Taxes are always one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to employ an accountant, making it your own can be dangerous. If you make a mistake, you might have to do it all over again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do about it?
We can make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can help you. While this is a long read but you’ll be able to determine if TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it in all of your sales channels to ensure compliance with sales taxes. It streamlines processes that require 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, and even medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to make their business more organized and straightforward. Let’s look into the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure is your tax-reporting software is compatible along with sales funnels. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. So, there’s no need to gather data in multiple channels and then organize it on a single platform. All you need to do is connect TaxJar, it will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide 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 managing them. It is up for you and your staff to finish the tax returns within the timeframe. TaxJar will only guide you on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating sales taxes to recording and processing it. But, it is possible to incur extra fees if not included in 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 compiled into a single dashboard through this platform. From there you and your staff will have access to all the information you require, including the list of transactions, reports and the data.
The most appealing aspect of this feature is that it lets you to update automatically every day. Not only will they let to know the amount you’ve accumulated however, they can also help you track when your following payments are due.
Their dashboard also allows you to fully view the sales tax totals for your business. You can also export your data to the form of a CSV file in case you require it for your process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. This means that you don’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have available for other operational costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform but everything connected to sales tax. You can look through their webinars, guides or blog posts for additional information. Apart from that their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale business proprietor, then this program should be perfect for you. It might not include all of TaxJar’s features, but it has the basic features you require.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration features.
If you’re looking for something different from the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher 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 have their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large company, you may need to choose premium plans instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited data import integrations API integrationsfor team members and AutoFiles.
But they did state that this plan is customized for each user. Therefore, the cost will differ in line with what you require for your company.
Fortunately, you don’t need to risk your money to determine if this service is right for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to gauge whether the service is a good fit for you.
Pros and Cons
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then should try this.
It’s not just a way to aid in tracking the sales and profits of your business It can assist you in meeting your deadlines. It is also a great option for accountants as they provide a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
However, if managing taxes is easy If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you find the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
Which areas does TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it to USdollars prior to when TaxJar will calculate your tax.