Taxes have always been one of the most difficult tasks to complete regardless of whether you run your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the budget to engage an accountant performing the task on your own can be dangerous. If you miss one detail, you might have to redo things again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
This article will take a look at this life-saving device and how it can benefit you. Although this is quite lengthy, you should be able to gauge whether TaxJar is what you need right now.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar And Paypal
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to make their business more organized and straightforward. 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 platform seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The most important thing is not to be penalized for 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 sort it into one platform. All you need to do is to integrate TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms that they can connect with:
TaxJar lets customers file their sales taxes either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect all of your sales platforms. Once the time comes for the filing of income tax returns TaxJar will train you on how to manage them. But, it is up for you and your team to complete the process on time. TaxJar is there to provide guidance on what you have to 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 submit any forms manually. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. 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 mentioned earlier that you can utilize TaxJar to ease your accounting issues. 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 everything you need, like the list of transactions, reports, and data.
The greatest benefit of this option is the fact that it lets 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 determine when your next payment is due.
Their dashboard also allows users to view in detail the total sales tax in your business. Additionally, you can export the information as CSV format. CSV file, if you want to use it for your accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. This means that you don’t have to scramble for your documents when you’re when you’re in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have for other operational expenses.
The best part is that TaxJar offers training and tutorials, not just on their platform, but for anything that has to do with sales tax. Check out their webinars, guides and blog for more information. Additionally the sales tax calculator can be useful if 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 provide amazing capabilities, but they’re often too costly for your business. This is why in this section we’ll examine TaxJar’s pricing structures and what each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They claim that it’s the best plan if you need help with filing requirements and reporting. It also includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small business manager, the plan could be perfect for you. It may not have all the features of TaxJar, but it has the basic features you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for different from the basics Professional might be the right one for you. It starts at $99, but it can go higher if you add custom features.
How different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also have their phone customer support access to APIs, as well as sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to go for the Premium plan instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data as well as API integrations, team members, and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose how much the Premium plan is going to cost. TaxJar And Paypal
But they did state that this plan is tailor-fit to each user. So the costs will vary in line with what you require for your company.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is for you. If you’re still looking into various options, they provide 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
We’ve covered everything you should be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator
- Has 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
- Some countries won’t have access to the API feature
- Only applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then must try TaxJar.
Not only can it help you track the sales and profits of your business It can also help you meet the deadlines you set. This is also an excellent option for accountants as they offer tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
Using TaxJar will help you get more done while keeping track of every deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax laws, this will certainly help you to get your head around it. TaxJar And Paypal
If handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar And Paypal
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it into USdollars before TaxJar can calculate the tax.