Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. More so if you don’t have a background in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the funds to employ an accountant, making it your own can 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. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
We can always make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can help you. Although this is quite an extensive read but you’ll be able to determine if TaxJar is the tool you require today.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Is Sll Required
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it in all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It simplifies the processes that require days to complete and finish within only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even 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 features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure you have a tax accounting software seamlessly works well with your sales channel. If you’re selling through multiple channels, it is essential to keep everything in place. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one place. So, there’s no need to collect information from multiple sources and sort it into one platform. All you have to do is to integrate TaxJar then the system will do all the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to file their sales taxes by hand or using TaxJar’s AutoFile feature. For our review we’ll take a look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on how to handle the tax returns. But, it is up to you and your staff to complete everything within the timeframe. TaxJar is there to help you understand what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. Through this feature, everything is automated, from calculating taxes on sales through recording, and then processing it. There could be additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. The orders you place through your online channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to all the information you require, including the list of transactions, reports, and data.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to see the overall sales taxes for your business. Additionally, you can export the information as the form of a CSV file in case you require it to aid in accounting and financial planning processes or if you require it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to search for your documents when you need them in the event of a need. Even even if you already have an accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have for other operational costs.
The best part is that TaxJar offers tutorials and training not only for their platform , but also for anything related to sales tax. Check out their webinars, guides and blog for more information. Apart from that, their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the best plan for those who need assistance in filing and reporting. It comes with taxes on sales and sales as well as 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small-scale company proprietor, then this program should be perfect for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
Additionally, you can contact their support team with their support chart for email. You’ll also be able to use their integration tools.
If you’re looking to get different from the basic features and options, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone, API access, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to go for an upgrade instead. It comes with all the features you need to make your tax filing easier. In addition, they offer unlimited integrations with data imports API integrationsfor team members, and AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal how much the Premium plan costs you. TaxJar Is Sll Required
But they did state that the plan is custom-made for each user. So the costs will vary depending on what you need 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 the right one for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to see whether the software is an excellent fit for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a break. To summarize, here are the advantages and disadvantages of using TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies with many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only will it assist you in keeping track of the sales and profits of your business, but it can also help you meet your deadlines. It’s also an excellent option for accountants as they have a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Using TaxJar can help you save more time while keeping the track of each deadline and obligation you have to meet. If you’re in an area with complex tax laws, this can definitely help you get your head around the subject. TaxJar Is Sll Required
But if handling taxes is easy, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the entire process easy to do then you’re better in doing it all by yourself.
FAQ TaxJar Is Sll Required
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with 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 currency values. All of the transactions’ amounts are in US$. If you’re using another currency, you will need to convert it to US$ prior to when TaxJar can calculate your tax.