Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. If you don’t have enough money to employ an accountant, performing the task on yourself can be dangerous. If you miss one detail, you might need to repeat the process!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
What is the best way to deal with it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can benefit you. Even though this is an extensive read it is possible to gauge whether TaxJar is the tool you require today.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar Large Bill
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for 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 can take days to complete, and can be completed in a matter of minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to ensure that everything is organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the most important things you’ll want to check is that your accounting tax platform seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one spot. That way, there’s no need to gather data in multiple channels and then organize it on a single platform. All you have to do is to integrate TaxJar and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to make sales tax filings either manually or via their AutoFile feature. In this review, we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect the sales channels you use. When the time is right for the filing of income tax returns TaxJar will train you on managing these. It is up for you and your staff to complete everything within the timeframe. TaxJar is only there to guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. This feature will ensure that everything will be automated from calculating taxes on sales through recording, and then processing them. However, there might be additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your team will have access to all the information you require, including an inventory of your transactions, reports, and the data.
The greatest benefit of this feature is that they allow you to automatically update every day. They not only let you know how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals within your company. You can also export your data as the form of a CSV file if you need it to aid in accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of your sales channels. It means you don’t need to scramble for your documents when you’re in the event of a need. Even when you already have your accountant, this function will make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know better how much budget you have available for other operating expenses.
The best part is that TaxJar provides training and tutorials not only for their platform but everything connected to sales tax. You can look through their webinars, guides, and blog for more information. Apart from that their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing structures and what each of those choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They claim that it’s the most effective plan if you need help in filing and reporting. It also includes sales tax reporting, 4 autofiles for free each year, and a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a smaller company proprietor, then this program will be ideal for you. It may not have all the features of TaxJar however, it does include the essentials that you need.
You can also contact their support team with their email support chart. You’ll also be able to use their integration features.
If you’re looking to get a bit more than just the standard features, then the Professional plan may be the best option for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the basic plan?
In addition to having access to every one of Starter plan’s options, you also have access to their phone customer support, API access, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large company, you may need to go for an upgrade instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as Integrations with APIs, teams of members and AutoFiles.
They also have a staff that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan is going to cost. TaxJar Large Bill
However, they did say that the plan is custom-made for each user. The cost of the plan will be different according to what you require for your company.
It’s a good thing that you don’t have to risk your money to find out if the platform is the right one for you. If you’re still considering various options, they provide a 30-day free trial. This should be enough time to determine if the platform is the right choice for you.
Pros and Cons
Now that we’ve covered all you need to know about TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of using TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator
- 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.
- Allows you to track 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.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only can it assist you in keeping track of your products and revenue It can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they offer tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep track of every deadline or requirement you need to fulfill. If you live in a region with a lot of tax laws, this can surely help you wrap your mind around it. TaxJar Large Bill
If handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole process easy to do, you might be better off doing it by yourself.
FAQ TaxJar Large Bill
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n US$. If you’re using another currency, you’ll have to convert it to USdollars before TaxJar can calculate your tax.