Taxes have always been one of the hardest things to do, whether you’re running a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues can be overwhelming, especially when your whole day is filled with tasks to complete. When you’re not able to afford the funds to hire an accountant, doing it on yourself can be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to avoid this step. But since it’s required and mandatory, there’s no other choice.
What can we do about it?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can help you. While this is an extensive read but you’ll be able to assess whether TaxJar is the tool you require in the present.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, then let’s get right into it.
What is TaxJar TaxJar Components
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with sales taxes. It streamlines processes that take days to complete and is completed in just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll want to check is your tax-reporting software seamlessly works well with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one place. That way, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you have to do is to integrate TaxJar, and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to make sales tax filings manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll look at both.
If you opt to do it manually, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns The team will guide you on how to manage them. However, it will be up to you and your team to finish the tax returns in time. TaxJar will only provide guidance on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated, from calculating taxes on sales 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 choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there, you and your team will have access to all the information you require, including an inventory of your transactions, reports and the data.
The best part about this feature is that it allows you to update your account automatically each day. They not only let to know the amount you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard also allows you to fully view the sales tax totals within your company. You can also export the data in the form of a CSV file, if you want to use it in your financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you need them in the event of a need. Even even if you already have an accountant, this feature can make them more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have for other operational expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just on their platform, but everything related to sales tax. You can check out their webinars, guides and blog for more details. Apart from that, their sales tax calculator should be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they can be too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of those options can offer you. 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 if you need help with filing requirements or reporting. It includes the tax on sales, four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small business manager, the plan will be ideal for you. It may not have all the features offered by TaxJar however, it does include all the basics you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for that is more than the standard features Professional might be the right one for you. It starts at $99, but you can increase it if you add custom features.
What is the difference from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge company, you may need to go for an upgrade instead. It includes all of the features needed to make your tax filing easier. Additionally, they permit unlimited integrations with data imports as well as Integrations with APIs, teams of members and AutoFiles.
They also have a team that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Components
However, they did say that this plan is customized to each user. The cost of the plan will be different in line with what you require for your business.
Fortunately, you don’t need to risk your money to see if this platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to gauge if the platform is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you need to know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of the use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features 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 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
- Some countries won’t have access to the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it aid in tracking your products and revenue however, it will also help you meet your deadlines. It’s also an excellent opportunity for accountants since they have the Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
The use of TaxJar will help you get more done while keeping track of every deadline and requirement you have to fulfill. If you’re living in a place with complicated tax regulations, this will certainly help you to get your mind around it. TaxJar Components
If handling your taxes is straightforward, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire process easy to do, you might be better off doing it by yourself.
FAQ TaxJar Components
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transaction amounts are n US$. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar will calculate your tax.