Taxes have always been among 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 finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have enough money to hire an accountant, doing it on your own can be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do ?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can benefit you. Although this is quite lengthy but you’ll be able to gauge whether TaxJar is the tool you require in the present.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What is TaxJar? TaxJar Guarantee
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with sales taxes. It streamlines processes that can take days to complete, and is completed in just a few just a few 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 used extensively by business owners who run online businesses to ensure that everything is neat and simple. Let’s look into the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure is that your accounting tax software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential 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. So, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you have to do is connect TaxJar and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. In the purpose of this article, we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When it comes time to filing income tax returns The team will guide you on how to manage these. It is up to you and your team members to finish the tax returns within the timeframe. TaxJar will only guide you on what you need to accomplish, but not manage it.
If you 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 in order to record and process them. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. From there you and your team will have access to everything you require, including an inventory of your transactions, reports and information.
The most appealing aspect of this option is the fact that they allow you to automatically update every day. Not only will they let you keep track of how much you’ve earned and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow you to see the total sales tax for your business. You can also export your data in the form of a CSV file in case you require it for your process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps 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 need them in the event of a need. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational costs.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform but all things that has to do with sales tax. Check out their webinars, guides or blog posts for additional details. Apart from that their sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of those plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you if you need help in filing and reporting. It includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a smaller business manager, the plan could be perfect for you. It may not have all the features of TaxJar but it comes with the essentials that you need.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for something that is more than the standard features, then the Professional plan may be the best option 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 the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for the Premium plan instead. It comes with all the features you need to make your tax filing easier. Additionally, they permit unlimited integrations with data imports as well as API integrations, team users, and AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Guarantee
But they did state that this plan is tailor-fit to each user. So the costs will vary depending on what you need to run your business.
It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still looking into various options, they provide 30 days of free trial. This should be enough time to see if the platform is the right choice for you.
Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar let’s take a break. To sum it all up, here are the pros and cons of making use of TaxJar to run 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
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then should try this.
Not only will it aid in tracking your revenue and products, but it can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they have the Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
The use of TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to meet. If you live in a place with complicated tax laws, this can surely help you wrap your head around it. TaxJar Guarantee
If handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the whole procedure easy to complete then you’re better in doing it all on your own.
FAQ TaxJar Guarantee
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n US$. If you’re using another currency, you will need to convert it into USdollars before TaxJar can calculate your tax.