Taxes have always been one of the most difficult things to handle, whether you’re running a business or not. More so if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford the funds to engage an accountant performing the task on your own could be dangerous. If you miss one detail, you might have to redo things again!
Most people want to skipping this step. But , as it’s a requirement, we have no choice.
What can we do ?
We can always simplify our lives with tools such as TaxJar.
We’ll look at this life-saving tool and explain how it can benefit you. While this is a long read it is possible to gauge whether TaxJar is exactly what you need today.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar? TaxJar Address
In 2013, TaxJar was established. 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. In addition, you can apply it in all of the sales channels you use to ensure compliance with your sales taxes. It simplifies the processes that require days to complete and finish within minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by owners of online businesses to keep everything simple and organized. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the first things you’ll want to check is that your accounting tax system perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you need to keep everything in place. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one place. So, there’s no need to collect data from different channels and sort it into a single platform. All you need to do is connect TaxJar then the system will take care of all the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers submit their sales tax manually or through the AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns, the team will instruct you on how to manage these. However, it will be up for you and your team members to finish the tax returns in time. TaxJar is only there to guide you on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. With this feature, everything will be automated from calculating sales tax in order to record and process them. However, there might be additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to all the information you need, like an inventory of your transactions, reports and data.
The greatest benefit of this option is the fact that it allows you to update automatically every day. They not only let you keep track of how much you’ve accumulated, but they also help you track when your following payment is due.
Their dashboard can also allow you to see the overall sales taxes within your company. You can also export your data as the form of a CSV file in case you require it to aid in process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all the sales avenues you use. This means that you don’t have to scramble for your documents when you need them in the event of a need. Even when you already have your accountant, this function will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay 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 offers training and tutorials and tutorials, not just on their platform, but for anything connected to sales tax. Check out their webinars, guides, as well as their blog to find more info. Additionally, their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing features, but they can be too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing tiers and what each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It also includes the tax on sales, four autofiles for free each year, and a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small company owner, this plan should be perfect for you. It might not include all the features of TaxJar however, it does include the essentials that you need.
You can also contact the support team via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking to get a bit more than just the standard features Professional may be the best option for you. It’s priced at $99 but it can go higher when you add additional features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s options, you also have access to their support via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive business, you might need to opt for premium plans instead. It includes all of the features that you require to make your tax filing easier. In addition, they offer unlimited data import integrations as well as API integrations, team members, and AutoFiles.
There is also a team that is devoted to managing your account. They don’t reveal how much the Premium plan costs you. TaxJar Address
But they did state that this plan is tailor-fit for each user. Therefore, the cost will differ depending on what you need for your company.
Fortunately, you don’t need to gamble your money just 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 give you enough time to determine whether the software is the right choice for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of using TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it 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 to USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then ought to try this.
Not only can it aid in tracking your products and revenue however, it will also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they offer tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Using TaxJar can help you reduce time and keep on top of each deadline and obligation you have to fulfill. If you live in an area with complex tax laws, this will definitely help you get your mind around it. TaxJar Address
If handling taxes is easy If it isn’t, then TaxJar might not be a good expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire process easy to do and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar Address
Which areas does TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to USdollars before TaxJar determines your tax.