Taxes have always been among the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the budget to engage an accountant performing the task on your own can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
We can make our lives easier with tools such as TaxJar.
Here we’ll take a look at this life-saving device and how it can assist you. Even though this is an extensive read, you should be able to determine if TaxJar is what you need right now.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Acquisition
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with your sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to keep everything simple and organized. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure you have a tax accounting system perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you need to ensure that everything is in order. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to show your most important data in one location. That way, there’s no requirement to collect information from multiple sources and organize it into a single platform. All you have to do is connect TaxJar it will do all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes either manually or via their AutoFile feature. In our review we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. When it comes time to the filing of income tax returns The team will guide you on how to manage them. But, it is up to you and your team to complete everything on time. TaxJar will only guide you on what you need to accomplish, but not manage 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. With this feature, everything will be automated, from calculating sales tax to recording and processing it. However, there might be extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team will have access to everything you need, like an inventory of your transactions, reports, and the data.
The greatest benefit of the feature you’ve chosen is it lets you to update your account automatically each day. They not only let you know how much you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to see the sales tax totals for your business. Additionally, you can export the information to a CSV file, if you want to use it for your accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the channels you sell through. This means that you don’t have to search for your documents when you need them in the event of a need. Even if you already have your accountant, this function will make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have for other operating expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform , but also for anything related to sales tax. You can check out their webinars, guides, as well as their blog to find more info. In addition, their sales tax calculator is beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing structures and what each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale company manager, the plan will be perfect for you. It might not include all the features of TaxJar but it comes with all the basics you require.
Additionally, you can contact their support team with their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking to get a bit more than just the basics Professional may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.
So how different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large enterprise, you may want to opt for the Premium plan instead. It has all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data as well as API integrations, team users and AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal how much the Premium plan costs you. TaxJar Acquisition
However, they did mention that the plan is custom-made to each user. Therefore, the cost will differ according to what you require to run your business.
Luckily, you don’t have to bet your life on it to determine if this service is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to gauge whether the software is the right choice for you.
Pros and Cons
After we’ve gone over everything you must know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of using TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- 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.
- Owners and accountants should review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then should try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business It can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they have a Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re in an area with complex tax laws, this will definitely help you get your head around the subject. TaxJar Acquisition
However, if managing your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar Acquisition
What areas does TaxJar offer API assistance?
TaxJar currently works with 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 link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into US$ before TaxJar will calculate the tax.