Taxes have always been one of the most difficult things to handle regardless of whether you run an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is filled with tasks to complete. If you don’t have the budget to hire an accountant, doing it on your own could be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do about it?
We can make life easier by using tools like TaxJar.
We’ll look at this life-saving device and how it can help you. Although this is quite lengthy but you’ll be able to assess whether TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Income Tax
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it across all of your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that take days to complete and finish within only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is simple and organized. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure is that your accounting tax platform seamlessly works well along with sales funnels. If you have multiple sales channels, you must maintain everything in line. 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 requirement to collect data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar, it will handle all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to make sales tax filings by hand or using the AutoFile feature. For the purpose of this article, we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns, the team will instruct you on how to manage them. But, it is up to you and your team members to complete the process on time. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. With this feature, everything is automated, from calculating taxes on sales to recording and processing it. There could be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform, you and your team can access everything you require, including a list of your transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow you to see the total sales tax within your company. You can also export the data in CSV format. CSV file in case you require it for your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the channels you sell through. It means you don’t need to scramble for your documents when you’re when you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have available for other operating expenses.
The best part is that TaxJar offers tutorials and training not only on their platform, but all things connected to sales tax. You can check out their webinars, guides or blog posts for additional info. Additionally their sales tax calculator can be 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 provide amazing features, but they can be too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing levels and what each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with the tax on sales, 4 autofiles for free each year, and a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small-scale business owner, this plan could be ideal for you. It may not offer all the features of TaxJar but it comes with the basic features you require.
You can also contact the support team via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking for different from the standard features, then the Professional plan could be the one for you. It starts at $99, however, it could go up when you add additional features.
What is the difference from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to opt for the Premium plan instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data as well as API integrationsfor team users as well as AutoFiles.
They also have a staff who are devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. costs you. TaxJar Income Tax
However, they did say that the plan is custom-made for every user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to bet your life on it to determine if this service is right for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to see if the platform is a good fit for you.
Pros and Cons
We’ve covered everything you must know about TaxJar Let’s relax. To summarize, here are the pros and cons of using TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
- Limits for AutoFile are 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 check local legislation
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only can it assist you in keeping track of your products and revenue, but it can also help you meet your deadlines. It is also a great option for accountants as they offer tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Using TaxJar will help you reduce time and keep track of every deadline and obligation you have to meet. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around it. TaxJar Income Tax
But if handling taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. If you’re finding the entire procedure easy to complete then you’re better in doing it all by yourself.
FAQ TaxJar Income Tax
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in US$. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar will calculate the tax.