Taxes are always one of the most difficult tasks to complete regardless of whether you’re running a business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re 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 overlook one thing, you might need to repeat the process!
Almost everyone wants to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and explain how it can help you. While this is an extensive read, you should be able to determine if TaxJar is what you need today.
Do you prefer 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.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Billing On Credit Card Statement
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by online business owners to ensure that everything is organized and straightforward. Let’s look into their features and services.
Services and features
One of the most important things you’ll need to ensure is that your accounting tax software perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar allows you to show your most important metrics in one place. That way, there’s no need to gather data from different channels and organize it into a single platform. All you have to do is to integrate TaxJar it will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers make sales tax filings either manually or via the AutoFile feature. For this review, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for filing income tax returns, the team will instruct you on managing them. However, it will be up for you and your team to complete everything within the timeframe. 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 for you. This means that you don’t have 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 extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting problems. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your team will have access to everything you need, like the list of transactions, reports and data.
The best part about this option is the fact that it lets you to update automatically every day. Not only can they help you keep track of how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard also allows you to fully view the sales tax totals for your business. It is also possible to export your data as CSV format. CSV file in case you require it to aid in financial planning and accounting processes or if you require it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to search for your documents when you need them in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds more effectively. You’ll be aware of the budget you have for other operational costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just on their platform, but everything related to sales tax. You can look through their guides, webinars, or blog posts for additional information. Apart from that the sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing features, but they can be too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing structures and the features that each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you to help you with filing requirements and reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale business proprietor, then this program will be perfect for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking to get that is more than the basic features, then the Professional plan might be the right one for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the starter plan?
In addition to having access to every one of Starter plan’s features, you also have their phone customer support access to APIs, as well as advanced CSV import. You can also have 12 free AutoFiles each year.
If you have a massive business, you might need to choose premium plans instead. It comes with all the features that you require to aid in your tax preparation. In addition, they offer unlimited data import integrations, API integrationsfor team members and AutoFiles.
They also have a staff that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Billing On Credit Card Statement
However, they did say that this plan is customized to each user. Therefore, the cost will differ in line with what you require for your company.
Fortunately, you don’t need to bet your life on it to find out if the platform is the right one for you. If you’re still considering various options, they provide 30 days of free trial. This should give you enough time to determine whether the software is a good fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a breather. To summarize, here are the advantages and disadvantages of the use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies with many sales channels and utilizes many platforms. If that’s what you’re doing, then should try this.
It’s not just a way to help you track the sales and profits of your business It can also help you meet your deadlines. It’s also an excellent platform for an accountant since they offer a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you get more done while keeping on top of each deadline or requirement you need to meet. If you live in a place with complicated tax laws, this can surely help you wrap your mind around it. TaxJar Billing On Credit Card Statement
If handling your taxes is simple, 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’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Billing On Credit Card Statement
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate your tax.