Taxes have always been among the most difficult things to handle regardless of whether you run a business or not. More so if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford the budget to employ an accountant, making it yourself can be dangerous. If you make a mistake, you might have to do it all over again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory, we have no choice.
What is the best way to deal with it?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and how it can help you. While this is an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar? TaxJar Glass Door
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It streamlines processes that take days to complete and finish within minutes.
TaxJar has been utilized in various industries like 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 ensure that everything is simple and organized. Let’s explore their features and services.
Features and services
One of the most important things you’ll need to ensure you have a tax accounting system perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one place. So, there’s no need to gather information from multiple sources and then organize it on a single platform. All you need to do is to integrate TaxJar and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to make sales tax filings either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig into both.
If you decide 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 TaxJar will train you on managing these. It is up for you and your team members to complete everything on time. TaxJar will only guide you on what you need to do , but not to handle it.
If you would 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 will be automated, from calculating taxes on sales in order to record and process it. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. 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, like the list of transactions, reports, as well as information.
The greatest benefit of this feature is that it lets you to automatically update every day. Not only will they let you know how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard can also allow you to see the overall sales taxes in your business. Additionally, you can export the data to the form of a CSV file if you need it in your financial planning and accounting processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to hunt for your paperwork when you need them when you’re in a pinch. Even when you already have your accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform but for anything connected to sales tax. Check out their webinars, guides, or blog posts for additional details. In addition, their sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you to help you with filing requirements or reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small company owner, this plan will be perfect for you. It may not have all of TaxJar’s features however, it does include all the basics you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration tools.
If you’re looking to get different from the basics, then the Professional plan might be the right one for you. It starts at $99, but you can increase it when you add additional features.
So how different is it from the starter plan?
In addition to having access to each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge enterprise, you may want to choose an upgrade instead. It includes all of the features you need to help with your taxes. Moreover, they allow unlimited integrations with data imports API integrations, team users, and AutoFiles.
There is also a team dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Glass Door
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ according to what you require for your business.
Fortunately, you don’t need to gamble your money just to find out if the platform is right for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to see 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 pros and cons of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save 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.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with multiple sales channels and uses many platforms. If that’s what you’re doing, then you should try this.
Not only can it help you track your revenue and products, but it can help you meet the deadlines you set. It is also a great option for accountants as they provide tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you save more time while keeping on top of each deadline and obligation you have to meet. If you’re in a place with complicated tax laws, this will definitely help you get your head around the subject. TaxJar Glass Door
However, if managing your taxes is straightforward and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
FAQ TaxJar Glass Door
Which areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n US$. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar determines your tax.