Taxes have always been one of the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a background in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. If you don’t have the budget to hire an accountant, doing it on yourself 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 to be done, we can’t choose not to.
What can we do about it?
It is always possible to make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can help you. While this is a long read it is possible to assess whether TaxJar is what you need in the present.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar? TaxJar Kentucky
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to ensure compliance with sales taxes. It makes the process simpler that could take days to complete and finish within minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s look into their features and services.
Services and features
One of the first things you’ll need to make sure is that your accounting tax software seamlessly works well with your sales channel. If you’re selling through multiple channels, you must maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar lets you display your key metrics in one place. This means that there is no need to gather data from different channels and organize it into a single platform. All you need to do is connect TaxJar it will do the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they can integrate with:
TaxJar lets customers make sales tax filings by hand or using their AutoFile feature. For our review we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. When it comes time to the filing of income tax returns The team will guide you on managing these. But, it is up for you and your team members to complete the process in time. TaxJar will only provide guidance on what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. Through this feature, everything is automated, from calculating taxes on sales through recording, and then processing them. But, it is possible to incur additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. From there you and your staff will have access to everything you require, including an inventory of your transactions, reports, as well as information.
The greatest benefit of this feature is that it lets you to automatically update every day. They not only let you keep track of how much you’ve accumulated however, they can also help you track when your following payments are due.
The dashboard allows users to view in detail the sales tax totals in your business. You can also export the information in CSV format. CSV file if you need it in your accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. It means you don’t need to search for your documents whenever you’re in a pinch. Even when you already have your accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational expenses.
The best part is that TaxJar offers tutorials and training, not just for their platform but everything that has to do with sales tax. You can check out their webinars, guides, and blog for more information. Apart from that their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important 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 what each of those choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the best plan to help you with filing requirements and reporting. It includes taxes on sales and sales as well as four annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small-scale company proprietor, then this program could be ideal for you. It may not offer all the features of TaxJar however, it does include the essentials that you need.
You can also contact 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 basics, then the Professional plan might be the right 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?
In addition to accessing every one of Starter plan’s features, you also have 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 run a large company, you may need to opt for premium plans instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited integrations with data imports API integrations, team users as well as AutoFiles.
They also have a team dedicated in managing your accounts. They don’t reveal the amount that the Premium plan costs you. TaxJar Kentucky
But they did state that this plan is customized to each user. So the costs will vary according to what you require for your business.
It’s a good thing that you don’t have to risk your money to find out if the platform is for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to gauge if the platform is the right choice for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a break. To sum it all up we’ll go over the advantages and disadvantages of making use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it help you track your products and revenue however, it will help you meet the deadlines you set. It’s also an excellent platform for an accountant since they have the Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you save more time while keeping on top of each deadline and obligation you have to fulfill. If you’re in a place with complicated tax laws, this can surely help you wrap your head around it. TaxJar Kentucky
But if handling your taxes is simple, then TaxJar might not be a good expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure simple to follow then you’re better to do it on your own.
FAQ TaxJar Kentucky
Which areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it into USUSD prior to when TaxJar determines the tax.