Taxes are always one of the most difficult things to handle regardless of 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, especially when you’re packed with things to do. When you’re not able to afford the funds to hire an accountant, performing the task on your own could be dangerous. If you make a mistake and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory, we have no choice.
What can we do about it?
We can always simplify our lives with tools such as TaxJar.
This article will take a look at this popular life-saving device and how it can assist you. While this is a long read, you should be able to assess whether TaxJar is the tool you require right now.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar? TaxJar Ecommerce Nexus
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculations. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all your channels of sales to ensure compliance with sales tax requirements. It makes the process simpler that could require 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 companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by owners of online businesses to make their business more neat and simple. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check is that your accounting tax software seamlessly works well with your sales channel. If you’re selling through multiple channels, it is essential to maintain everything in line. 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 key metrics in one spot. That way, there’s no need to gather data from different channels and organize it into one platform. All you need to do is integrate TaxJar, and the platform will do the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to file their sales taxes by hand or using the AutoFile feature. For our review we’ll take a look into both.
If you decide to do it manually, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on how to handle these. However, it will be up for you and your team members to complete the process on time. TaxJar will only help you understand what you have to 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 the forms in a manual manner. With this feature, everything is automated, from calculating sales tax through recording, and then processing them. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you require, including the list of transactions, reports, and data.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. Not only can they help to know the amount you’ve accumulated however, they can also help you track when your following payment is due.
Their dashboard also allows you to see the sales tax totals for your business. It is also possible to export your data in the form of a CSV file if you need it to aid in accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the sales avenues you use. This means that you don’t have to scramble for your documents whenever you’re in a pinch. Even if you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have to cover other operational expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also everything related to sales tax. Check out their webinars, guides, and blog for more info. Apart from that the sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. For this reason we’ll examine TaxJar’s pricing levels and what each of those plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a small-scale business owner, this plan will be perfect for you. It may not offer all of TaxJar’s features however, it does include 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 features.
If you’re looking for a bit more than just the basics and options, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher if you add custom features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge company, you may need to go for the Premium plan instead. It has all of the features that you require to help with your taxes. Additionally, they permit unlimited import integrations of data, API integrationsfor team users as well as AutoFiles.
They also have a team who are devoted to managing your account. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Ecommerce Nexus
However, they did say that the plan is custom-made for each user. So the costs will vary according to what you require for your company.
It’s a good thing that you don’t have to gamble your money just to see if this platform is for you. If you’re still considering other options, they have 30 days of free trial. It should give you enough time to see if the platform is a good fit for you.
Pros and Pros and
We’ve covered everything you must know about 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 business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to businesses with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to aid in tracking your revenue and products however, it will help you meet the deadlines you set. This is also an excellent platform for an accountant since they offer a Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
The use of TaxJar can help you reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re living in an area with complex tax regulations, this will surely help you wrap your head around the subject. TaxJar Ecommerce Nexus
If handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole process easy to do then you’re better to do it by yourself.
FAQ TaxJar Ecommerce Nexus
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transaction amounts are n US$. If you’re using a different currency, you will need to convert it into US$ before TaxJar determines the tax.