Taxes have always been among the hardest things to do regardless of whether you run an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re full of things to be done. In the event that you do not have the funds to employ an accountant, doing it on your own could be risky. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required, we have no choice.
So what can we do ?
We can always make life easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and how it can assist you. Even though this is an extensive read, you should be able to gauge whether TaxJar is the tool you require right now.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar? TaxJar And Sqaure
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it across all your sales channels to make sure you’re in compliance with sales tax requirements. It streamlines processes that take days to complete and can be completed in a matter of minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to keep everything simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting system is compatible in conjunction with the sales channels you use. If you’re selling through multiple 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 key data in one location. This means that there is no requirement to collect data from different channels and sort it into a single platform. All you have to do is to integrate TaxJar, then the system will handle all the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to file their sales taxes manually or through the AutoFile feature. In our review we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect those sales tools. When it comes time to filing tax returns for income The team will guide you on managing the tax returns. But, it is up for you and your team members to complete the process within the timeframe. TaxJar will only guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated, from calculating sales taxes through recording, and then processing them. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to assist you with your accounting problems. The orders you place through your online 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 all the information you need, like an inventory of your transactions, reports, and the data.
The most appealing aspect of this option is the fact that they allow you to update your account automatically each day. Not only can they help you know how much you’ve earned and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to fully view the sales tax totals within your company. Additionally, you can export your data to a CSV file if you need it in your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the channels you sell through. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even even if you already have an accountant, this function will help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds better. You’ll be aware of the budget you have available for other operating expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just on their platform, but everything related to sales tax. Check out their webinars, guides as well as their blog to find more information. Additionally the sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing structures and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a smaller business proprietor, then this program will be ideal for you. It may not have all of TaxJar’s features however, it does include the basic features you require.
You can also contact the support team via their email support chart. You’ll also have access to their integration features.
If you’re looking for different from the basic features Professional could be the 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 having access to every one of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge business, you might need to choose premium plans instead. It has all of the features you need to help with your taxes. Moreover, they allow unlimited import integrations of data API integrationsfor team users as well as AutoFiles.
There is also a team who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan costs you. TaxJar And Sqaure
However, they did mention that the plan is custom-made for 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 gamble your money just to find out if the platform is right for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should be enough time to see if the platform is an excellent fit for you.
Pros and Pros and
We’ve covered everything you should know about TaxJar Let’s relax. To summarize we’ll go over the advantages and disadvantages of using TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for 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.
- You can track several 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.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform companies with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then you ought to try this.
Not only will it help you track your revenue and products, but it can also help you meet the deadlines you set. This is also an excellent platform for an accountant since they provide a Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can allow you to save more time while keeping on top of each deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax regulations, this will surely help you wrap your head around it. TaxJar And Sqaure
However, if managing your taxes is simple, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole process easy to do, you might be better to do it on your own.
FAQ TaxJar And Sqaure
Which areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in USdollars. If you’re using a different currency, you will need to convert it into US$ before TaxJar determines the tax.