Taxes have always been one of the hardest things to do regardless of whether you run a business or not. Even more so if you do not have a background in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford enough money to engage an accountant performing the task on yourself can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement, we have no choice.
So , what is the best way to deal with it?
We can make our lives easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can assist you. Although this is quite a long read it is possible to determine if TaxJar is what you need today.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar Destination Tax
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it in all of your channels of sales to make sure you’re in compliance with your sales taxes. It makes the process simpler that could require days to complete and finish within minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by business owners who run online businesses to make their business more organized and straightforward. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure is that your accounting tax system seamlessly works well with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to show your critical data in one location. That way, there’s no need to collect data from different channels and sort it into a single platform. All you need to do is to integrate TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings either manually or via their AutoFile feature. For this review, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns The team will guide you on how to handle them. However, it will be up to you and your team to complete everything on time. TaxJar is there to provide guidance on what you should do but not handle it.
If you’d 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 taxes through recording, and then processing it. But, it is possible to incur additional charges if they are not included in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting woes. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to all the information you require, including the list of transactions, reports and data.
The most appealing aspect of this option is the fact that they allow you to automatically update every day. Not only can they help you know how much you’ve earned however, they can also help you keep track of when the next payments are due.
The dashboard allows you to fully view the overall sales taxes for your business. Additionally, you can export your data to a CSV file if you need 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 on top of all the sales avenues you use. This means that you don’t have to hunt for your paperwork when you’re in a pinch. Even if you already have your accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating costs.
The best part is that TaxJar offers training and tutorials, not just for their platform , but also for anything connected to sales tax. You can look through their guides, webinars, as well as their blog to find more details. Additionally their sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they can be too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It also includes sales tax reporting, four autofiles for free each year, and an CSV import. With the starter plan, you can access their AI tax advice.
If you’re a smaller business manager, the plan will be perfect for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for different from the basic features, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up if you add custom features.
How different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also have the support of their customer service via phone, API access, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge enterprise, you may want to go for premium plans instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations, Integrations with APIs, teams of members and AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Destination Tax
However, they did mention that this plan is customized for every user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
Fortunately, you don’t need to gamble your money just to see if this platform is right for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to see whether the software is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you should know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has 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.
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with multiple sales channels and uses plenty of platforms. If that’s what you do, then you must try TaxJar.
It’s not just a way to assist you in keeping track of your products and revenue however, it will help you meet the deadlines you set. It is also a great platform for an accountant since they offer tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to save more time while keeping the track of each deadline and obligation you have to meet. If you’re living in a region with a lot of tax laws, this will definitely help you get your mind around it. TaxJar Destination Tax
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the whole process easy to do, you might be better in doing it all on your own.
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FAQ TaxJar Destination Tax
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate your tax.
