Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues can be overwhelming, especially when you’re packed with things to do. In the event that you do not have enough money to employ an accountant, performing the task on yourself can be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. But since it’s required and mandatory, there’s no other choice.
So , what can we do ?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can assist you. Even though this is a long read, you should be able to assess whether TaxJar is exactly what you need in the present.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Bear
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it in all of your channels of sales to ensure that you are in compliance with sales tax requirements. It streamlines processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to make their business more organized and straightforward. Let’s explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure you have a tax accounting platform seamlessly works well along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to show your critical data in one location. So, there’s no need to collect data from different channels and organize it into one platform. All you need to do is to integrate TaxJar then the system will do all the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. In this review, we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. Once the time comes for filing tax returns for income The team will guide you on how to handle these. But, it is up to you and your team to complete the process within the timeframe. TaxJar is only there to guide you on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing it. However, there might be extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. From there, you and your team will have access to all the information you need, such as an inventory of your transactions, reports, as well as the data.
The best part about the feature you’ve chosen is they allow you to automatically update every day. They not only let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
The dashboard allows you to fully view the overall sales taxes in your business. You can also export your data as CSV format. CSV file if you need it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to hunt for your paperwork when you need them in the event of a need. Even if you already have your accounting firm, the feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have available for other operational expenses.
What’s more is that TaxJar offers training and tutorials not only on their platform, but everything connected to sales tax. You can check out their webinars, guides as well as their blog to find more details. Additionally the sales tax calculator can be helpful if you’re planning on 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. That’s why for this section, we’ll look into TaxJar’s pricing tiers and the features that each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most effective plan to help you in filing and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as an CSV import. With the starter plan, you can access their AI tax advice.
If you’re a smaller company manager, the plan will be ideal for you. It may not offer all of TaxJar’s features but it comes with all the basics you require.
Additionally, you can contact the support team via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking to get that is more than the basics and options, then the Professional plan could be the one for you. The price starts at $99 but it can go higher by adding custom features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and 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 an upgrade instead. It includes all of the features you need to help with your taxes. Additionally, they permit unlimited data import integrations Integrations with APIs, teams of users and AutoFiles.
There is also a team who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. will cost you. TaxJar Bear
But they did state that this plan is tailor-fit to each user. So the costs will vary in line with what you require for your company.
Fortunately, you don’t need to risk your money 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. It should give you enough time to see whether the software is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of making use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple 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 review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have multiple sales channels and uses numerous platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only will it assist you in keeping track of your revenue and products, but it can also help you meet the deadlines you set. It is also a great platform for an accountant since they offer tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Using TaxJar can help you get more done while keeping track of every deadline or requirement you need to fulfill. If you live in a region with a lot of tax laws, this can surely help you wrap your head around the subject. TaxJar Bear
But if handling taxes is easy, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole process easy to do then you’re better in doing it all on your own.
FAQ TaxJar Bear
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to USdollars before TaxJar will calculate the tax.