Taxes have always been among the most difficult tasks to complete regardless of whether you’re running a business or not. Particularly if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re packed with things to do. In the event that you do not have the budget to hire an accountant, doing it on your own could be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Almost everyone wants to skip this step. But since it’s required, we have no choice.
So , what can we do about it?
We can always make our lives easier with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can assist you. While this is an extensive read but you’ll be able to assess whether TaxJar is the tool you require in the present.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, let’s get right into it.
What is TaxJar? TaxJar Culture
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all of your sales channels to ensure that you are in compliance with sales tax requirements. It simplifies the processes that require days to complete and finish within minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by online business owners to keep everything simple and organized. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure is your tax-reporting software perfectly integrates with your sales channel. If you have multiple sales channels, you need to keep everything in place. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one place. That way, there’s no need to gather data in multiple channels and organize it into one platform. All you have to do is integrate TaxJar then the system will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows clients to make sales tax filings manually or through their AutoFile feature. For our review we’ll look at both.
If you opt to do it manually, TaxJar will allow you to connect all those sales tools. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle the tax returns. However, it will be up to you and your team to finish the tax returns in time. TaxJar is only there to provide guidance on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing it. But, it is possible to incur additional charges if they are not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting problems. The orders you place through your online channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you require, including the list of transactions, reports, as well as data.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. Not only will they let you keep track of how much you’ve collected, but they also help you track when your following payments are due.
The dashboard allows you to fully view the sales tax totals for your business. It is also possible to export your data as the form of a CSV file in case you require it to aid in process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep the track of all the channels you sell through. This means that you don’t have to scramble for your documents whenever you’re in the event of a need. Even even if you already have an accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials not only for their platform , but also all things related to sales tax. Check out their webinars, guides and blog for more information. In addition, 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. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the best plan for those who need assistance in filing and reporting. It also includes taxes on sales and sales as well as 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 recommendations.
If you’re a smaller company owner, this plan could be perfect for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
In addition, you can reach the support team via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking to get that is more than the basic features, then the Professional plan might be the right one for you. It starts at $99, however, it could go up when you add additional features.
What is the difference from the basic plan?
In addition to accessing each of Starter plan’s options, you also have access to their support via phone, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to choose an upgrade instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited integrations with data imports as well as API integrations, team users, and AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar Culture
However, they did mention that the plan is custom-made for every user. So the costs will vary in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to risk your money to determine if this service is for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to see whether the software is a good fit for you.
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Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. In order to sum up the whole thing, here are the pros and cons of the use of TaxJar for your company.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- It allows you to monitor 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 valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you should try this.
Not only will it assist you in keeping track of the sales and profits of your business, but it can help you meet your deadlines. This is also an excellent platform for an accountant since they offer a Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar can allow you to get more done while keeping track of every deadline and obligation you have to fulfill. If you’re in an area with complex tax regulations, this will definitely help you get your mind around it. TaxJar Culture
If handling your taxes is 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. In addition, if you’re finding the entire process easy to do, you might be better off doing it on your own.
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FAQ TaxJar Culture
Which areas does TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar will calculate your tax.
