Taxes have always been one of the hardest things to do regardless of whether you’re running a business or not. Even more so if you do not have any experience in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the funds to employ an accountant, doing it on your own can be risky. If you miss one detail, you might have to redo things again!
Most people want to skip this step. However, since it’s mandatory, we have no choice.
What is the best way to deal with it?
We can always simplify our lives with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can benefit you. Although this is quite a long read it is possible to determine if TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What is TaxJar TaxJar Cannot Add Tax Any More
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it across all of the sales channels you use to make sure you’re in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and can be completed in a matter of minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to keep everything simple and organized. 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 make sure is that your accounting tax software perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar lets you display your critical metrics in one place. That way, there’s no requirement to collect data from different channels and then organize it on one platform. All you have to do is to integrate TaxJar then the system will do the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes by hand or using TaxJar’s AutoFile feature. In this review, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When the time is right for filing tax returns for income TaxJar will train you on how to manage the tax returns. However, it will be up for you and your staff to complete the process within the timeframe. TaxJar is there to provide guidance on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. This feature will ensure that everything will be automated, from calculating sales tax through recording, and then processing them. However, there might be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard via this platform. From there you and your team can access everything you need, like the list of transactions, reports, and information.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. They not only let you know how much you’ve collected however, they can also help you track when your following payments are due.
Their dashboard also allows users to view in detail the total sales tax in your business. You can also export your data in a CSV file if you need it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. It means you don’t need to hunt for your paperwork when you need them in a pinch. Even when you already have your accountant, this function will make them 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 costs.
But what’s even better is that TaxJar offers training and tutorials, not just on their platform, but all things connected to sales tax. You can check out their webinars, guides and blog for more information. Apart from that their sales tax calculator can be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing levels and the features that each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It includes the tax on sales, 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small-scale business proprietor, then this program could be ideal for you. It may not have all the features of TaxJar however, it does include all the basics you require.
Additionally, you can contact their support team with their email support chart. You’ll also have access to their integration tools.
If you’re looking to get a bit more than just the basic features, then the Professional plan might be the right one for you. It starts at $99, however, it could go up when you add additional features.
So how different is it from the basic plan?
Apart from 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. They also allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to choose an upgrade instead. It has all of the features you need to help with your taxes. Additionally, they permit unlimited data import integrations, Integrations with APIs, teams of members and AutoFiles.
They also have a team who are devoted to managing your account. However, they don’t disclose the amount that the Premium plan is going to cost. TaxJar Cannot Add Tax Any More
However, they did mention that the plan is custom-made to each user. So the costs will vary depending on what you need for your business.
It’s a good thing that you don’t have to risk your money to see if this platform is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to gauge whether the software is a good fit for you.
Pros and Cons
Now that we’ve covered all you need to know about TaxJar let’s take a break. In order to sum up the whole thing, here are the pros and cons of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- 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
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes numerous platforms. If that’s what you’re doing, then you must try TaxJar.
Not only will it aid in tracking your revenue and products however, it will help you meet the deadlines you set. It is also a great option for accountants as they offer the Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
The use of TaxJar can allow you to save more time while keeping on top of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this will surely help you wrap your head around it. TaxJar Cannot Add Tax Any More
If handling taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ TaxJar Cannot Add Tax Any More
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions are in USdollars. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar determines the tax.