Taxes have always been among the hardest things to do regardless of whether you’re running an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, especially when you’re filled with tasks to complete. When you’re not able to afford the budget to hire an accountant, making it yourself can be risky. If you miss one detail, you might need to repeat the process!
Most people want to skip this step. But since it’s required, we have no choice.
So what can we do about it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can help you. Although this is quite lengthy but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What is TaxJar TaxJar Cache
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it across all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to ensure that everything is organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Services and features
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 selling through multiple channels, it is essential to keep everything in place. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your key metrics in one place. This means that there is no need to collect information from multiple sources and then organize it on one platform. All you have to do is to integrate TaxJar, and the platform will do the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they can integrate with:
TaxJar allows customers to submit their sales tax either manually or via TaxJar’s AutoFile feature. For this review, we’ll dig at both.
If you decide to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns The team will guide you on how to manage these. However, it will be up for you and your team to complete the process on time. TaxJar is there to provide guidance on what you need to accomplish, but not manage 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 taxes in order to record and process it. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there, you and your team can access everything you require, including a list of your transactions, reports and information.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. Not only can they help you know how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard also allows users to view in detail the sales tax totals in your business. It is also possible to export the information in CSV format. CSV file if you need it in your process of financial planning and accounting or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. It means you don’t need to search for your documents when you’re in the event of a need. Even when you already have your accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have for other operational expenses.
What’s more is that TaxJar offers tutorials and training not only on their platform, but all things connected to sales tax. You can look through their guides, webinars, as well as their blog to find more details. In addition, their sales tax calculator can be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We understand how important it is to determine 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 levels and what each of those choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you to help you with filing requirements or reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small company manager, the plan could be perfect for you. It may not offer all the features offered by TaxJar but it comes with all the basics you require.
You can also contact the support team via their email support chart. You’ll also be able to use their integration features.
If you’re looking for that is more than the basic features, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher if you add custom features.
So how different is it from the starter plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to opt for an upgrade instead. It comes with all the features that you require to aid in your tax preparation. Additionally, they permit unlimited import integrations of data API integrationsfor team members and AutoFiles.
They also have a team dedicated to managing your account. But, they don’t divulge how much the Premium plan costs you. TaxJar Cache
But they did state that the plan is custom-made for every user. So the costs will vary according to what you require for your company.
Fortunately, you don’t need to risk your money to find out if the platform is the right one for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to gauge whether the service is the right choice for you.
Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of the use of TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If that’s what you do, then you should try this.
Not only will it help you track your revenue and products It can also help you meet your deadlines. This is also an excellent opportunity for accountants since they provide tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can allow you to save more time while keeping the track of each deadline or requirement you need to meet. If you’re living in a region with a lot of tax regulations, this will certainly help you to get your head around it. TaxJar Cache
But if handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow then you’re better to do it on your own.
FAQ TaxJar Cache
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in USdollars. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar can calculate your tax.