Taxes are always one of the most difficult tasks to complete, whether you’re running an enterprise or not. Particularly if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to hire an accountant, doing it on your own can be risky. If you miss one detail, you might have to do it all over again!
Almost everyone wants to skipping this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can help you. Even though this is an extensive read it is possible to determine if TaxJar is what you need right now.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Amazon Chart
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with sales taxes. It streamlines processes that require days to complete and finish within only a few 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 used extensively by business owners who run online businesses to make their business more simple and organized. Let’s take a look at their features and services.
Features and services
One of the most important things you’ll want to check is that your accounting tax platform perfectly integrates with your sales channel. If you have multiple sales channels, you must keep everything in place. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your critical data in one location. That way, there’s no need to collect data from different channels and organize it into a single platform. All you have to do is to integrate TaxJar, and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar lets customers make sales tax filings by hand or using TaxJar’s AutoFile feature. For this review, we’ll take a look at both.
If you choose to go it alone, TaxJar will allow you to connect all the sales channels you use. When the time is right for the filing of income tax returns TaxJar will train you on managing the tax returns. But, it is up for you and your team to complete the process within the timeframe. TaxJar is there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything will be automated, from calculating sales taxes in order to record and process it. There could be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting problems. The orders you place through your online channels can be put together into one dashboard using this platform. From there you and your team will have access to all the information you need, like a list of your transactions, reports, as well as the data.
The most appealing aspect of the feature you’ve chosen is it allows you to automatically update every day. Not only will they let you know how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows you to fully view the overall sales taxes within your company. Additionally, you can export your data in the form of a CSV file if you need it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this function will make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have available for other operating costs.
The best part is that TaxJar provides training and tutorials, not just for their platform , but also all things that has to do with sales tax. You can check out their guides, webinars, as well as their blog to find more info. Additionally their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. The company claims that it’s the most suitable plan for you if you need help in filing and reporting. It comes with 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 can access their AI tax recommendations.
If you’re a small business proprietor, then this program will be ideal for you. It may not offer all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration features.
If you’re looking to get a bit more than just the basics and options, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it when you add additional features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their phone customer support, 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 go for the Premium plan instead. It comes with all the features that you require to help with your taxes. Additionally, they permit unlimited data import integrations as well as API integrationsfor team users and AutoFiles.
They also have a team that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Amazon Chart
However, they did mention that this plan is customized for every user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to see whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a breather. To summarize, here are the pros and cons of making use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features 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
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to aid in tracking your products and revenue however, it will also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they offer tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to meet. If you live in an area with complex tax laws, this can definitely help you get your head around the subject. TaxJar Amazon Chart
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ TaxJar Amazon Chart
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 incorporate Shopify into 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 using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you will need to convert it to USdollars before TaxJar can calculate your tax.