Taxes have always been one of the most difficult things to handle regardless of whether you run an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the budget to employ an accountant, doing it on yourself can be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to skipping this step. However, since it’s mandatory, we have no choice.
So what can we do about it?
It is always possible to simplify our lives with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can benefit you. While this is an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need right now.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar TaxJar Decimals In Tax Rate
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your channels of sales to ensure that you are in compliance with sales taxes. It streamlines processes that require days to complete and can be completed in a matter of only a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to make their business more organized and straightforward. Let’s take a look at their features and services.
Features and services
One of the first things you’ll want to check you have a tax accounting system perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you must ensure that everything is in order. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your key metrics in one spot. That way, there’s no need to gather data from different channels and then organize it on one platform. All you need to do is integrate TaxJar, and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to make sales tax filings either manually or via the AutoFile feature. For our review we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns TaxJar will train you on managing these. It is up to you and your team members to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. With this feature, everything will be automated from calculating sales tax to recording and processing it. There could be extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting problems. The orders you place through your online channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to all the information you require, including an inventory of your transactions, reports, as well as the data.
The most appealing aspect of this feature is that they allow you to update your account automatically each day. Not only can they help you know how much you’ve collected, but they also help you track when your following payment is due.
The dashboard allows users to view in detail the overall sales taxes in your business. It is also possible to export the data to a CSV file in case you require it for your accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. That means you won’t have to search for your documents when you’re in a pinch. Even if you already have your accountant, this function can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have available for other operational expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform but all things related to sales tax. 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 complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish 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 look into TaxJar’s pricing structures and the features that each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It includes taxes on sales and sales as well as four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small company proprietor, then this program will be perfect for you. It might not include all the features of TaxJar, but it has the essentials that you need.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking to get different from the basic features, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it if you add custom features.
So how different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also have their support via phone, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large company, you may need to go for the Premium plan instead. It includes all of the features that you require to make your tax filing easier. Additionally, they permit unlimited integrations with data imports API integrations, team users, and AutoFiles.
There is also a team dedicated to managing your account. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Decimals In Tax Rate
But they did state that the plan is custom-made to each user. The cost of the plan will be different according to what you require to run your business.
Luckily, you don’t have to risk your money to see if this platform is for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to determine whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the advantages and disadvantages of the use of TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to businesses with many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then you ought to try this.
It’s not just a way to aid in tracking your products and revenue It can also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they have tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you get more done while keeping track of every deadline or requirement you need to fulfill. If you’re living in a place with complicated tax regulations, this will surely help you wrap your head around it. TaxJar Decimals In Tax Rate
If handling your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure simple to follow then you’re better in doing it all by yourself.
FAQ TaxJar Decimals In Tax Rate
What are the areas in which TaxJar provide 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 into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to USUSD before TaxJar determines the tax.