Taxes are always one of the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have a background in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to hire an accountant, performing the task on your own can be dangerous. If you make a mistake and you don’t know it, you may have to redo things again!
Most people want 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 by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can assist you. Although this is quite a long read but you’ll be able to gauge whether TaxJar is exactly what you need today.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, then let’s get right into it.
What is TaxJar? TaxJar India
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use it across all the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that require days to complete and can be completed in a matter of minutes.
TaxJar has been 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 business owners who run online businesses to make their business more simple and organized. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check you have a tax accounting software seamlessly works well with your sales channel. If you’re using multiple sales channels, you must keep everything in place. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your most important data in one location. This means that there is no need to collect data from different channels and organize it into a single platform. All you need to do is integrate TaxJar it will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows customers to make sales tax filings either manually or via the AutoFile feature. In our review we’ll take a look at both.
If you choose to manually file your tax returns, 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 instruct you on how to manage them. It is up for you and your staff to complete everything on time. TaxJar is only there to help you understand what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales tax through recording, and then processing them. However, there might be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be combined into one dashboard using this platform. From there you and your team can access everything you require, including an inventory of your transactions, reports, and information.
The best part about this option is the fact that they allow you to update automatically every day. Not only will they let to know the amount you’ve collected and how much you’ve earned, but they also let you determine when your next payment is due.
The dashboard allows you to see the total sales tax within your company. It is also possible to export the data to a CSV file in case you require it to aid in accounting and financial planning processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all your sales channels. That means you won’t have to search for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have for other operating expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just on their platform, but everything that has to do with sales tax. Check out their webinars, guides and blog for more information. Additionally, their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They say it’s the most effective plan to help you with filing requirements and reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a smaller company proprietor, then this program should be ideal for you. It may not have all of TaxJar’s features, but it has 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 basic features, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the starter plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support, API access, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive company, you may need to choose the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports as well as API integrations, team users and AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar India
However, they did mention that this plan is tailor-fit for every user. Therefore, the cost will differ in line with what you require 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 various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to gauge whether the software is a good fit for you.
Pros and Cons
We’ve covered everything you should know about TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of using TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then you should try this.
Not only will it assist you in keeping track of your products and revenue however, it will also help you meet your deadlines. It is also a great platform for an accountant since they provide the Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
The use of TaxJar can allow you to save more time while keeping track of every deadline or requirement you need to meet. If you’re in a region with a lot of tax regulations, this will certainly help you to get your head around the subject. TaxJar India
But if handling taxes is easy and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure simple to follow and you’re comfortable with it, you may be better off doing it on your own.
FAQ TaxJar India
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it to USdollars prior to when TaxJar will calculate the tax.