Taxes have always been one of the hardest things to do regardless of whether you run an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. In the event that you do not have the budget to engage an accountant doing it on your own could be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to skipping this step. But since it’s required to be done, we can’t choose not to.
What can we do about it?
We can always make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can help you. While this is an extensive read but you’ll be able to determine if TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What is TaxJar TaxJar Illinoi
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. Furthermore, you can utilize it across all of your channels of sales to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is your tax-reporting software perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to keep everything in place. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. So, there’s no requirement to collect data from different channels and sort it into a single platform. All you have to do is integrate TaxJar then the system will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they can integrate with:
TaxJar lets customers file their sales taxes by hand or using TaxJar’s AutoFile feature. For this review, we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for the filing of income tax returns, the team will instruct you on how to handle them. It is up for you and your staff to complete everything within the timeframe. TaxJar will only help you understand what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. This feature will ensure that everything will be automated, from calculating taxes on sales to recording and processing it. But, it is possible to incur additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be put together 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 an inventory of your transactions, reports and information.
The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each day. Not only will they let you know how much you’ve collected, but they also help you determine when your next payments are due.
Their dashboard also allows you to fully view the sales tax totals for your business. Additionally, you can export your data to the form of a CSV file if you need it in your process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. This means that you don’t have to search for your documents when you’re in a pinch. Even when you already have your accountant, this function can help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have available for other operating expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also for anything that has to do with sales tax. You can look through their webinars, guides or blog posts for additional information. Apart from that the sales tax calculator can be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. The company claims that it’s the most effective plan if you need help with filing requirements and reporting. It 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 advice.
If you’re a small-scale company proprietor, then this program should be ideal for you. It might not include all the features of TaxJar however, it does include the basic features you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for a bit more than just the standard features and options, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up if you add custom features.
What is the difference from the basic plan?
Apart from having access to every one of Starter plan’s options, you also have access to their phone customer support, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large business, you might need to go for premium plans instead. It comes with all the features that you require to help with your taxes. In addition, they offer unlimited data import integrations as well as Integrations with APIs, teams of users and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Illinoi
However, they did mention that this plan is tailor-fit for every user. Therefore, the cost will differ depending on what you need for your company.
It’s a good thing that you don’t have to risk your money to find out if the platform is for you. If you’re still looking into various options, they provide a 30-day free trial. This should be enough time to see whether the service is an excellent fit for you.
Pros and Cons
We’ve covered everything you must know about TaxJar Let’s relax. In order to sum up the whole thing Here are the pros and cons of making use of TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online 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 be able to access the API feature
- Only valid for 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 plenty of platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your products and revenue, but it can help you meet your deadlines. It’s also an excellent opportunity for accountants since they offer a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar can help you save more time while keeping the track of each deadline and requirement you have to meet. If you live in an area with complex tax laws, this will definitely help you get your mind around it. TaxJar Illinoi
However, if managing taxes is easy If it isn’t, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure easy to complete then you’re better off doing it on your own.
FAQ TaxJar Illinoi
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it to USdollars before TaxJar can calculate your tax.