Taxes have always been among the hardest things to do regardless of whether you’re running a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. If you don’t have enough money to engage an accountant doing it on yourself can be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Most people want to skipping this step. But since it’s required, we have no choice.
So , what can we do ?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and how it can assist you. While this is an extensive read it is possible to determine if TaxJar is what you need in the present.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Features
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all your sales channels to ensure compliance with your sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in a variety of industries, including 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 make their business more neat and simple. Let’s take a look at their features and services.
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Services and features
Integration
One of the first things you’ll need to make sure is your tax-reporting platform seamlessly works well along with sales funnels. 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 missing a single minor point.
TaxJar lets you display your key metrics in one place. That way, there’s no need to gather information from multiple sources and organize it into a single platform. All you need to do is connect TaxJar then the system will do all the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows customers to make sales tax filings either manually or via TaxJar’s AutoFile feature. For this review, we’ll take a look at both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income TaxJar will train you on how to handle the tax returns. But, it is up to you and your team members to finish the tax returns within the timeframe. TaxJar will only help you understand what you need to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. With this feature, everything is automated, from calculating sales taxes through recording, and then processing it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. Your orders from 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, such as the list of transactions, reports, and data.
The most appealing aspect of this feature is that it allows you to update your account automatically each day. They not only let you keep track of how much you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard also allows you to see the overall sales taxes within your company. It is also possible to export the data as the form of a CSV file, if you want to use it to aid in process of financial planning and accounting or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. That means you won’t have to scramble for your documents when you need them 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 ahead of time will help you plan your money more efficiently. You’ll know better how much budget you have for other operational costs.
What’s more is that TaxJar offers tutorials and training not only on their platform, but all things connected to sales tax. Check out their webinars, guides, or blog posts for additional information. Apart from that their sales tax calculator should be helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they can be too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan starts at $19. They say it’s the most effective plan if you need help with filing requirements or reporting. It includes the tax on sales, four free yearly AutoFiles, and a CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business manager, the plan could be perfect for you. It may not offer all the features of TaxJar, but it has the essentials that you need.
You can also contact their customer support via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for that is more than the basic features and options, then the Professional plan might be the right one for you. It starts at $99, but you can increase it by adding custom features.
How different is it from the starter plan?
In addition to having access to every one of Starter plan’s options, you also have access to their phone customer support, API access, and advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive enterprise, you may want to choose the Premium plan instead. It includes all of the features needed to make your tax filing easier. In addition, they offer unlimited integrations with data imports, Integrations with APIs, teams of users and AutoFiles.
They also have a team that is devoted for managing the account. They don’t reveal how much the Premium plan is going to cost. TaxJar Features
However, they did mention that this plan is customized to each user. Therefore, the cost will differ depending on what you need to run your business.
Free Trial
Fortunately, you don’t need to bet your life on it to see if this platform is for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should be enough time to gauge whether the service is the right choice for you.
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Pros and Cons
We’ve covered everything you need to be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of using TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have multiple sales channels and uses plenty of platforms. If that’s what you do, then you must try TaxJar.
Not only can it aid in tracking the sales and profits of your business It can also help you meet your deadlines. It’s also an excellent option for accountants as they provide the Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar can allow you to get more done while keeping the track of each deadline and obligation you have to meet. If you’re in a place with complicated tax regulations, this will surely help you wrap your head around it. TaxJar Features
However, if managing taxes is easy, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure simple to follow, you might be better to do it by yourself.
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FAQ TaxJar Features
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions are in US$. If you’re using another currency, you’ll have to convert it to USUSD before TaxJar determines the tax.
