Taxes are always one of the hardest things to do, whether you’re running an enterprise or not. More so if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is full of things to be done. In the event that you do not have the budget to engage an accountant doing it on yourself can be risky. If you make a mistake, you might have to redo things again!
Nearly everyone would prefer to avoid this step. But since it’s required and mandatory, there’s no other choice.
What is the best way to deal with it?
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 but you’ll be able to determine if TaxJar is what you need in the present.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, then let’s dive right in.
What is TaxJar? TaxJar Audit
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with your sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of 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.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to make their business more neat and simple. Let’s look into the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure you have a tax accounting platform is compatible along with sales funnels. If you have multiple sales channels, you need to maintain everything in line. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your most important metrics in one place. That way, there’s no need to gather data from different channels and sort it into a single platform. All you have to do is to integrate TaxJar, and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. For this review, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. When the time is right for filing income tax returns TaxJar will train you on how to handle them. But, it is up to you and your staff to complete the process within the timeframe. TaxJar will only guide you on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales taxes through recording, and then processing them. But, it is possible to incur additional charges if they are not part of the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease 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 team will have access to all the information you need, such as the list of transactions, reports and information.
The greatest benefit of this option is the fact that they allow you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated 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 overall sales taxes within your company. Additionally, you can export the data as a CSV file in case you require it in your financial planning and accounting processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the sales avenues you use. It means you don’t need to scramble for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates 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 not only for their platform , but also for anything that has to do with sales tax. You can check out their guides, webinars, and blog for more information. Apart from that the sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They say it’s the most effective plan for those who need assistance in filing and reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small business owner, this plan could be perfect for you. It may not offer all the features offered by TaxJar but it comes with the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration tools.
If you’re looking to get different from the basics, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
How different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to choose an upgrade instead. It comes with all the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports API integrationsfor team members, and AutoFiles.
They also have a team who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Audit
However, they did say that this plan is customized for each user. So the costs will vary according to what you require for your company.
Luckily, 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 30 days of free trial. This should be enough time to determine whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator.
- Support Service Team
- The dashboard is easy 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 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 check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with multiple sales channels and uses plenty of platforms. If that’s what you’re doing, then you ought to try this.
Not only will it assist you in keeping track of your products and revenue, but it can help you meet your deadlines. It is also a great option for accountants as they provide the Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
The use of TaxJar will help you get more done while keeping track of every deadline or requirement you need to fulfill. If you’re in a region with a lot of tax laws, this can definitely help you get your head around it. TaxJar Audit
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. If you find the whole process easy to do then you’re better in doing it all by yourself.
FAQ TaxJar Audit
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions are in US$. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar determines your tax.