Taxes have always been among the most difficult things to handle, whether you’re running an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, doing it on your own could be dangerous. If you overlook one thing it could mean you need to repeat the process!
Nearly everyone would prefer to avoid 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 simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can benefit you. Even though this is lengthy it is possible to determine if TaxJar is exactly what you need today.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then we’ll dive right into.
What is TaxJar TaxJar Benefits
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within only 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 widely used by business owners who run online businesses to keep everything neat and simple. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure you have a tax accounting system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to maintain everything in line. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. This means that there is no requirement to collect information from multiple sources and sort it into a single platform. All you need to do is connect TaxJar, then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar lets customers file their sales taxes by hand or using the AutoFile feature. For our review we’ll take a look into both.
If you choose to go it alone, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns The team will guide you on how to handle the tax returns. However, it will be up to you and your team to finish the tax returns on time. TaxJar is only there to provide guidance on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. Through this feature, everything is automated, from calculating sales tax to recording and processing it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you require, including an inventory of your transactions, reports, and data.
The most appealing aspect of this feature is that it allows you to update your account automatically each day. Not only can they help to know the amount you’ve accumulated, but they also help you determine when your next payment is due.
The dashboard allows you to fully view the total sales tax in your business. It is also possible to export the data to the form of a CSV file if you need it for your financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the sales avenues you use. 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 will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have for other operating expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform but all things related to sales tax. You can check out their guides, webinars, or blog posts for additional details. Additionally the sales tax calculator can be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of those options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller business manager, the plan could be ideal for you. It may not offer all of TaxJar’s features but it comes with all the basics you require.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration tools.
Professional
If you’re looking to get that is more than the standard features and options, then the Professional plan may be the best option for you. The price starts at $99 however, it could go up when you add additional features.
How different is it from the original plan?
Apart from having access to all of the Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to go for the Premium plan instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations Integrations with APIs, teams of users as well as AutoFiles.
There is also a team that is devoted in managing your accounts. They don’t reveal how much the Premium plan will cost you. TaxJar Benefits
However, they did say that the plan is custom-made for every user. So the costs will vary depending on what you need for your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to determine whether the service is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar let’s take a breather. To sum it all up, here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have multiple sales channels and uses many platforms. If that’s what you’re doing, then you ought to try this.
Not only will it assist you in keeping track of the sales and profits of your business It can help you meet the deadlines you set. It is also a great opportunity for accountants since they provide a Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can allow you to reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re in a region with a lot of tax laws, this can surely help you wrap your head around the subject. TaxJar Benefits
If handling your taxes is straightforward, 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 keep track of everything. Moreover, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better to do it on your own.
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FAQ TaxJar Benefits
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like 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 make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar determines the tax.
