Taxes are always one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. In the event that you do not have the budget to hire an accountant, doing it 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 avoid this step. But since it’s required, we have no choice.
So , what can we do about it?
We can simplify our lives with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can benefit you. Even though this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need in the present.
Prefer to watch videos instead? Watch 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 exactly is TaxJar? TaxJar Glassdoor
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it in all of the sales channels you use to ensure compliance with your sales taxes. It streamlines processes that take days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to make their business more simple and organized. Let’s explore their features and services.
Features and services
One of the first things you’ll want to check you have a tax accounting software perfectly integrates with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to display your critical metrics in one place. That way, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you need to do is integrate TaxJar then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers submit their sales tax by hand or using their AutoFile feature. For our review we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When the time is right for filing tax returns for income The team will guide you on managing these. But, it is up for you and your staff to complete everything in time. TaxJar is there to guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. Through this feature, everything will be automated, from calculating taxes on sales in order to record and process them. There could be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there you and your team will have access to everything you need, like the list of transactions, reports and the data.
The best part about this feature is that it allows you to update automatically every day. Not only will they let to know the amount you’ve collected and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow you to fully view the sales tax totals in your business. You can also export your data in CSV format. CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the sales avenues you use. That means you won’t have to scramble for your documents when you’re when you’re in a pinch. Even when you already have your accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds more effectively. You’ll know better how much budget you have available for other operating costs.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform , but also all things connected to sales tax. You can check out their webinars, guides as well as their blog to find more information. Additionally their sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing structures and the features that each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the best plan to help you in filing and reporting. It includes the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a smaller company proprietor, then this program could be perfect for you. It may not offer all of TaxJar’s features, but it has the basic features you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for that is more than the basic features Professional might be the right one for you. It starts at $99, however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to accessing every one of Starter plan’s features, you also get access to their support via phone, API access, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you run a large company, you may need to choose the Premium plan instead. It has all of the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrations, team members as well as AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Glassdoor
However, they did mention that the plan is custom-made to each user. Therefore, the cost will differ depending on what you need to run your business.
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. It should give you enough time to see whether the service is the right choice for you.
Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a break. In order to sum up the whole thing Here are the pros and cons of making use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help 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
- 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
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it help you track the sales and profits of your business It can assist you in meeting the deadlines you set. It is also a great platform for an accountant since they provide the Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Utilizing TaxJar will help you save more time while keeping on top of each deadline and obligation you have to meet. If you’re living in an area with complex tax laws, this can surely help you wrap your head around it. TaxJar Glassdoor
But if handling taxes is easy If it isn’t, then TaxJar might not be a good investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire process easy to do, you might be better in doing it all on your own.
FAQ TaxJar Glassdoor
What areas does TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions are in US$. If you’re using another currency, you’ll need to convert it to US$ before TaxJar determines your tax.