Taxes have always been one of the hardest things to do, whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related work aren’t easy, particularly when you’re packed with things to do. If you don’t have the budget to engage an accountant making it your own can be risky. If you make a mistake it could mean you have to do it all over again!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
So , what can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can benefit you. Even though this is lengthy but you’ll be able to assess whether TaxJar is exactly what you need right now.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar Deductions
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it in all of your channels of sales to ensure compliance with sales taxes. It simplifies the 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 companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by online business owners to keep everything organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting platform seamlessly works well along with sales funnels. If you have multiple sales channels, it is essential to maintain everything in line. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your most important data in one location. This means that there is no need to gather information from multiple sources and sort it into one platform. All you need to do is integrate TaxJar and the platform will do all the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers submit their sales tax either manually or via the AutoFile feature. For this review, we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income The team will guide you on how to manage them. But, it is up to you and your team to complete everything within the timeframe. TaxJar is only there to provide guidance on what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. Through this feature, everything will be automated from calculating sales taxes in order to record and process it. However, there might be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting problems. The orders you place through your online channels can be combined into a single dashboard via this platform. From there you and your staff will have access to everything you need, such as the list of transactions, reports, and data.
The greatest benefit of this feature is that it allows you to update your account automatically each day. Not only will they let you know how much you’ve earned however, they can also help you determine when your next payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. Additionally, you can export your data to CSV format. CSV file if you need it for your accounting and financial planning processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to search for your documents when you’re in the event of a need. Even even if you already have an accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds better. You’ll know exactly how much budget you have for other operational costs.
The best part is that TaxJar offers training and tutorials not only for their platform but all things related to sales tax. You can check out their webinars, guides or blog posts for additional details. Additionally the sales tax calculator can be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. They say it’s the most effective plan if you need help with filing requirements and reporting. It also includes the tax on sales, four autofiles for free each year, and a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale company manager, the plan should be perfect for you. It might not include all the features offered by TaxJar, but it has the basic features you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking to get a bit more than just the standard features and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
So how different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive enterprise, you may want to opt for premium plans instead. It has all of the features that you require to help with your taxes. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of members and AutoFiles.
They also have a staff dedicated in managing your accounts. They don’t reveal the price of the Premium plan. will cost you. TaxJar Deductions
However, they did mention that this plan is customized to each user. So the costs will vary in line with what you require to run your business.
Luckily, you don’t have to gamble your money just to see if this platform is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to gauge whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you need to know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of using TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is easy 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
- 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 down, TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then you ought to try this.
It’s not just a way to help you track the sales and profits of your business, but it can help you meet your deadlines. It is also a great opportunity for accountants since they provide tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re living in a place with complicated tax laws, this will definitely help you get your head around the subject. TaxJar Deductions
However, if managing taxes is easy, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete, you might be better to do it by yourself.
FAQ TaxJar Deductions
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it into USUSD prior to when TaxJar will calculate your tax.