Taxes have always been among the hardest things to do, whether you’re running an enterprise or not. More so if you don’t have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford the funds to engage an accountant performing the task on your own could be risky. If you miss one detail and you don’t know it, you may 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 our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can benefit you. Even though this is an extensive read, you should be able to gauge whether TaxJar is the tool you require today.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Apid
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your channels of sales to ensure that you are in compliance with sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure is that your accounting tax software is compatible with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to show your most important metrics in one spot. This means that there is no requirement to collect data from different channels and organize it into one platform. All you have to do is to integrate TaxJar, and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax either manually or via their AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. When the time is right for the filing of income tax returns TaxJar will train you on how to manage the tax returns. But, it is up for you and your staff to complete the process in time. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales tax to recording and processing them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you require, including the list of transactions, reports and the data.
The most appealing aspect of this option is the fact that it lets you to update automatically every day. Not only will they let to know the amount you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to see the sales tax totals in your business. It is also possible to export your data as CSV format. CSV file in case you require it in your process of financial planning and accounting or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep the track of all your sales channels. That means you won’t have to hunt for your paperwork whenever you’re in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds better. You’ll know exactly how much budget you have for other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but all things connected to sales tax. You can look through their guides, webinars, or blog posts for additional information. Additionally, their sales tax calculator can be beneficial when you’re planning to do everything on your own.
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 look into TaxJar’s pricing structures and what each of those plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They say it’s the most suitable plan for you to help you with filing requirements or reporting. It includes the tax on sales, four autofiles for free each year, and the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small business proprietor, then this program could be perfect for you. It may not offer all the features offered by TaxJar, but it has all the basics you require.
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 that is more than the basic features and options, then the Professional plan could be the one for you. The price starts at $99 however, it could go up when you add additional features.
So how different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also have the support of their customer service 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 have a massive company, you may need to go for an upgrade instead. It includes all of the features you need to make your tax filing easier. In addition, they offer unlimited import integrations of data API integrations, team members and AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Apid
However, they did mention that this plan is customized for every user. The cost of the plan will be different according to what you require for your business.
Luckily, you don’t have to risk your money to see if this platform is right for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to see whether the service is the right choice for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar Let’s relax. To sum it all up Here are the pros and cons of using TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes many platforms. If this sounds like the way you’re doing, then should try this.
Not only can it assist you in keeping track of your revenue and products, but it can also help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they offer a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar will help you reduce time and keep on top of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax regulations, this will surely help you wrap your mind around it. TaxJar Apid
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete then you’re better off doing it by yourself.
FAQ TaxJar Apid
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into US$ before TaxJar can calculate your tax.