Taxes have always been one of the most difficult things to handle, whether you’re running your own business or not. More so if you don’t have a background in accounting or finance. Tax-related tasks aren’t easy, particularly when your whole day is full of things to be done. In the event that you do not have enough money to engage an accountant performing the task on your own could be risky. If you miss one detail it could mean you have to redo things again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory, we have no choice.
What can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
This article will take a 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 exactly what you need right now.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What is TaxJar TaxJar Guided Tours
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all your channels of sales to make sure you’re in compliance with sales tax requirements. It simplifies the processes that take days to complete and is completed in just a few only a few minutes.
TaxJar has been 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 owners of online businesses to keep everything neat and simple. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check is that your accounting tax software perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you need to maintain everything in line. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to display your key data in one location. So, there’s no requirement to collect data from different channels and sort it into one platform. All you need to do is integrate TaxJar then the system will do all the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax by hand or using TaxJar’s AutoFile feature. In this 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. Once the time comes for filing income tax returns TaxJar will train you on how to handle these. It is up for you and your staff to complete everything within the timeframe. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing them. However, there might be extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to all the information you need, like a list of your transactions, reports, as well as the data.
The greatest benefit of the feature you’ve chosen is it lets you to update your account automatically each day. Not only can they help you keep track of how much 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 see the overall sales taxes within your company. Additionally, you can export your data as CSV format. CSV file if you need it in your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. That means you won’t have to scramble for your documents whenever you’re in a pinch. Even even if you already have an accounting firm, the feature will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds better. You’ll be aware of the budget you have for other operational costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform but for anything that has to do with sales tax. You can check out their webinars, guides and blog for more details. In addition their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements and reporting. It also includes taxes on sales and sales as well as four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a smaller company manager, the plan should be ideal for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration tools.
Professional
If you’re looking to get that is more than the standard features, then the Professional plan might be the right one for you. The price starts at $99 but it can go higher when you add additional features.
So how different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to choose the Premium plan instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited integrations with data imports, API integrations, team users and AutoFiles.
There is also a team dedicated for managing the account. However, they don’t disclose how much the Premium plan costs you. TaxJar Guided Tours
But they did state that the plan is custom-made for each user. Therefore, the cost will differ depending on what you need to run your business.
Free Trial
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to determine if the platform is an excellent fit for you.
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Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a breather. To sum it all up, here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you do, then you should try this.
Not only will it help you track your products and revenue It can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they have tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can help you save more time while keeping the track of each deadline or requirement you need to meet. If you’re living in an area with complex tax laws, this can certainly help you to get your mind around it. TaxJar Guided Tours
But if handling taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure simple to follow then you’re better to do it on your own.
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FAQ TaxJar Guided Tours
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it to US$ before TaxJar will calculate the tax.
