Taxes have always been one of the hardest things to do regardless of whether you run your own business or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is filled with tasks to complete. If you don’t have the budget to employ an accountant, performing the task on yourself can be risky. If you overlook one thing and you don’t know it, you may have to redo things again!
Most people want to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can help you. While this is lengthy but you’ll be able to gauge whether TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar File Template
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all your channels of sales to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could require days to complete and finish within minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to make their business more organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure is your tax-reporting platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar lets you display your key data in one location. That way, there’s no need to collect information from multiple sources and organize it into one platform. All you have to do is to integrate TaxJar, then the system will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they can integrate with:
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to manage the tax returns. But, it is up for you and your team members to complete everything on time. TaxJar is there to guide you on what you need to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. This feature will ensure that everything will be automated from calculating sales taxes to recording and processing them. But, it is possible to incur additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you need, such as the list of transactions, reports and information.
The best part about the feature you’ve chosen is it lets you to update automatically every day. Not only can they help you know how much you’ve accumulated, but they also help you track when your following payment is due.
Their dashboard also allows you to fully view the total sales tax for your business. Additionally, you can export the data to the form of a CSV file if you need it for your financial planning and accounting processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to search for your documents when you need them in the event of a need. Even even if you already have an accountant, this feature will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just on their platform, but all things related to sales tax. You can check out their guides, webinars, and blog for more details. Apart from that, their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing features, but they can be too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing levels and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the most effective plan to help you in filing and reporting. It includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller business manager, the plan should be perfect for you. It may not offer all the features offered by TaxJar however, it does include the basic features you require.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something different from the basics, then the Professional plan could be the one for you. It’s priced at $99 however, it could go up when you add additional features.
What is the difference from the original plan?
In addition to accessing all of the 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. They also allow you to have 12 free AutoFiles each year.
If you run a large company, you may need to choose the Premium plan instead. It has all of the features you need to help with your taxes. Additionally, they permit unlimited integrations with data imports, API integrationsfor team members as well as AutoFiles.
There is also a team who are devoted in managing your accounts. They don’t reveal the amount that the Premium plan will cost you. TaxJar File Template
However, they did mention that this plan is tailor-fit for every user. The cost of the plan will be different according to what you require for your company.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is for you. If you’re still looking into other options, they have 30 days of free trial. It should give you enough time to gauge whether the software is the right choice for you.
Pros and Pros and
We’ve covered everything you must be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of the use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides 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
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have many sales channels and utilizes numerous platforms. If that sounds like what you do, then you must try TaxJar.
Not only can it aid in tracking your revenue and products, but it can also help you meet your deadlines. It is also a great option for accountants as they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar will help you save more time while keeping track of every deadline and requirement you have to meet. If you’re living in an area with complex tax laws, this can certainly help you to get your head around the subject. TaxJar File Template
However, if managing your taxes is simple If it isn’t, 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. In addition, if you find the entire process easy to do then you’re better to do it on your own.
FAQ TaxJar File Template
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll have to convert it to USUSD before TaxJar determines your tax.