Taxes are always one of the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have a background 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 funds to hire an accountant, making it yourself can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Most people want to skipping this step. But since it’s required to be done, we can’t choose not to.
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 popular life-saving device and how it can benefit you. Although this is quite a long read, you should be able to determine if TaxJar is exactly what you need right now.
Are you looking to watch videos instead? Take a look at 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 exactly is TaxJar? TaxJar Europe
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it in all of the sales channels you use to ensure compliance with sales taxes. It simplifies the processes that require days to complete and finish within only a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to ensure is your tax-reporting system is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your key metrics in one spot. This means that there is no need to gather information from multiple sources and sort it into a single platform. All you need to do is connect TaxJar, it will do the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar lets customers file their sales taxes manually or through the AutoFile feature. For this review, we’ll dig at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When the time is right for the filing of income tax returns, the team will instruct you on how to manage the tax returns. It is up to you and your staff to finish the tax returns within the timeframe. TaxJar is there to guide you on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. Through this feature, everything is automated, from calculating taxes on sales to recording and processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your team will have access to everything you require, including a list of your transactions, reports, as well as data.
The greatest benefit of this feature is that they allow you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
The dashboard allows you to see the total sales tax within your company. Additionally, you can export the information as the form of a CSV file if you need it to aid in process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the sales avenues you use. This means that you don’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even when you already have your accountant, this feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds better. You’ll be aware of the budget you have for other operating expenses.
The best part is that TaxJar offers training and tutorials, not just for their platform but everything that has to do with sales tax. You can look through their webinars, guides, and blog for more information. Additionally the sales tax calculator should be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. They say it’s the best plan to help you with filing requirements and reporting. It includes taxes on sales and sales as well as four annual AutoFiles for free, as well as an CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company proprietor, then this program will be perfect for you. It might not include all the features offered by TaxJar but it comes with the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something different from the standard features Professional might be the right one for you. It starts at $99, but you can increase it when you add additional features.
How different is it from the starter plan?
Apart from having access to all of the Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge company, you may need to go for an upgrade instead. It has all of the features needed to aid in your tax preparation. Additionally, they permit unlimited import integrations of data, API integrations, team users, and AutoFiles.
They also have a staff dedicated for managing the account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Europe
However, they did mention that the plan is custom-made for each user. So the costs will vary according to what you require to run your business.
Free Trial
Fortunately, you don’t need to risk your money to see if this platform is for you. If you’re still considering different options, they offer 30 days of free trial. This 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 sum it all up Here are the advantages and disadvantages of making use of TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then ought to try this.
Not only will it help you track your products and revenue however, it will assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they provide a Tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Using TaxJar can help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your head around the subject. TaxJar Europe
But if handling your taxes is simple and straightforward, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure easy to complete, you might be better in doing it all by yourself.
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FAQ TaxJar Europe
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions are in USdollars. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar determines your tax.
