Taxes are always one of the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have a degree in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford the budget to employ an accountant, performing the task on yourself can be risky. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do ?
We can always make life easier with tools such as TaxJar.
This article will take a look at this life-saving device and how it can benefit you. Even though this is an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar From_State
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with your sales taxes. It simplifies the processes that take days to complete and finish within only a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is 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 is that your accounting tax software perfectly integrates along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one place. This means that there is no need to gather data from different channels and then organize it on a single platform. All you have to do is integrate TaxJar and the platform will take care of all the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. In this review, we’ll look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When it comes time to filing income tax returns TaxJar will train you on managing these. However, it will be up for you and your team to complete everything in time. TaxJar will only provide guidance on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. Through this feature, everything will be automated, from calculating sales taxes through recording, and then processing them. There could be additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there you and your team will have access to all the information you need, such as the list of transactions, reports, as well as data.
The most appealing aspect 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 collected however, they can also help you determine when your next payment is due.
Their dashboard also allows you to fully view the total sales tax for your business. You can also export the information as the form of a CSV file if you need it in your process of financial planning and accounting or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you need them in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
What’s more is that TaxJar provides training and tutorials, not just on their platform, but everything that has to do with sales tax. You can look through their webinars, guides, as well as their blog to find more details. Additionally their sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing structures and what each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the best plan if you need help with filing requirements or reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small business owner, this plan should be perfect for you. It may not have all of TaxJar’s features however, it does include the basic features you require.
You can also contact their support team with their email support chart. You’ll also have access to their integration tools.
If you’re looking for something a bit more than just the standard features, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it when you add additional features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s features, you also have their support via phone, API access, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to go for premium plans instead. It comes with all the features that you require to help with your taxes. Moreover, they allow unlimited data import integrations as well as Integrations with APIs, teams of users and AutoFiles.
There is also a team that is devoted to managing your account. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar From_State
But they did state that this plan is customized for every user. Therefore, the cost will differ according to what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to find out if the platform 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 whether the service is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of the use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it 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 for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you’re doing, then you must try TaxJar.
It’s not just a way to assist you in keeping track of your revenue and products, but it can assist you in meeting your deadlines. It is also a great opportunity for accountants since they offer tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to meet. If you live in a place with complicated tax laws, this can certainly help you to get your head around the subject. TaxJar From_State
But if handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the entire process easy to do, you might be better in doing it all on your own.
FAQ TaxJar From_State
Which areas does TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it into US$ before TaxJar will calculate your tax.