Taxes have always been among the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to hire an accountant, doing it on yourself can be dangerous. If you make a mistake it could mean you have to redo things again!
Almost everyone wants to skip this step. But , as it’s a requirement, we have no choice.
So , what can we do ?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can assist you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, let’s get right into it.
What exactly is TaxJar? TaxJar Faq Other Transactions
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with sales tax requirements. It simplifies the processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s look into the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure you have a tax accounting platform seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you need to keep everything in place. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one spot. This means that there is no need to collect data from different channels and sort it into a single platform. All you need to do is integrate TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to make sales tax filings by hand or using the AutoFile feature. For our review we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing income tax returns The team will guide you on how to manage the tax returns. It is up for you and your team to finish the tax returns in time. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. Through this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, like an inventory of your transactions, reports and the data.
The greatest benefit of the feature you’ve chosen is it lets you to automatically update every day. Not only will they let you know how much you’ve earned however, they can also help you track when your following payments are due.
Their dashboard also allows users to view in detail the overall sales taxes within your company. You can also export the data as the form of a CSV file in case you require it for your process of financial planning and accounting or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep the track of all the channels you sell through. This means that you don’t have to scramble for your documents when you’re in the event of a need. Even even if you already have an accountant, this function can help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your funds better. You’ll know exactly how much budget you have to cover other operating expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also everything related to sales tax. You can look through their guides, webinars, or blog posts for additional information. Apart from that their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing tiers and the features that each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the best plan if you need help with filing requirements and reporting. It includes the tax on sales, four annual AutoFiles for free, as well as a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a smaller business manager, the plan should be perfect for you. It might not include all the features of TaxJar, but it has the essentials that you need.
You can also contact their support team with their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for that is more than the basics Professional might be the right one for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the basic plan?
In addition to accessing each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to choose an upgrade instead. It comes with all the features you need to help with your taxes. Moreover, they allow unlimited data import integrations, Integrations with APIs, teams of members, and AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Faq Other Transactions
But they did state that the plan is custom-made for every user. The cost of the plan will be different according to what you require for your business.
Luckily, you don’t have to risk your money to find out if the platform is for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to determine whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you must be aware of TaxJar Let’s relax. To summarize, here are the pros and cons of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- Allows you to track multiple 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
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes numerous platforms. If that’s what you do, then you must try TaxJar.
It’s not just a way to help you track the sales and profits of your business however, it will help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they offer the Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can help you get more done while keeping on top of each deadline and requirement you have to meet. If you’re living in a region with a lot of tax regulations, this will definitely help you get your head around it. TaxJar Faq Other Transactions
If handling taxes is easy and straightforward, then TaxJar could be a waste of expense. 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 find the entire procedure simple to follow, you might be better to do it by yourself.
FAQ TaxJar Faq Other Transactions
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 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 kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it to US$ prior to when TaxJar will calculate the tax.