunt for your paperwork when you’re in a pinch. Even even if you already have an accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds more effectively. You’ll know exactly how much budget you have available for other operational expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just on their platform, but for anything connected to sales tax. Check out their webinars, guides or blog posts for additional information. Additionally the sales tax calculator can be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they can be too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small-scale company proprietor, then this program should be perfect for you. It might not include all of TaxJar’s features, but it has 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 different from the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to accessing all of the Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive business, you might need to choose an upgrade instead. It comes with all the features that you require to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as Integrations with APIs, teams of users as well as AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Acquired By Stripe
However, they did say that the plan is custom-made to each user. The cost of the plan will be different in line with what you require for your company.
Fortunately, you don’t need to risk your money to find out if the platform is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to see whether the service is the right choice for you.
Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the advantages and disadvantages of the use of TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue It can also help you meet your deadlines. It is also a great opportunity for accountants since they provide the Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you reduce time and keep track of every deadline and obligation you have to fulfill. If you live in a place with complicated tax laws, this can surely help you wrap your head around the subject. TaxJar Acquired By Stripe
If handling taxes is easy and straightforward, then TaxJar could be a waste of 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 by yourself.
FAQ TaxJar Acquired By Stripe
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it into USdollars before TaxJar can calculate your tax.