Taxes have always been among the most difficult things to handle regardless of whether you’re running a business or not. Even more so if you do not have a background in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. If you don’t have the budget to engage an accountant doing it on your own can be risky. If you overlook one thing, you might have to do it all over again!
Almost everyone wants to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what can we do about it?
We can always make life easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can assist you. Even though this is an extensive read it is possible to assess whether TaxJar is exactly what you need today.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar TaxJar In
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales taxes. It simplifies the processes that take days to complete and is completed in just a few just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is neat and simple. Let’s explore their features and services.
Services and features
One of the most important things you’ll want to check you have a tax accounting software is compatible along with sales funnels. If you’re using multiple sales channels, you need to ensure that everything is in order. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar lets you display your critical data in one location. That way, there’s no need to collect data in multiple channels and then organize it on a single platform. All you need to do is integrate TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to make sales tax filings either manually or via their AutoFile feature. In the purpose of this article, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect the sales channels you use. When the time is right for the filing of income tax returns The team will guide you on how to manage them. But, it is up to you and your team to finish the tax returns within the timeframe. TaxJar is only there to provide guidance on what you have to do , but not to handle it.
If you would 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 sales taxes to recording and processing them. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you need, like an inventory of your transactions, reports, as well as information.
The best part about this feature is that they allow you to update your account automatically each day. Not only can they help you know how much you’ve earned however, they can also help you keep track of when the next payment is due.
Their dashboard also allows you to see the sales tax totals in your business. It is also possible to export your data in the form of a CSV file if you need it for your accounting and financial planning processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. This means that you don’t have to hunt for your paperwork when you need them in a pinch. Even when you already have your accountant, this function will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also for anything connected to sales tax. Check out their guides, webinars, and blog for more information. Apart from that the sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason we’ll examine TaxJar’s pricing tiers and the features that each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It comes with sales tax reporting, four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small business owner, this plan should be ideal for you. It may not offer all the features of TaxJar, but it has all the basics you require.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration capabilities.
If you’re looking for that is more than the basics Professional may be the best option for you. It starts at $99, but it can go higher if you add custom features.
So how different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also have their phone customer support, API access, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you own a huge company, you may need to go for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of members as well as AutoFiles.
They also have a team who are devoted to managing your account. But, they don’t divulge the price of the Premium plan. will cost you. TaxJar In
But they did state that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need to run your business.
Fortunately, you don’t need to gamble your money just to see if this platform is right for you. If you’re still considering different options, they offer a 30-day free trial. It should give you enough time to determine whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of using TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes many platforms. If this sounds like the way you’re doing, then you should try this.
Not only will it help you track your products and revenue It can help you meet your deadlines. It is also a great option for accountants as they provide a Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you reduce time and keep track of every deadline and requirement you have to meet. If you live in an area with complex tax laws, this can definitely help you get your mind around it. TaxJar In
But if handling taxes is easy and straightforward, 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. If you find the entire procedure simple to follow then you’re better to do it by yourself.
FAQ TaxJar In
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD before TaxJar determines the tax.