Taxes have always been among the most difficult things to handle regardless of whether you run a business or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have enough money to engage an accountant doing it on your own could be dangerous. If you overlook one thing it could mean you need to repeat the process!
Almost everyone wants to avoid this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can help you. Even though this is an extensive read but you’ll be able to assess whether TaxJar is the tool you require today.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Incorrect
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to make sure is your tax-reporting system seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to maintain everything in line. The most important thing is not to get a penalty for not paying attention to a minor thing.
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 do all the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms that they can connect with:
TaxJar lets customers file their sales taxes manually or through their AutoFile feature. For our review we’ll take a look into both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. When the time is right for filing income tax returns The team will guide you on managing these. It is up to you and your team members to complete everything in time. TaxJar is there to help you understand what you need to do , but not to handle it.
If you 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 in order to record and process it. There could be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there you and your team can access everything you require, including an inventory of your transactions, reports and data.
The most appealing aspect of this feature is that it lets you to update automatically every day. They not only let you know how much you’ve collected however, they can also help you track when your following payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. Additionally, you can export your data as a CSV file if you need it for your financial planning and accounting processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to scramble for your documents when you need them when you’re in a pinch. Even if you already have your accountant, this feature can make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have available for other operational costs.
But what’s even better is that TaxJar offers tutorials and training not only on their platform, but for anything related to sales tax. Check out their guides, webinars, and blog for more details. Apart from that, their sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing features, but they can be too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of those choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you to help you with filing requirements or reporting. It also includes sales tax reporting, 4 autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small business proprietor, then this program will be ideal for you. It might not include all the features offered by TaxJar but it comes with the basic features you require.
You can also contact the support team via their support chart for email. You’ll also have access to their integration features.
If you’re looking for a bit more than just the basics, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it by adding custom features.
How different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support, API access, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large company, you may need to choose the Premium plan instead. It has all of the features needed to aid in your tax preparation. Additionally, they permit unlimited import integrations of data, API integrationsfor team members, and AutoFiles.
There is also a team who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan costs you. TaxJar Incorrect
However, they did mention that this plan is tailor-fit for every user. The cost of the plan will be different in line with what you require for your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to see if the platform is an excellent fit for you.
Pros and Pros and
We’ve covered everything you should know about TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of using TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then should try this.
Not only can it help you track your revenue and products, but it can also help you meet your deadlines. It is also a great option for accountants as they provide the Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Using TaxJar can allow you to save more time while keeping the track of each deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this can surely help you wrap your head around it. TaxJar Incorrect
But if handling taxes is easy 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 everything. In addition, if you’re finding the entire procedure easy to complete, you might be better in doing it all by yourself.
FAQ TaxJar Incorrect
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD before TaxJar will calculate the tax.