Taxes are always one of the most difficult tasks to complete, whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues aren’t easy, particularly when you’re packed with things to do. If you don’t have enough money to engage an accountant making it your own could be dangerous. If you make a mistake and you don’t know it, you may have to redo things again!
Almost everyone wants to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So what is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can assist you. Although this is quite an extensive read, you should be able to assess whether TaxJar is the tool you require today.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Hiring Manager
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. Additionally, you can use it across all the sales channels you use to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by owners of online businesses to make their business more neat and simple. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax platform is compatible in conjunction with the sales channels you use. If you have multiple sales channels, you must ensure that everything is in order. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to show your key metrics in one place. That way, there’s no requirement to collect information from multiple sources and sort it into one platform. All you have to do is integrate TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to file their sales taxes by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig into both.
If you opt 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, the team will instruct you on how to handle these. But, it is up for you and your team members to complete everything in time. TaxJar will only guide you on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing it. But, it is possible to incur additional charges if they are not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there, you and your team will have access to all the information you need, such as the list of transactions, reports and data.
The best part about the feature you’ve chosen is it allows you to update automatically every day. Not only can they help you know how much you’ve collected however, they can also help you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the overall sales taxes in your business. Additionally, you can export the information in the form of a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all your sales channels. This means that you don’t have to search for your documents when you need them in a pinch. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds better. You’ll know better how much budget you have for other operational expenses.
But what’s even better is that TaxJar provides training and tutorials, not just on their platform, but everything related to sales tax. Check out their guides, webinars, and blog for more details. In addition their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they can be too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with sales tax reporting, 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company manager, the plan should be ideal for you. It may not have all of TaxJar’s features, but it has the basic features you require.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for something different from the basics Professional might be the right one for you. It starts at $99, but you can increase it when you add additional features.
What is the difference from the starter plan?
In addition to having access to all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large company, you may need to opt for premium plans instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as API integrationsfor team users and AutoFiles.
They also have a team that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan costs you. TaxJar Hiring Manager
But they did state that this plan is customized for each user. So the costs will vary in line with what you require for your company.
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to see whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online 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.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only will it aid in tracking your products and revenue, but it can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they offer tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Using 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 regulations, this will surely help you wrap your mind around it. TaxJar Hiring Manager
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete then you’re better in doing it all on your own.
FAQ TaxJar Hiring Manager
Which areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions are in USdollars. If you’re using another currency, you’ll have to convert it into USdollars before TaxJar will calculate your tax.