Taxes have always been one of the most difficult things to handle regardless of whether you run your own business or not. More so if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, particularly when you’re full of things to be done. In the event that you do not have the funds to hire an accountant, performing the task on your own could be dangerous. If you miss one detail, you might have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do ?
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 benefit you. While this is an extensive read it is possible to gauge whether TaxJar is what you need today.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? TaxJar In Quickbooks
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your sales channels to ensure that you are in compliance with sales tax requirements. It streamlines processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting software is compatible with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your critical data in one location. That way, there’s no requirement to collect data in multiple channels and sort it into one platform. All you have to do is integrate TaxJar it will do the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. In our review we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. Once the time comes for filing income tax returns, the team will instruct you on how to handle the tax returns. But, it is up for you and your team members to finish the tax returns in time. TaxJar is there to help you understand what you have to 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 fill out all forms by hand. Through this feature, everything will be automated from calculating sales taxes in order to record and process it. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, such as a list of your transactions, reports, and the data.
The most appealing aspect of this option is the fact that it lets you to update your account automatically each day. They not only let you keep track of how much you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard also allows users to view in detail the total sales tax in your business. Additionally, you can export the information in the form of a CSV file if you need it to aid in process of financial planning and accounting or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds better. You’ll know better how much budget you have to cover other operational expenses.
The best part is that TaxJar offers tutorials and training and tutorials, not just on their platform, but all things related to sales tax. You can check out their guides, webinars, as well as their blog to find more details. Additionally, their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing features, but they can be too costly for your business. This is why in this section we’ll examine TaxJar’s pricing tiers and what each of those plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They say it’s the most effective plan if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a smaller company owner, this plan will be ideal for you. It might not include all of TaxJar’s features, but it has the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking for that is more than the standard features and options, then the Professional plan could be the one for you. It starts at $99, but it can go higher by adding custom features.
How different is it from the starter plan?
Apart from having access to all of the Starter plan’s features, you also have the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to go for premium plans instead. It has all of the features you need to help with your taxes. Moreover, they allow unlimited data import integrations API integrations, team users, and AutoFiles.
They also have a team that is devoted to managing your account. They don’t reveal the amount that the Premium plan will cost you. TaxJar In Quickbooks
However, they did say that the plan is custom-made to each user. The cost of the plan will be different depending on what you need for your business.
Fortunately, you don’t need to risk your money to find out if the platform is for you. If you’re still considering different options, they offer 30 days of 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 sum it all up we’ll go over the pros and cons of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated 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 clearly laid down, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If this sounds like the way you do, then you should try this.
Not only will it assist you in keeping track of your products and revenue It can help you meet your deadlines. It’s also an excellent option for accountants as they provide the Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Utilizing TaxJar can help you get more done while keeping on top of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax regulations, this will surely help you wrap your head around it. TaxJar In Quickbooks
If handling your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the whole process easy to do, you might be better in doing it all by yourself.
FAQ TaxJar In Quickbooks
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 with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it into USUSD before TaxJar can calculate the tax.