Taxes are always one of the most difficult tasks to complete regardless of whether you’re running a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, especially when you’re full of things to be done. In the event that you do not have enough money to hire an accountant, making it your own can be dangerous. If you overlook one thing and you don’t know it, you may 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.
So , what can we do about it?
We can always simplify our lives with tools such as TaxJar.
Here we’ll take a look at this popular life-saving device and how it can assist you. Even though this is a long read, you should be able to gauge whether TaxJar is exactly what you need in the present.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Gst
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all your channels of sales to ensure compliance with your sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to make their business more simple and organized. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. 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 spot. This means that there is no requirement to collect data in multiple channels and then organize it on a single platform. All you need to do is to integrate TaxJar then the system will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers make sales tax filings either manually or via the AutoFile feature. For this review, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing tax returns for income TaxJar will train you on managing them. But, it is up to you and your team members to complete everything on time. TaxJar is there to guide you on what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. With this feature, everything is automated, from calculating sales taxes through recording, and then processing it. But, it is possible to incur extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you need, like a list of your transactions, reports and information.
The best part about the feature you’ve chosen is they allow you to automatically update every day. Not only can they help to know the amount you’ve collected, but they also help you keep track of when the next payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes within your company. Additionally, you can export your data to a CSV file if you need it to aid in financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you’re when you’re in a pinch. Even if you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds more effectively. You’ll know better how much budget you have to cover other operating expenses.
The best part is that TaxJar offers training and tutorials, not just on their platform, but for anything that has to do with sales tax. You can look through their guides, webinars, as well as their blog to find more details. In addition the sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important 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 look into TaxJar’s pricing structures and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale business manager, the plan could be ideal for you. It might not include all the features of TaxJar but it comes with all the basics you require.
You can also contact their support team with their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking for different from the basics Professional may be the best option for you. It’s priced at $99 but you can increase it by adding custom features.
How different is it from the basic plan?
Apart from having access to all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to choose the Premium plan instead. It comes with all the features that you require to help with your taxes. In addition, they offer unlimited integrations with data imports as well as API integrations, team members and AutoFiles.
There is also a team who are devoted in managing your accounts. They don’t reveal the amount that the Premium plan will cost you. TaxJar Gst
But they did state that this plan is tailor-fit for each user. Therefore, the cost will differ according to what you require for your business.
Luckily, you don’t have to risk your money to determine if this service is right for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to gauge whether the software is an excellent fit for you.
Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the advantages and disadvantages of using TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- AutoFile limit is based on 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 check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies that have numerous sales channels, and that utilizes many platforms. If that sounds like what you do, then you must try TaxJar.
Not only will it help you track your products and revenue It can help you meet your deadlines. It’s also an excellent option for accountants as they offer a Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can help you reduce time and keep track of every deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this will certainly help you to get your mind around it. TaxJar Gst
But if handling your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Gst
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it to USdollars before TaxJar can calculate the tax.