Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. If you don’t have the funds to hire an accountant, making it 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 skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
What can we do about it?
It is always possible to make life easier with tools such as TaxJar.
This article will take a look at this popular life-saving device and how it can assist you. While this is lengthy but you’ll be able to assess whether TaxJar is what you need right now.
Do you prefer video streaming 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, then let’s get right into it.
What is TaxJar? TaxJar How To Add Sales Tax Codes George Harkless
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your channels of sales to ensure that you are in compliance with sales tax requirements. It streamlines processes that require days to complete and finish within just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to make their business more neat and simple. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to make sure is that your accounting tax system seamlessly works well with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar allows you to display your most important metrics in one spot. So, there’s no need to gather data from different channels and sort it into one platform. All you have to do is connect TaxJar it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to submit their sales tax manually or through their AutoFile feature. In our review we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns, the team will instruct you on managing them. It is up for you and your staff to finish the tax returns in time. TaxJar will only guide you on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated from calculating taxes on sales to recording and processing it. There could be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there you and your staff will have access to all the information you need, like the list of transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is they allow you to update automatically every 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 payment is due.
The dashboard allows users to view in detail the overall sales taxes within your company. Additionally, you can export the information to the form of a CSV file, if you want to use it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all the sales avenues you use. This means that you don’t have to search for your documents when you’re when you’re in a pinch. Even when you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll know better how much budget you have available for other operational expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform but everything that has to do with sales tax. You can check out their webinars, guides, as well as their blog to find more information. Apart from that their sales tax calculator is beneficial when you’re planning to 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 expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements or reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small-scale company proprietor, then this program could be ideal for you. It may not offer all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact their support team with their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for something that is more than the basic features Professional may be the best option for you. It starts at $99, however, it could go up when you add additional features.
What is the difference from the basic plan?
In addition to having access to each of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you run a large company, you may need to choose the Premium plan instead. It has all of the features that you require to make your tax filing easier. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of 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 will cost you. TaxJar How To Add Sales Tax Codes George Harkless
But they did state that the plan is custom-made for every user. Therefore, the cost will differ according to what you require for your company.
Luckily, you don’t have to bet your life on it to find out if the platform is right for you. If you’re still considering various options, they provide 30 days of free trial. This should be enough time to gauge whether the software is a good fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a break. To summarize we’ll go over 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
- Provides on the internet for sales tax calculator.
- Has 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.
- You can track several 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 review local laws
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then you must try TaxJar.
It’s not just a way to aid in tracking the sales and profits of your business It can assist you in meeting your deadlines. This is also an excellent option for accountants as they offer tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar will help you reduce time and keep track of every deadline and obligation you have to meet. If you’re in a place with complicated tax laws, this can surely help you wrap your head around the subject. TaxJar How To Add Sales Tax Codes George Harkless
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to track everything. If you find the entire procedure simple to follow then you’re better to do it on your own.
FAQ TaxJar How To Add Sales Tax Codes George Harkless
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar determines your tax.