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 degree in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have the funds to engage an accountant performing the task on your own can be risky. If you miss one detail, you might have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do about it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can assist you. While this is a long read but you’ll be able to determine if TaxJar is the tool you require today.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? TaxJar Fbm
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of the sales channels you use to ensure that you are in compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by online business owners to keep everything organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure is your tax-reporting software seamlessly works well along with sales funnels. If you’re selling through multiple channels, you need to ensure that everything is in order. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show 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 have to do is integrate TaxJar then the system will do all the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers make sales tax filings either manually or via TaxJar’s AutoFile feature. For our review we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income, the team will instruct you on how to handle them. It is up for you and your team members to finish the tax returns on time. TaxJar is there to provide guidance on what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. Through this feature, everything will be automated, from calculating sales taxes to recording and processing them. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform you and your team will have access to all the information you need, like the list of transactions, reports, as well as the data.
The greatest benefit of this feature is that they allow you to update your account automatically each day. Not only will they let to know the amount you’ve collected, but they also help you determine when your next payment is due.
Their dashboard also allows you to see the sales tax totals for your business. It is also possible to export your data in a CSV file in case you require it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all your sales channels. That means you won’t have to search for your documents when you need them in a pinch. Even if you already have your accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll be aware of the 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 everything related to sales tax. You can check out their guides, webinars, and blog for more info. In addition, their sales tax calculator is helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they can be too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the best plan to help you with filing requirements or reporting. It comes with sales tax reporting, 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 smaller business owner, this plan could be perfect for you. It may not offer 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. Additionally, you’ll have access to their integration features.
If you’re looking for a bit more than just the basics, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
How different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also get access to their support via phone access to APIs, as well as sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge company, you may need to opt for an upgrade instead. It has all of the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports, API integrationsfor team members, and AutoFiles.
They also have a staff that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Fbm
However, they did mention that the plan is custom-made for every user. The cost of the plan will be different according to what you require to run your business.
Fortunately, you don’t need to risk your money to determine if this service is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to see whether the service is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you must know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the pros and cons of using TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online 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
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only valid for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If this sounds like the way you do, then you ought to try this.
Not only can it aid in tracking the sales and profits of your business, but it can assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have a Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can help you reduce time and keep the track of each deadline and requirement you have to fulfill. If you live in an area with complex tax regulations, this will definitely help you get your head around the subject. TaxJar Fbm
But if handling taxes is easy and straightforward, then TaxJar could be a waste of expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire process easy to do then you’re better in doing it all by yourself.
FAQ TaxJar Fbm
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD before TaxJar will calculate your tax.