Taxes have always been one of the hardest things to do regardless of whether you run your own business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. If you don’t have the budget to engage an accountant making it your own can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to avoid this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and how it can assist you. While this is a long read but you’ll be able to gauge whether TaxJar is what you need today.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Eu
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to your entire sales tax 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 take days to complete and finish within just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting software is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your most important metrics in one spot. So, there’s no need to collect data from different channels and then organize it on one platform. All you need to do is integrate TaxJar then the system will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar lets customers submit their sales tax manually or through the AutoFile feature. For this review, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. When the time is right for filing income tax returns, the team will instruct you on managing these. It is up to you and your team to complete the process on time. TaxJar is only there to guide you on what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. Through this feature, everything is automated, from calculating sales taxes to recording and processing it. However, there might be extra fees if not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your staff will have access to everything you need, such as an inventory of your transactions, reports, and information.
The greatest benefit of this feature is that it allows you to update your account automatically each day. They not only let to know the amount you’ve accumulated, but they also help you determine when your next payments are due.
The dashboard allows you to fully view the total sales tax in your business. You can also export the data in the form of a CSV file in case you require it in your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. It means you don’t need to hunt for your paperwork whenever you’re in a pinch. Even even if you already have an accountant, this function can make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds more effectively. You’ll be aware of the budget you have for other operational costs.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform but for anything that has to do with sales tax. You can check out their guides, webinars, or blog posts for additional info. Apart from that the sales tax calculator can be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they can be too costly for your business. For this reason we’ll examine TaxJar’s pricing levels and the features that each of these options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the best plan if you need help in filing and reporting. It comes with the tax on sales, 4 annual AutoFiles for free, as well as 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 business owner, this plan should be ideal for you. It may not have all the features offered by TaxJar but it comes with the essentials that you need.
Additionally, you can contact the support team via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for different from the basic features Professional might be the right one for you. It starts at $99, but you can increase it by adding custom features.
What is the difference from the original plan?
Apart from having access to all of the Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and advanced CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge company, you may need to go for the Premium plan instead. It comes with all the features that you require to help with your taxes. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of users as well as AutoFiles.
They also have a staff that is devoted to managing your account. But, they don’t divulge how much the Premium plan will cost you. TaxJar Eu
But they did state that this plan is customized for each user. The cost of the plan will be different depending on what you need for your business.
Luckily, you don’t have to gamble your money just to see if this platform is for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to determine whether the service is a good fit for you.
Pros and Pros and
We’ve covered everything you need to be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of the use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features can help you save 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 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
- Some countries won’t have access to the API feature.
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it assist you in keeping track of the sales and profits of your business It can help you meet the deadlines you set. It is also a great option for accountants as they have tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax regulations, this will certainly help you to get your head around the subject. TaxJar Eu
However, if managing taxes is easy, then TaxJar may be an unnecessary investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Eu
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions are in US$. If you’re using a different currency, you’ll have to convert it into US$ prior to when TaxJar will calculate the tax.