Taxes have always been among the hardest things to do regardless of whether you run a business or not. More so if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, particularly when you’re full of things to be done. If you don’t have the funds to employ an accountant, doing it on yourself can be risky. If you make a mistake and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement, we have no choice.
So what is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can assist you. Although this is quite lengthy but you’ll be able to determine if TaxJar is what you need today.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Allows For Mulitple Tax Locations For Square Purchases
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it in all of your channels of sales to ensure compliance with your sales taxes. It simplifies the processes that require days to complete and finish within only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by online business owners to keep everything neat and simple. Let’s explore their features and services.
Services and features
One of the first 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 using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar allows you to display your critical metrics in one place. That way, there’s no requirement to collect data in multiple channels and organize it into one platform. All you need to do is to integrate TaxJar, it will do all the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to file their sales taxes by hand or using TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income, the team will instruct you on how to manage the tax returns. It is up for you and your team members to complete the process on time. TaxJar is there to provide guidance on what you need to do but not handle it.
If you’d 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 is automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything 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 your account automatically each day. Not only will they let to know the amount you’ve accumulated, but they also help you track when your following payment is due.
Their dashboard can also allow you to see the total sales tax in your business. It is also possible to export the information to CSV format. CSV file, if you want to use it for your process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all your sales channels. That means you won’t have to search for your documents when you need them in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds better. You’ll know exactly how much budget you have available for other operating costs.
The best part is that TaxJar offers tutorials and training not only for their platform , but also everything connected to sales tax. You can check out their webinars, guides or blog posts for additional info. Additionally the sales tax calculator can 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 examine TaxJar’s pricing levels and the features that each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a smaller business owner, this plan will be perfect for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration features.
If you’re looking for that is more than the standard features, then the Professional plan could be the one for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the starter plan?
Apart from having access to every one of Starter plan’s features, you also have their phone customer support access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large enterprise, you may want to opt for the Premium plan instead. It comes with all the features that you require to help with your taxes. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of users as well as AutoFiles.
There is also a team who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. is going to cost. TaxJar Allows For Mulitple Tax Locations For Square Purchases
However, they did mention that this plan is tailor-fit for every 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 gamble your money just to determine if this service is for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to determine if the platform is the right choice for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar Let’s relax. To sum it all up we’ll go over 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 Taxes on sales online calculator.
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- 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 have access to the API feature.
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then ought to try this.
Not only will it aid in tracking the sales and profits of your business however, it will help you meet your deadlines. This is also an excellent option for accountants as they offer the Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you get more done while keeping track of every deadline and obligation you have to fulfill. If you’re in a region with a lot of tax laws, this can surely help you wrap your head around it. TaxJar Allows For Mulitple Tax Locations For Square Purchases
If handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary investment. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow then you’re better in doing it all on your own.
FAQ TaxJar Allows For Mulitple Tax Locations For Square Purchases
What areas does TaxJar provide 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 connect your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it to US$ before TaxJar determines your tax.