Taxes have always been among the most difficult things to handle, whether you’re running your own business or not. Even more so if you do not have a degree in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have the budget to employ an accountant, performing the task on your own could be risky. If you make a mistake and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can benefit you. Even though this is lengthy it is possible to gauge whether TaxJar is what you need in the present.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Client
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it in all of the sales channels you use to ensure compliance with sales tax requirements. It streamlines processes that require days to complete and is completed in just a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to keep everything organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure is that your accounting tax system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to maintain everything in line. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one place. So, there’s no need to gather information from multiple sources and then organize it on one platform. All you have to do is connect TaxJar, it will take care of all the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax either manually or via TaxJar’s AutoFile feature. For our review we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing income tax returns, the team will instruct you on managing the tax returns. But, it is up for you and your team members to complete the process on time. TaxJar is only there to provide guidance on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. Through this feature, everything is automated, from calculating sales taxes to recording and processing it. There could be additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to all the information you require, including a list of your transactions, reports, and information.
The greatest benefit of this option is the fact that they allow you to update automatically every day. Not only will they let you know how much you’ve earned and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes within your company. Additionally, you can export your data as the form of a CSV file in case you require it in your financial planning and accounting processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re in the event of a need. Even even if you already have an accounting firm, the feature can make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds better. You’ll know exactly how much budget you have for other operating costs.
But what’s even better is that TaxJar offers training and tutorials, not just on their platform, but everything connected to sales tax. You can look through their webinars, guides, as well as their blog to find more details. In addition the sales tax calculator can be helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. They say it’s the best plan to help you with filing requirements or reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business manager, the plan should be perfect for you. It may not offer all of TaxJar’s features however, it does include the basic features you require.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basics Professional could be the one for you. It’s priced at $99 however, it could go up by adding custom features.
How different is it from the starter plan?
In addition to accessing every one of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to go for the Premium plan instead. It has all of the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports API integrationsfor team users and AutoFiles.
There is also a team that is devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. is going to cost. TaxJar Client
However, they did mention that this plan is customized for each user. The cost of the plan will be different according to what you require for your business.
Free Trial
Luckily, you don’t have to risk your money to find out if the platform is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should give you enough time to determine if the platform is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you should know about TaxJar let’s take a break. To sum it all up, here are the pros and cons of the use of TaxJar for your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save 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 can be integrated 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 be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies with many sales channels and utilizes numerous platforms. If this sounds like the way you do, then you must try TaxJar.
Not only will it assist you in keeping track of your revenue and products however, it will assist you in meeting your deadlines. This is also an excellent option for accountants as they have a Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
Using TaxJar can help you reduce time and keep on top of each deadline and requirement you have to meet. If you live in a place with complicated tax laws, this will definitely help you get your head around the subject. TaxJar Client
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire procedure simple to follow, you might be better to do it by yourself.
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FAQ TaxJar Client
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 into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in US$. If you’re using another currency, you’ll have to convert it to US$ before TaxJar will calculate your tax.
