Taxes have always been among the most difficult tasks to complete regardless of whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the budget to engage an accountant making it yourself can be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do about it?
We can always simplify our lives with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. Even though this is lengthy it is possible to determine if TaxJar is the tool you require right now.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Blog Qbo
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with sales taxes. It streamlines processes that can take days to complete, and finish within minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by online business owners to make their business more neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check is that your accounting tax system is compatible with your sales channel. If you’re selling through multiple 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 critical metrics in one spot. This means that there is no need to gather information from multiple sources and sort it into one platform. All you need to do is connect TaxJar, it will handle the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax manually or through the AutoFile feature. In our review we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing income tax returns The team will guide you on managing the tax returns. It is up to you and your staff to complete everything within the timeframe. TaxJar is there to help you understand what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing them. However, there might be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting issues. 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 can access everything you need, like the list of transactions, reports and data.
The best part about this feature is that it allows you to automatically update every day. Not only will they let to know the amount you’ve accumulated however, they can also help you keep track of when the next payments are due.
Their dashboard can also allow you to see the total sales tax for your business. You can also export your data to CSV format. CSV file if you need it to aid in financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the sales avenues you use. This means that you don’t have to search for your documents whenever you’re in a pinch. Even even if you already have an accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have to cover other operating expenses.
What’s more is that TaxJar offers tutorials and training not only for their platform , but also all things that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional info. Apart from that, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. For this reason 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 is priced at $19. The company claims that it’s the best 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. Even with the basic 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 have all the features offered by TaxJar but it comes with all the basics you require.
You can also contact their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for that is more than the standard features Professional might be the right one for you. It’s priced at $99 but you can increase it if you add custom features.
What is the difference from the starter plan?
Apart from having access to each of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to go for an upgrade instead. It has all of the features that you require to help with your taxes. Additionally, they permit unlimited data import integrations API integrationsfor team members and AutoFiles.
They also have a team dedicated in managing your accounts. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Blog Qbo
However, they did say that the plan is custom-made for each user. The cost of the plan will be different depending on what you need for your company.
Fortunately, you don’t need to gamble your money just to find out if the platform is right for you. If you’re still considering various options, they provide a 30-day free trial. This should be enough time to determine whether the software is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you need to know about TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the advantages and disadvantages of the use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- Allows you to track multiple 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 valid for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then you ought to try this.
Not only can it aid in tracking your revenue and products, but it can help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they have the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar will help you save more time while keeping on top of each deadline and requirement you have to fulfill. If you’re in a region with a lot of tax regulations, this will definitely help you get your mind around it. TaxJar Blog Qbo
But if handling taxes is easy If it isn’t, then TaxJar might not be a good investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole process easy to do, you might be better in doing it all on your own.
FAQ TaxJar Blog Qbo
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you will need to convert it to USUSD before TaxJar determines the tax.