Taxes have always been among the most difficult things to handle regardless of whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the funds to engage an accountant making it your own could be dangerous. If you make a mistake, you might have to do it all over again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do ?
We can simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can benefit you. Even though this is an extensive read it is possible to gauge whether TaxJar is exactly what you need in the present.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar TaxJar Facebook Community
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with sales tax requirements. It streamlines processes that require days to complete and finish within only a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s explore the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure you have a tax accounting platform is compatible with your sales channel. If you’re selling through multiple channels, it is essential to keep everything in place. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. That way, there’s no need to gather information from multiple sources and then organize it on a single platform. All you need to do is connect TaxJar and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they can integrate with:
TaxJar lets customers file their sales taxes by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig into both.
If you choose to go it alone, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing income tax returns The team will guide you on how to handle the tax returns. It is up for you and your team members to complete everything on time. TaxJar will only guide you on what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. With this feature, everything will be automated, from calculating sales taxes in order to record and process them. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there you and your team will have access to everything you need, such as a list of your transactions, reports, and data.
The most appealing aspect of this feature is that they allow you to update automatically every day. Not only can they help you know how much you’ve earned, but they also help you keep track of when the next payments are due.
Their dashboard also allows you to fully view the total sales tax within your company. It is also possible to export the information to CSV format. CSV file if you need it for your financial planning and accounting processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of your sales channels. This means that you don’t have to scramble for your documents whenever you’re in the event of a need. Even when you already have your accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds better. You’ll be aware of the budget you have available for other operational expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform but everything connected to sales tax. You can look through their guides, webinars, and blog for more info. In addition their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they can be too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes the tax on sales, 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a small company proprietor, then this program will be perfect for you. It may not offer all of TaxJar’s features however, it does include all the basics you require.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking to get a bit more than just the basics Professional might be the right one for you. It starts at $99, however, it could go up if you add custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to go for an upgrade instead. It comes with all the features needed to help with your taxes. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of members and AutoFiles.
They also have a staff that is devoted to managing your account. They don’t reveal the price of the Premium plan. costs you. TaxJar Facebook Community
However, they did say that this plan is tailor-fit for each user. Therefore, the cost will differ in line with what you require to run your business.
Luckily, you don’t have to risk your money to determine if this service is for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to determine whether the service is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of making use of TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it help you track your revenue and products It can also 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 find tips and learn from their sessions on taxes by using it.
Using TaxJar can help you get more done while keeping on top of each deadline or requirement you need to meet. If you’re living in an area with complex tax laws, this can definitely help you get your head around it. TaxJar Facebook Community
But if handling your taxes is simple, 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 keep track of all of it. If you find the entire procedure simple to follow and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar Facebook Community
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars before TaxJar can calculate your tax.