Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re packed with things to do. If you don’t have enough money to hire an accountant, doing it on yourself can be risky. If you miss one detail 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.
So what is the best way to deal with it?
We can make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. While this is lengthy, you should be able to gauge whether TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar TaxJar Acquisition Price
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to ensure that you are in compliance with your sales taxes. It streamlines processes that take days to complete and finish within minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to keep everything simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting software seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one spot. So, 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 then the system will take care of all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers submit their sales tax either manually or via the AutoFile feature. For this review, we’ll look into both.
If you opt to go it alone, TaxJar will allow you to connect your sales platforms. When the time is right for filing income tax returns The team will guide you on managing them. But, it is up for you and your staff to finish the tax returns on time. TaxJar will only help you understand what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. Through this feature, everything will be automated, from calculating sales tax through recording, and then processing them. There could be extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled 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 require, including an inventory of your transactions, reports and data.
The greatest benefit of 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 accumulated however, they can also help you track when your following payment is due.
Their dashboard can also allow you to see the total sales tax for your business. It is also possible to export your data to the form of a CSV file in case you require it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to search for your documents when you need them 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 your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials, not just on their platform, but all things connected to sales tax. You can look through their webinars, guides, as well as their blog to find more information. Additionally their sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing structures and what each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most effective plan if you need help in filing and reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small-scale business manager, the plan should be perfect for you. It might not include all the features of TaxJar, but it has the essentials that you need.
Additionally, you can contact the support team via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for different from the basic features Professional could be the one for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also have the support of their customer service via phone, API access, and advanced CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge company, you may need to opt for an upgrade instead. It includes all of the features you need to help with your taxes. Additionally, they permit unlimited integrations with data imports, Integrations with APIs, teams of users and AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Acquisition Price
However, they did mention that this plan is tailor-fit to each user. So the costs will vary depending on what you need to run your business.
Luckily, you don’t have to gamble your money just to determine if this service is for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to see whether the service is a good fit for you.
Pros and Cons
Now that we’ve covered all you need to know about TaxJar let’s take a break. To summarize we’ll go over the pros and cons of the use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated 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 be able to access the API feature.
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with multiple sales channels and uses numerous platforms. If that sounds like 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 however, it will also help you meet your deadlines. It is also a great opportunity for accountants since they provide tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar will help you save more time while keeping track of every deadline and obligation you have to meet. If you live in a region with a lot of tax laws, this will certainly help you to get your head around the subject. TaxJar Acquisition Price
But if handling taxes is easy, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better off doing it on your own.
FAQ TaxJar Acquisition Price
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in US$. If you’re using a different currency, you’ll have to convert it into US$ prior to when TaxJar determines the tax.