Taxes have always been among the hardest things to do, whether you’re running your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. When you’re not able to afford the budget to hire an accountant, doing it on your own can be dangerous. If you make a mistake it could mean you need to repeat the process!
Most people want to skipping this step. However, since it’s mandatory, we have no choice.
What can we do about it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can assist you. While this is a long read but you’ll be able to gauge whether TaxJar is what you need right now.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar Federal Tax
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that take days to complete and is completed in just a few only a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to ensure that everything is neat and simple. Let’s look into their features and services.
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Services and features
Integration
One of the first things you’ll want to check is that your accounting tax platform perfectly integrates with your sales channel. If you’re selling through multiple channels, it is essential to maintain everything in line. The most important thing is not to be penalized for missing a single minor point.
TaxJar lets you display your most important data in one location. That way, there’s no need to gather 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 in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. For this review, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns The team will guide you on how to manage the tax returns. It is up to you and your staff to complete the process on time. TaxJar is there to help you understand what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. With this feature, everything is automated, from calculating sales taxes through recording, and then processing it. However, there might be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your staff will have access to everything you need, such as a list of your transactions, reports, and information.
The greatest benefit of the feature you’ve chosen is they allow you to update your account automatically each day. They not only let to know the amount you’ve collected, but they also help you keep track of when the 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 a CSV file, if you want to use it for your process of financial planning and accounting or if you require it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. This means that you don’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 can help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds better. You’ll know better how much budget you have to cover other operational costs.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform but all things that has to do with sales tax. You can check out their guides, webinars, as well as their blog to find more details. In addition their sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they can be too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing levels and the features that each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most effective plan if you need help in filing and reporting. It includes sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small-scale business proprietor, then this program should be ideal for you. It may not offer all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach their customer support via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for something different from the standard features Professional could be the one for you. It’s priced at $99 however, it could go up by adding custom features.
How different is it from the basic plan?
In addition to accessing every one of Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to choose premium plans instead. It has all of the features needed to make your tax filing easier. In addition, they offer unlimited integrations with data imports, API integrations, team members and AutoFiles.
They also have a staff dedicated for managing the account. But, they don’t divulge the price of the Premium plan. is going to cost. TaxJar Federal Tax
However, they did mention that this plan is tailor-fit for every user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to gauge if the platform is an excellent fit for you.
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Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of using TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for businesses with multiple sales channels and uses plenty of platforms. If that’s what you do, then you should try this.
Not only will it assist you in keeping track of your revenue and products It can assist you in meeting the deadlines you set. It is also a great platform for an accountant since they provide tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Utilizing TaxJar will help you save more time while keeping on top of each deadline and obligation you have to fulfill. If you live in a region with a lot of tax laws, this can certainly help you to get your mind around it. TaxJar Federal Tax
But if handling your taxes is straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. If you’re finding the entire process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ TaxJar Federal Tax
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it to USdollars prior to when TaxJar will calculate the tax.
