Taxes are always one of the most difficult things to handle, whether you’re running a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is filled with tasks to complete. When you’re not able to afford enough money to hire an accountant, making it yourself can be dangerous. If you miss one detail it could mean you need to repeat the process!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So , what can we do about it?
It is always possible to make our lives easier with tools such as TaxJar.
We’ll look at this life-saving device and how it can help you. Although this is quite an extensive read, you should be able to determine if TaxJar is exactly what you need today.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar Integration With Stripe
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all your channels of sales to make sure you’re in compliance with sales taxes. It streamlines processes that take days to complete and is completed in just a few just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to make their business more organized and straightforward. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to ensure you have a tax accounting platform perfectly integrates with your sales channel. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to display your key metrics in one spot. This means that there is no need to gather data from different channels and organize it into a single platform. All you have to do is connect TaxJar, and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to make sales tax filings manually or through the AutoFile feature. In this review, we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing income tax returns TaxJar will train you on how to handle the tax returns. It is up to you and your staff to complete the process within the timeframe. TaxJar will only help you understand what you need to do but not handle 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. Through this feature, everything is automated, from calculating sales tax to recording and processing them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform you and your team will have access to everything you need, like the list of transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is it allows you to automatically update every day. Not only can they help you know how much you’ve accumulated however, they can also help you track when your following payment is due.
Their dashboard also allows you to fully view the total sales tax for your business. Additionally, you can export the information in CSV format. CSV file if you need it to aid in financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the channels you sell through. It means you don’t need to hunt for your paperwork when you need them in a pinch. Even when you already have your accountant, this feature will make them more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also all things connected to sales tax. You can check out their webinars, guides or blog posts for additional info. Additionally their sales tax calculator should be useful if you’re planning to 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’re sometimes too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They claim that it’s the most suitable plan for you to help you with filing requirements and reporting. It also includes sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small business manager, the plan should be perfect for you. It may not offer all the features offered by TaxJar but it comes with all the basics you require.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration tools.
If you’re looking to get that is more than the standard features and options, then the Professional plan may be the best option for you. It starts at $99, but you can increase it when you add additional features.
What is the difference 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 sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to go for an upgrade instead. It includes all of the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as API integrationsfor team users and AutoFiles.
They also have a staff that is devoted to managing your account. However, they don’t disclose the amount that the Premium plan is going to cost. TaxJar Integration With Stripe
However, they did mention that this plan is tailor-fit for each user. The cost of the plan will be different in line with what you require to run your business.
Luckily, you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the software is a good fit for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of the use of 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
- Provides an online sales tax calculator
- Has support service team
- The dashboard is easy 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 review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then ought to try this.
Not only will it assist you in keeping track of your products and revenue It can help you meet the deadlines you set. It is also a great opportunity for accountants since they provide tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
Using TaxJar will help you reduce time and keep on top of each 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 Integration With Stripe
If handling your taxes is straightforward, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire process easy to do, you might be better in doing it all on your own.
FAQ TaxJar Integration With Stripe
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USdollars prior to when TaxJar will calculate your tax.