Taxes are always one of the hardest things to do regardless of whether you’re running an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have enough money to hire an accountant, performing the task on your own could be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. But since it’s required, we have no choice.
What is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can help you. While this is an extensive read but you’ll be able to determine if TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar TaxJar Funding
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your sales channels to ensure compliance with sales taxes. It simplifies the processes that require days to complete and finish within just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure you have a tax accounting software seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you need to ensure that everything is in order. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one place. This means that there is no need to collect data from different channels and sort it into a single platform. All you need to do is integrate TaxJar it will handle all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax manually or through the AutoFile feature. For this review, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns The team will guide you on managing them. It is up to you and your team members to complete the process within the timeframe. TaxJar is only there to help you understand what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. Through this feature, 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 you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, such as a list of your transactions, reports, and information.
The best part about this feature is that they allow you to update automatically every day. Not only can they help to know the amount you’ve accumulated however, they can also help you keep track of when the next payment is due.
Their dashboard can also allow you to see the total sales tax for your business. Additionally, you can export your data as a CSV file, if you want to use it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the sales avenues you use. That means you won’t have to hunt for your paperwork when you need them in a pinch. Even if you already have your accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds better. 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 just for their platform , but also for anything that has to do with sales tax. You can check out their webinars, guides, as well as their blog to find more information. Apart from that, their sales tax calculator can be beneficial when you’re planning to do everything on your own.
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 expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing levels and what each of these plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes the tax on sales, 4 autofiles for free each year, and a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company owner, this plan could be ideal for you. It may not have all of TaxJar’s features, but it has all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for something a bit more than just the basics, then the Professional plan could be the one for you. It’s priced at $99 however, it could go up if you add custom features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support, API access, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you run a large company, you may need to opt for the Premium plan instead. It includes all of the features needed to aid in your tax preparation. In addition, they offer unlimited integrations with data imports, API integrationsfor team users and AutoFiles.
They also have a team who are devoted to managing your account. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Funding
However, they did say that the plan is custom-made for every user. The cost of the plan will be different according to what you require for your business.
Luckily, you don’t have to gamble your money just to find out if the platform is for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to see whether the software is the right choice for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar Let’s relax. To sum it all up, here are the pros and cons of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- Allows you to track multiple 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 valid for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses numerous platforms. If that sounds like what you do, then you should try this.
Not only will it assist you in keeping track of the sales and profits of your business It can help you meet the deadlines you set. It is also a great platform for an accountant since they offer the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
The use of TaxJar will help you get more done while keeping on top of each deadline and obligation you have to meet. If you live in a place with complicated tax laws, this can surely help you wrap your head around the subject. TaxJar Funding
If handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the whole process easy to do then you’re better in doing it all on your own.
FAQ TaxJar Funding
Which areas does TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar will calculate the tax.