Taxes are always one of the most difficult things to handle regardless of whether you run a business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford enough money to employ an accountant, making it your own can be risky. If you overlook one thing, you might have to redo things again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement, we have no choice.
So what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can help you. While this is a long read but you’ll be able to determine if TaxJar is what you need right now.
Do you prefer to watch videos instead? Check out 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 is TaxJar? TaxJar Expected Tax Due Vs Actual
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all of your sales channels to ensure compliance with your sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by online business owners to make their business more simple and organized. Let’s take a look at their features and services.
Features and services
One of the first things you’ll want to check is that your accounting tax software is compatible with your sales channel. If you have multiple sales channels, you must maintain everything in line. The last thing you want is to get a penalty for 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 collect data in multiple channels and then organize it on one platform. All you need to do is connect TaxJar, and the platform will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to submit their sales tax by hand or using the AutoFile feature. In this review, we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income, the team will instruct you on managing them. But, it is up for you and your team members to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. With this feature, everything will be automated, from calculating sales tax 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 that you can utilize TaxJar to ease your accounting issues. All orders made through your e-commerce 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 information.
The greatest benefit of this feature is that they allow you to update automatically every day. Not only can they help to know the amount you’ve collected however, they can also help you track when your following payment is due.
Their dashboard also allows you to fully view the overall sales taxes in your business. Additionally, you can export the data in CSV format. CSV file if you need it in your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
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 when you’re in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operating costs.
What’s more is that TaxJar offers tutorials and training, not just for their platform but everything that has to do with sales tax. You can look through their webinars, guides as well as their blog to find more details. Apart from that the sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing structures and the features that each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It includes taxes on sales and sales as well as four autofiles for free each year, and an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small-scale business manager, the plan should be perfect for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
You can also contact the support team via their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for something a bit more than just the standard features and options, then the Professional plan may be the best option for you. It starts at $99, but you can increase it if you add custom features.
So how different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as advanced CSV import. You can also receive 12 free AutoFiles every year.
If you run a large business, you might need to opt for an upgrade instead. It includes all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports Integrations with APIs, teams of users, and AutoFiles.
They also have a staff who are devoted to managing your account. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Expected Tax Due Vs Actual
However, they did say that the plan is custom-made for each user. So the costs will vary depending on what you need for your business.
Fortunately, you don’t need to gamble your money just to find out if the platform is the right one for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to see if the platform is the right choice for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar Let’s relax. To summarize, here are the pros and cons of the use of TaxJar for your business.
- There is a 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 simple to navigate
- The company offers a 30-day trial for free.
- It is able to 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 valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then ought to try this.
Not only will it aid in tracking your revenue and products It can assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar will help you save more time while keeping on top of each deadline and requirement you have to meet. If you live in a place with complicated tax laws, this can definitely help you get your head around it. TaxJar Expected Tax Due Vs Actual
If handling taxes is easy, then TaxJar may be an unnecessary investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure simple to follow then you’re better off doing it on your own.
FAQ TaxJar Expected Tax Due Vs Actual
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transaction amounts are n US$. If you’re using another currency, you’ll have to convert it to US$ before TaxJar can calculate your tax.