Taxes have always been among the hardest things to do, whether you’re running a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have the budget to hire an accountant, doing it on your own could be risky. If you overlook one thing it could mean you need to repeat the process!
Nearly everyone would prefer to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
We can simplify our lives with tools such as TaxJar.
Here we’ll take a look at this life-saving device and how it can help you. While this is an extensive read, you should be able to gauge whether TaxJar is the tool you require in the present.
Do you prefer 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 we’ll dive right into.
What is TaxJar? TaxJar Fishbowl
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your channels of sales to ensure compliance with sales taxes. It simplifies the processes that require days to complete and finish within only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to keep everything simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, you must 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 critical metrics in one spot. That way, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you have to do is integrate TaxJar, it will handle the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to make sales tax filings either manually or via the AutoFile feature. For the purpose of this article, we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect your sales platforms. Once the time comes for filing income tax returns, the team will instruct you on managing the tax returns. It is up to you and your team to complete the process within the timeframe. TaxJar is there to help you understand what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales tax to recording and processing them. But, it is possible to incur additional costs if the feature is not part of 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 put together into a single dashboard via this platform. From there you and your team can access everything you need, such as a list of your transactions, reports, as well as the data.
The greatest benefit of this option is the fact that they allow you to automatically update every day. They not only let you keep track of how much you’ve earned, but they also help you determine when your next payment is due.
The dashboard allows users to view in detail the overall sales taxes in your business. You can also export the information in CSV format. CSV file if you need it for your financial planning and accounting processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep 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 in the event of a need. Even when you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also everything that has to do with sales tax. You can check out their guides, webinars, as well as their blog to find more information. Apart from that, their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they can be too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing tiers and what each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. The company claims that it’s the best plan to help you with filing requirements or reporting. It includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small business manager, the plan should be perfect for you. It may not have all the features offered by TaxJar but it comes with the basic features you require.
In addition, you can reach the support team via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for something a bit more than just the standard features Professional may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.
What is the difference from the basic plan?
In addition to having access to every one of Starter plan’s features, you also have their phone customer support access to APIs, as well as advanced CSV import. You can also receive 12 free AutoFiles every year.
If you have a massive company, you may need to go for the Premium plan instead. It comes with all the features needed to help with your taxes. Additionally, they permit unlimited data import integrations, API integrationsfor team users and AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Fishbowl
However, they did say 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.
Fortunately, you don’t need to gamble your money just to determine if this service is the right one for you. If you’re still looking into various options, they provide a 30-day free trial. It should give you enough time to see if the platform is the right choice for you.
Pros and Cons
We’ve covered everything you need to be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of using TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides 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 able to 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 have access to the API feature.
- Only applicable to USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you should try this.
Not only can it aid in tracking your products and revenue however, it will help you meet your deadlines. This is also an excellent platform for an accountant since they offer the Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
The use of TaxJar will help you get more done while keeping track of every deadline and requirement you have to meet. If you’re in a place with complicated tax laws, this can certainly help you to get your head around the subject. TaxJar Fishbowl
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure simple to follow, you might be better to do it by yourself.
FAQ TaxJar Fishbowl
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it to USdollars before TaxJar will calculate your tax.