Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to engage an accountant doing it on your own could be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to skipping this step. But since it’s required and mandatory, there’s no other choice.
What can we do ?
It is always possible to make our lives easier with tools such as TaxJar.
Here we’ll take a look at this life-saving device and how it can benefit you. Even though this is a long read, you should be able to assess whether TaxJar is exactly what you need today.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar? TaxJar And Miva Merchant
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it in all of your sales channels to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to keep everything organized and straightforward. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax system is compatible with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar lets you display your key metrics in one place. So, there’s no need to gather information from multiple sources and sort it into one platform. All you need to do is connect TaxJar, it will do the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to make sales tax filings manually or through the AutoFile feature. In the purpose of this article, we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When it comes time to filing tax returns for income TaxJar will train you on how to handle them. But, it is up for you and your team to finish the tax returns in time. TaxJar is 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 won’t need to fill out any forms manually. Through this feature, everything is automated, from calculating sales tax in order to record and process it. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there, you and your team can access everything you require, including an inventory of your transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each 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 payments are due.
Their dashboard also allows you to see the overall sales taxes in your business. Additionally, you can export the data as CSV format. CSV file, if you want to use it to aid in process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. It means you don’t need to search for your documents when you need them in a pinch. Even when you already have your accountant, this feature will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll know better how much budget you have for other operational expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform , but also all things connected to sales tax. You can check out their webinars, guides or blog posts for additional information. Apart from that their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. For this reason we’ll examine TaxJar’s pricing tiers and the features that each of these options can offer you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the most suitable plan for you to help you in filing and reporting. It comes with the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small business owner, this plan could be perfect for you. It might not include all the features of TaxJar but it comes with the essentials that you need.
You can also contact their support team with their email support chart. You’ll also be able to use their integration tools.
If you’re looking for something different from the standard features and options, then the Professional plan could be the one for you. The price starts at $99 but you can increase it if you add custom features.
So how different is it from the basic plan?
In addition to having access to each of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to go for an upgrade instead. It has all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations, Integrations with APIs, teams of users and AutoFiles.
They also have a team dedicated in managing your accounts. However, they don’t disclose how much the Premium plan costs you. TaxJar And Miva Merchant
However, they did mention that the plan is custom-made for every user. Therefore, the cost will differ according to what you require for your company.
It’s a good thing that you don’t have to gamble your money just to see if this platform is for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to gauge whether the software is an excellent fit for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a break. To summarize Here are the pros and cons of using TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated 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 be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with numerous sales channels, and that utilizes numerous platforms. If that’s what you do, then you ought to try this.
Not only will it help you track your products and revenue however, it will also help you meet your deadlines. This is also an excellent opportunity for accountants since they offer tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
The use of TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to fulfill. If you’re living in a place with complicated tax laws, this will certainly help you to get your head around it. TaxJar And Miva Merchant
However, if managing taxes is easy If it isn’t, then TaxJar could be a waste of 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 whole procedure simple to follow and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar And Miva Merchant
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account with 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 transaction amounts are n US$. If you’re using another currency, you’ll need to convert it into US$ before TaxJar will calculate your tax.