Taxes have always been one of the most difficult things to handle, whether you’re running your own business or not. More so if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford enough money to hire an accountant, doing it on yourself can be risky. If you miss one detail, you might have to redo things again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So , what can we do ?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can benefit you. While this is a long read, you should be able to gauge whether TaxJar is the tool you require right now.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar TaxJar Company Values
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it in all of your sales channels to make sure you’re in compliance with your sales taxes. It streamlines processes that require days to complete and finish within just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting system is compatible with your sales channel. If you’re selling through multiple channels, it is essential to maintain everything in line. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one place. So, there’s no need to collect data in multiple channels and organize it into a single platform. All you have to do is to integrate TaxJar, it will take care of the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar lets customers file their sales taxes either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for filing tax returns for income, the team will instruct you on how to manage these. But, it is up to you and your staff to finish the tax returns in time. TaxJar is only there to guide you on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. Through this feature, everything will be automated, from calculating taxes on sales to recording and processing them. There could be extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, such as an inventory of your transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is it allows you to automatically update every day. They not only let to know the amount you’ve earned however, they can also help you determine when your next payments are due.
The dashboard allows you to see the sales tax totals within your company. Additionally, you can export the data as CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the channels you sell through. This means that you don’t have to scramble for your documents when you’re in a pinch. Even if you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operating costs.
What’s more is that TaxJar offers tutorials and training not only for their platform but everything related to sales tax. You can check out their webinars, guides, as well as their blog to find more info. Apart from that the sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements or reporting. It also includes sales tax reporting, four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small company proprietor, then this program will be ideal for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their support team with their email support chart. You’ll also have access to their integration capabilities.
If you’re looking for something different from the basics Professional could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
So how different is it from the starter plan?
In addition to having access to each of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and advanced CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge enterprise, you may want to opt for an upgrade instead. It has all of the features you need to make your tax filing easier. In addition, they offer unlimited data import integrations, API integrations, team members as well as AutoFiles.
They also have a staff that is devoted in managing your accounts. They don’t reveal how much the Premium plan will cost you. TaxJar Company Values
However, they did mention that this plan is tailor-fit to each user. Therefore, the cost will differ in line with what you require for your company.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is right for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to gauge whether the software is the right choice for you.
Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are 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 review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes many platforms. If this sounds like the way you do, then you should try this.
Not only will it help you track the sales and profits of your business however, it will help you meet the deadlines you set. This is also an excellent option for accountants as they offer a Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can help you get more done while keeping the track of each deadline or requirement you need to fulfill. If you’re in a region with a lot of tax regulations, this will surely help you wrap your head around it. TaxJar Company Values
If handling taxes is easy and straightforward, then TaxJar could be a waste of expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure simple to follow, you might be better off doing it by yourself.
FAQ TaxJar Company Values
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions are in US$. If you’re using another currency, you’ll need to convert it to US$ before TaxJar will calculate the tax.