Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to hire an accountant, doing it on your own can be dangerous. If you make a mistake it could mean you have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory, we have no choice.
So , what can we do ?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can assist you. While this is lengthy it is possible to determine if TaxJar is exactly what you need in the present.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What is TaxJar TaxJar Cpa Recommendations
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure compliance with sales taxes. It simplifies the processes that take days to complete and is completed in just a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to keep everything neat and simple. Let’s look into the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting software seamlessly works well with your sales channel. If you’re selling through multiple channels, you must ensure that everything is in order. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your most important data in one location. This means that there is no need to collect data from different channels and then organize it on a single platform. All you need to do is to integrate TaxJar, and the platform will take care of all the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to filing income tax returns TaxJar will train you on how to handle the tax returns. It is up to you and your staff to complete everything in time. TaxJar is there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing it. But, it is possible to incur extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there, you and your team can access everything you need, such as an inventory of your transactions, reports, and data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. Not only will they let you know how much you’ve collected, but they also help you determine when your next payments are due.
The dashboard allows you to fully view the total sales tax within your company. Additionally, you can export the data in the form of a CSV file, if you want to use it to aid in financial planning and accounting processes or if you require it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. It means you don’t need to search for your documents whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll know exactly how much budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also all things related to sales tax. Check out their webinars, guides, or blog posts for additional details. Additionally their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the most effective plan if you need help with filing requirements and reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small-scale business owner, this plan could be perfect for you. It may not offer all the features of TaxJar but it comes with all the basics you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get a bit more than just the standard features, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
How different is it from the starter plan?
Apart from having access to all of the Starter plan’s features, you also have the support of their customer service via phone, API access, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to choose premium plans instead. It has all of the features needed to aid in your tax preparation. In addition, they offer unlimited import integrations of data, Integrations with APIs, teams of members and AutoFiles.
There is also a team who are devoted for managing the account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Cpa Recommendations
However, they did mention that the plan is custom-made to each user. Therefore, the cost will differ in line with what you require to run your business.
Luckily, you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to see whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of making use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online 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
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes plenty of platforms. If that sounds like what you do, then you ought to try this.
Not only will it help you track the sales and profits of your business, but it can also help you meet your deadlines. It is also a great platform for an accountant since they offer tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar can allow you to reduce time and keep on top of each deadline or requirement you need to fulfill. If you’re in a place with complicated tax laws, this will certainly help you to get your head around the subject. TaxJar Cpa Recommendations
But if handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole process easy to do and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar Cpa Recommendations
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in US$. If you’re using another currency, you will need to convert it to USdollars before TaxJar will calculate your tax.