Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. If you don’t have the budget to hire an accountant, making it your own could be dangerous. If you make a mistake and you don’t know it, you may have to redo things again!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can benefit you. Although this is quite an extensive read it is possible to gauge whether TaxJar is exactly what you need today.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What is TaxJar TaxJar Install Composer
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with sales taxes. It streamlines processes that require days to complete and finish within only a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure is that your accounting tax system is compatible with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your key metrics in one spot. 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 connect TaxJar, it will do all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to make sales tax filings manually or through the AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing tax returns for income The team will guide you on how to handle the tax returns. It is up to you and your team to complete everything within the timeframe. TaxJar is only there to help you understand what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. With this feature, everything is automated, from calculating taxes on sales to recording and processing it. But, it is possible to incur additional charges if they are not part of the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting woes. The orders you place through your online 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 the list of transactions, reports, as well as information.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. Not only can they help to know the amount 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 sales tax totals in your business. Additionally, you can export your data as CSV format. CSV file, if you want to use it for your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. This means that you don’t have to hunt for your paperwork when you’re when you’re in a pinch. Even even if you already have an accountant, this feature can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have for other operational expenses.
What’s more is that TaxJar offers training and tutorials not only for their platform but everything that has to do with sales tax. You can check out their webinars, guides, and blog for more details. Additionally their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. For this reason we’ll examine TaxJar’s pricing levels and the features that each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It includes the tax on sales, four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small company manager, the plan could be ideal for you. It might not include all of TaxJar’s features but it comes with all the basics you require.
In addition, you can reach their customer support via their email support chart. You’ll also have access to their integration features.
If you’re looking to get different from the basic features, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the original plan?
In addition to accessing all of the Starter plan’s features, you also get access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge enterprise, you may want to opt for the Premium plan instead. It includes all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of members as well as AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal how much the Premium plan is going to cost. TaxJar Install Composer
However, they did say that the plan is custom-made for each user. Therefore, the cost will differ in line with what you require to run your business.
Luckily, you don’t have to gamble your money just to see if this platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. This should be enough time to determine whether the software is the right choice for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features 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
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it aid in tracking the sales and profits of your business however, it will assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar will help you reduce time and keep on top of each deadline or requirement you need to fulfill. If you’re in a region with a lot of tax laws, this can definitely help you get your head around the subject. TaxJar Install Composer
If handling your taxes is straightforward and straightforward, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you’re finding the entire procedure simple to follow then you’re better in doing it all on your own.
FAQ TaxJar Install Composer
Which areas does TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions are in USdollars. If you’re using another currency, you’ll have to convert it into US$ before TaxJar can calculate your tax.