Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford the funds to employ an accountant, performing the task on yourself can be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Most people want to skip this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and explain how it can benefit you. While this is lengthy it is possible to gauge whether TaxJar is what you need right now.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Autofile Expected Tax Due
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your channels of sales to make sure you’re in compliance with sales taxes. It simplifies the processes that take days to complete and finish within just a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to make their business more simple and organized. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting platform is compatible with your sales channel. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one spot. So, there’s no need to collect data in multiple channels and sort it into one platform. All you have to do is to integrate TaxJar, then the system will handle the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes manually or through their AutoFile feature. In our review we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle the tax returns. But, it is up to you and your staff to finish the tax returns in time. TaxJar is only there to help you understand what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything will be automated, from calculating sales tax in order to record and process it. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your team will have access to everything you require, including the list of transactions, reports and data.
The greatest benefit of the feature you’ve chosen is it allows you to automatically update every day. They not only let you know how much you’ve collected and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to see the overall sales taxes within your company. You can also export the data in CSV format. CSV file if you need it to aid in process of financial planning and accounting or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. This means that you don’t have to scramble for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operating costs.
What’s more is that TaxJar offers tutorials and training, not just on their platform, but all things related to sales tax. Check out their webinars, guides, as well as their blog to find more info. Additionally the sales tax calculator should be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they can be too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing levels and what each of those options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the best plan to help you in filing and reporting. It also includes sales tax reporting, 4 autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small business proprietor, then this program should be perfect for you. It may not offer all of TaxJar’s features but it comes with the basic features you require.
Additionally, you can contact their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get different from the basics Professional may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
How different is it from the starter plan?
In addition to accessing all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to choose premium plans instead. It includes all of the features that you require to help with your taxes. In addition, they offer unlimited integrations with data imports, Integrations with APIs, teams of members and AutoFiles.
There is also a team dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Autofile Expected Tax Due
However, they did say that the plan is custom-made for every user. So the costs will vary in line with what you require for your company.
Luckily, you don’t have to bet your life on it to see if this platform is the right one 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 whether the service is a good fit for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar let’s take a break. To sum it all up, here are the pros and cons of the use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has 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 on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you do, then you should try this.
Not only will it help you track your revenue and products however, it will help you meet the deadlines you set. This is also an excellent opportunity for accountants since they provide a Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Using TaxJar can allow you to reduce time and keep track of every deadline and obligation you have to meet. If you’re in a region with a lot of tax laws, this will definitely help you get your head around the subject. TaxJar Autofile Expected Tax Due
However, if managing your taxes is straightforward, 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 all of it. In addition, if you find the entire procedure simple to follow, you might be better off doing it by yourself.
FAQ TaxJar Autofile Expected Tax Due
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in US$. If you’re using a different currency, you’ll have to convert it into US$ prior to when TaxJar will calculate the tax.