Taxes have always been among the most difficult things to handle 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 filled with tasks to complete. If you don’t have the budget to hire an accountant, making it your own could be dangerous. If you make a mistake, you might have to do it all over again!
Most people want to skipping this step. But since it’s required, we have no choice.
What can we do ?
We can make life easier 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 lengthy but you’ll 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 provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Experts
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it across all your channels of sales to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and is completed in just a few only a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is organized and straightforward. Let’s look into their features and services.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting system seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar lets you display your most important metrics in one spot. This means that there is no requirement to collect data from different channels and organize it into a single platform. All you need to do is integrate TaxJar, it will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns, the team will instruct you on managing them. However, it will be up for you and your staff to finish the tax returns within the timeframe. TaxJar is there to provide guidance on what you should do but not handle 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 will be automated, from calculating sales tax to recording and processing them. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting woes. The orders you place through your online channels can be compiled into one dashboard using this platform. From there, you and your team will have access to all the information you need, such as a list of your transactions, reports, as well as information.
The most appealing aspect of this feature is that it allows you to update automatically every day. Not only can they help to know the amount you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the sales tax totals within your company. You can also export the information in a CSV file in case you require it for your process of financial planning and accounting or if your team needs it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to hunt for your paperwork when you’re when you’re in a pinch. Even when you already have your accountant, this feature can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll know better how much budget you have available for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also all things that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional details. Apart from that, their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, 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 if you need help with filing requirements or reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small business manager, the plan could be ideal for you. It may not have all the features offered by TaxJar, but it has the essentials that you need.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration features.
If you’re looking for something a bit more than just the standard features Professional could be the one for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the basic plan?
Apart from having access to every one of 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 get 12 AutoFiles for free each year.
If you run a large business, you might need to go for the Premium plan instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited integrations with data imports as well as Integrations with APIs, teams of members, and AutoFiles.
They also have a team who are devoted for managing the account. They don’t reveal how much the Premium plan will cost you. TaxJar Experts
But they did state that this plan is customized for every user. So the costs will vary in line with what you require for your company.
Luckily, you don’t have to risk your money to see if this platform is right for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to determine if the platform 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 advantages and disadvantages of making use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated 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 be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If that’s what you’re doing, then ought to try this.
Not only can it aid in tracking the sales and profits of your business however, it will help you meet your deadlines. It’s also an excellent platform for an accountant since they have a Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
The use of TaxJar will help you get more done while keeping the track of each deadline or requirement you need to meet. If you’re in an area with complex tax regulations, this will surely help you wrap your head around it. TaxJar Experts
However, if managing your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Experts
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it to USdollars prior to when TaxJar determines the tax.