Taxes are always one of the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is packed with things to do. If you don’t have the budget to engage an accountant making it your own could be risky. If you make a mistake it could mean you have to redo things again!
Most people want to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can benefit you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is what you need today.
Are you looking to watch videos instead? Watch 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, then we’ll dive right into.
What exactly is TaxJar? TaxJar Colorado Modified
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 your entire sales tax life cycle. Additionally, you can use it across all your channels of sales 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 different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is neat and simple. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll want to check is that your accounting tax system seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to keep everything in place. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your critical data in one location. That way, there’s no requirement to collect information from multiple sources and organize it into one platform. All you have to do is connect TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar lets customers file their sales taxes either manually or via the AutoFile feature. For this review, we’ll look into both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle the tax returns. But, it is up to you and your team to complete the process in time. TaxJar is only there to guide you 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 fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating sales taxes to recording and processing it. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your staff can access everything you require, including the list of transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is it lets you to update automatically every day. Not only can they help you know how much you’ve earned however, they can also help you determine when your next payment is due.
The dashboard allows you to fully view the sales tax totals within your company. Additionally, you can export the information to a CSV file, if you want to use it in your process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the sales avenues you use. It means you don’t need to scramble for your documents when you need them when you’re in a pinch. Even if you already have your accountant, this feature can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds better. You’ll be aware of the budget you have for other operating costs.
The best part is that TaxJar offers training and tutorials, not just for their platform , but also everything related to sales tax. Check out their webinars, guides as well as their blog to find more info. In addition their sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most effective plan to help you with filing requirements and reporting. It also includes the tax on sales, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company manager, the plan could be perfect for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
You can also contact their customer support via their email support chart. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for a bit more than just the basic features and options, then the Professional plan might be the right one for you. It starts at $99, however, it could go up by adding custom features.
So how different is it from the starter plan?
In addition to accessing each of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to go for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. Additionally, they permit unlimited data import integrations as well as Integrations with APIs, teams of members as well as AutoFiles.
There is also a team dedicated in managing your accounts. They don’t reveal the amount that the Premium plan will cost you. TaxJar Colorado Modified
However, they did mention that the plan is custom-made for each user. Therefore, the cost will differ according to what you require to run your business.
Free Trial
It’s a good thing that 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 a 30-day free trial. It should give you enough time to gauge whether the service is the right choice for you.
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Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to 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 businesses with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then ought to try this.
Not only can it aid in tracking your products and revenue, but it can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they have the Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline and requirement you have to fulfill. If you live in a region with a lot of tax laws, this can definitely help you get your mind around it. TaxJar Colorado Modified
If handling taxes is easy, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire procedure easy to complete, you might be better off doing it by yourself.
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FAQ TaxJar Colorado Modified
Which areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transaction amounts are n US$. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar will calculate the tax.
