Taxes have always been one of the most difficult tasks to complete, whether you’re running an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford the funds to engage an accountant making it your own could be dangerous. If you make a mistake, you might have to redo things again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do ?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. While this is a long read it is possible to gauge whether TaxJar is what you need today.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Craft Press
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of your sales channels to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is neat and simple. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure you have a tax accounting platform perfectly integrates along with sales funnels. If you’re selling through multiple channels, you must keep everything in place. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your most important metrics in one place. So, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you have to do is connect TaxJar, it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar lets customers submit their sales tax by hand or using their AutoFile feature. In this review, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns The team will guide you on how to handle the tax returns. But, it is up to you and your staff to complete the process on time. TaxJar is there to guide you on what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. With this feature, everything is automated, from calculating sales taxes to recording and processing it. But, it is possible to incur extra fees if not part of the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there, you and your team will have access to everything you require, including a list of your transactions, reports, as well as the data.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to see the overall sales taxes within your company. It is also possible to export the information in a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the sales avenues you use. It means you don’t need to scramble for your documents when you need them in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have available for other operational costs.
What’s more is that TaxJar offers tutorials and training not only on their platform, but for anything that has to do with sales tax. You can check out their webinars, guides as well as their blog to find more information. Apart from that, their sales tax calculator should 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 establish your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. For this reason, we’ll look into TaxJar’s pricing tiers and the features that each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
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 includes sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller business owner, this plan should be perfect for you. It may not have all the features offered by TaxJar but it comes with the basic features you require.
You can also contact the support team via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking for that is more than the basic features Professional could be the one for you. It’s priced at $99 but you can increase it when you add additional features.
How different is it from the basic 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.
Premium
If you run a large business, you might need to opt for premium plans instead. It has all of the features needed to aid in your tax preparation. Additionally, they permit unlimited data import integrations, Integrations with APIs, teams of members and AutoFiles.
They also have a staff who are devoted to managing your account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Craft Press
However, they did mention that the plan is custom-made to each user. So the costs will vary depending on what you need for your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to determine whether the service is the right choice 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. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar for your business.
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
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to help you track your revenue and products, but it can also help you meet your deadlines. It’s also an excellent opportunity for accountants since they have tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
Utilizing TaxJar can help you reduce time and keep on top of each deadline or requirement you need to fulfill. If you live in a place with complicated tax laws, this will definitely help you get your head around the subject. TaxJar Craft Press
If handling your taxes is simple, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete then you’re better to do it by yourself.
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FAQ TaxJar Craft Press
Which areas does TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n US$. If you’re using another currency, you will need to convert it into US$ prior to when TaxJar can calculate your tax.
