Taxes are always one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re packed with things to do. In the event that you do not have the funds to engage an accountant doing it on yourself can be dangerous. If you miss one detail, you might have to redo things again!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
So what is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can help you. Even though this is an extensive read but you’ll be able to determine if TaxJar is what you need in the present.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar TaxJar And Qbo
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by online business owners to make their business more simple and organized. Let’s take a look at their features and services.
Features and services
One of the first things you’ll need to make sure is that your accounting tax software perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. That way, there’s no requirement to collect data in multiple channels and then organize it on a single platform. All you have to do is integrate TaxJar then the system will take care of the rest.
Apart from that, 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 submit their sales tax either manually or via TaxJar’s AutoFile feature. In this review, we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing income tax returns, the team will instruct you on managing them. It is up for you and your staff to complete the process in time. TaxJar is only there to provide guidance on what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. Through this feature, everything will be automated, from calculating sales taxes to recording and processing them. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. All orders made through your e-commerce 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 everything you require, including an inventory of your transactions, reports, as well as the data.
The best part about this option is the fact that it lets you to automatically update every day. They not only let you keep track of how much you’ve accumulated however, they can also help you keep track of when the next payment is due.
Their dashboard can also allow you to see the sales tax totals within your company. Additionally, you can export the information as the form of a CSV file, if you want to use it for your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. This means that you don’t have to hunt for your paperwork when you need them in a pinch. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have to cover other operating expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also everything related to sales tax. You can check out their webinars, guides, as well as their blog to find more information. Apart from that, their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they can be too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They claim that it’s the best plan if you need help with filing requirements and reporting. It comes with sales tax reporting, four annual AutoFiles for free, as well as a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small business proprietor, then this program should be ideal for you. It may not offer all the features of TaxJar but it comes with the basic features you require.
Additionally, you can contact the support team via their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking for that is more than the basics Professional might be the right one for you. It 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 support via phone, API access, and the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you run a large company, you may need to go for the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Additionally, they permit unlimited import integrations of data API integrationsfor team users as well as AutoFiles.
They also have a staff that is devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan costs you. TaxJar And Qbo
However, they did mention that this plan is tailor-fit to each 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 bet your life on it to find out if the platform is right for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to gauge if the platform is the right choice for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a break. To summarize Here are the pros and cons of the use of TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only can it help you track the sales and profits of your business however, it will help you meet your deadlines. It is also a great platform for an accountant since they provide tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
Using TaxJar will help you save more time while keeping track of every deadline or requirement you need to fulfill. If you’re in an area with complex tax regulations, this will surely help you wrap your mind around it. TaxJar And Qbo
If handling your taxes is straightforward, then TaxJar may be an unnecessary investment. If you have only one or two channels of sales, TaxJar won’t be needed to track everything. If you’re finding the entire procedure easy to complete then you’re better in doing it all on your own.
FAQ TaxJar And Qbo
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 incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transaction amounts are n US$. If you’re using a different currency, you will need to convert it to USUSD prior to when TaxJar will calculate the tax.