Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have the budget to hire an accountant, making it your own can be dangerous. If you miss one detail it could mean you have to redo things again!
Almost everyone wants to skip this step. But , as it’s a requirement, we have no choice.
So , what can we do ?
We can make life easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. Even though this is lengthy, you should be able to determine if TaxJar is what you need right now.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Icon
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. Additionally, you can use it across all your sales channels to ensure that you are in compliance with your sales taxes. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is simple and organized. Let’s look into the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check is your tax-reporting system perfectly integrates along with sales funnels. If you have multiple sales channels, you need to maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one spot. So, there’s no need to collect information from multiple sources and sort it into a single platform. All you need to do is connect TaxJar then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to make sales tax filings either manually or via their AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you choose to go it alone, TaxJar will allow you to connect those sales tools. When it comes time to filing income tax returns TaxJar will train you on how to manage the tax returns. But, it is up for you and your staff to complete the process on time. TaxJar is only there to help you understand what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales tax through recording, and then processing them. There could be additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you require, including an inventory of your transactions, reports and data.
The best part about the feature you’ve chosen is it allows you to update your account automatically each day. Not only can they help you know how much you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard can also allow you to fully view the overall sales taxes within your company. You can also export the data in a CSV file in case you require it in your accounting and financial planning processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to scramble for your documents when you need them in a pinch. Even even if you already have an accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds better. You’ll be aware of the budget you have for other operating costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform but everything connected to sales tax. You can look through their guides, webinars, and blog for more details. In addition the sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. This is why in this section we’ll examine TaxJar’s pricing tiers and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, 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 or reporting. It includes taxes on sales and sales as well as four autofiles for free each year, 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 owner, this plan will be ideal for you. It may not offer all the features of TaxJar however, it does include all the basics you require.
You can also contact their customer support via their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get a bit more than just the basics, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up by adding custom features.
What is the difference from the original plan?
In addition to accessing all of the Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to opt for the Premium plan instead. It comes with all the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data as well as Integrations with APIs, teams of users, and AutoFiles.
They also have a team dedicated in managing your accounts. However, they don’t disclose how much the Premium plan is going to cost. TaxJar Icon
However, they did say that the plan is custom-made for every user. Therefore, the cost will differ according to what you require to run your business.
It’s a good thing that you don’t have to gamble your money just to determine if this service is right for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to gauge whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a break. To summarize, here are the advantages and disadvantages of using TaxJar for your company.
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- You can track several 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 valid for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then you should try this.
It’s not just a way to aid in tracking your revenue and products however, it will help you meet the deadlines you set. This is also an excellent option for accountants as they offer tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar will help you save more time while keeping on top of each deadline and requirement you have to meet. If you’re living in an area with complex tax laws, this can certainly help you to get your head around it. TaxJar Icon
But if handling taxes is easy, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you find the entire procedure simple to follow then you’re better to do it by yourself.
FAQ TaxJar Icon
Which areas does TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar will calculate your tax.