Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford the funds to employ an accountant, making it your own can be risky. 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. However, since it’s mandatory, we have no choice.
What can we do ?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can assist you. While this is an extensive read, you should be able to assess whether TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Take a look at 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, let’s dive right in.
What is TaxJar? TaxJar And Stripe
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with sales taxes. It streamlines processes that require days to complete and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything organized and straightforward. Let’s explore their features and services.
Features and services
One of the first things you’ll want to check you have a tax accounting platform seamlessly works well with your sales channel. If you’re selling through multiple channels, you need to maintain everything in line. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one spot. So, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you need to do is integrate TaxJar, it will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers submit their sales tax by hand or using TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for the filing of income tax returns The team will guide you on how to manage them. It is up to you and your staff to complete everything within the timeframe. TaxJar is only there to provide guidance on what you should do but not handle it.
If you would 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 tax to recording and processing it. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there you and your staff can access everything you need, such as an inventory of your transactions, reports, and the data.
The greatest benefit of this feature is that it allows you to update your account automatically each day. They not only let to know the amount you’ve accumulated, but they also help you determine when your next payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. You can also export the information to the form of a CSV file if you need it for your accounting and financial planning processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. That means you won’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even even if you already have an accountant, this function will help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have for other operating expenses.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform but all things that has to do with sales tax. You can look through their webinars, guides, as well as their blog to find more info. Additionally the sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of these plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements or reporting. It comes with the tax on sales, 4 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 company owner, this plan should be ideal for you. It might not include all of TaxJar’s features, but it has the basic features you require.
Additionally, you can contact their support team with their email support chart. You’ll also have access to their integration features.
If you’re looking to get different from the basic features Professional may be the best option for you. It’s priced at $99 however, it could go up if you add custom features.
So how different is it from the basic plan?
In addition to accessing every one of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to choose the Premium plan instead. It includes all of the features needed to aid in your tax preparation. Additionally, they permit unlimited import integrations of data, Integrations with APIs, teams of members, and AutoFiles.
There is also a team who are devoted for managing the account. But, they don’t divulge the price of the Premium plan. will cost you. TaxJar And Stripe
However, they did say that this plan is customized for each user. The cost of the plan will be different depending on what you need to run your business.
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 considering other options, they have the opportunity to try a free trial for 30 days. This should be enough time to determine whether the software is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you must know about TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of using TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for sales tax 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
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have multiple sales channels and uses many platforms. If that’s what you do, then you must try TaxJar.
It’s not just a way to help you track the sales and profits of your business It can assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have the Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar will help you reduce time and keep 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 head around the subject. TaxJar And Stripe
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar And Stripe
Which areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar determines the tax.