Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have a background in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. If you don’t have the funds to engage an accountant doing it on yourself can be risky. If you miss one detail it could mean you have to do it all over again!
Most people want to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
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 well-known life-saving tool and how it can benefit you. Although this is quite an extensive read it is possible to gauge whether TaxJar is the tool you require in the present.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Late Payment Guarantee
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it across all your channels of sales to ensure compliance with sales tax requirements. It streamlines processes that can take days to complete, and finish within just a few 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 used extensively by online business owners to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check you have a tax accounting software perfectly integrates along with sales funnels. If you’re selling through multiple channels, it is essential to maintain everything in line. The most important thing is not to be penalized for missing a single minor point.
TaxJar lets you display your critical metrics in one spot. That way, there’s no need to collect data in multiple channels and then organize it on a single platform. All you need to do is connect TaxJar, and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to make sales tax filings either manually or via the AutoFile feature. For this review, we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns TaxJar will train you on managing the tax returns. However, it will be up for you and your team members to complete everything on time. TaxJar is only there to help you understand what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. Through this feature, everything will be automated from calculating sales tax through recording, and then processing them. However, there might be additional charges if they are not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there you and your team will have access to everything you need, like an inventory of your transactions, reports, and the data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. Not only can they help to know the amount 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 you to see the overall sales taxes in your business. Additionally, you can export the information to the form of a CSV file in case you require it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. 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 function can aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have for other operating costs.
The best part is that TaxJar offers tutorials and training, not just for their platform , but also for anything connected to sales tax. You can look through their webinars, guides or blog posts for additional info. Apart from that, their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of those choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a smaller company proprietor, then this program should be perfect for you. It may not offer all of TaxJar’s features but it comes with the basic features you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for something different from the standard features, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up if you add custom features.
So how different is it from the original plan?
In addition to having access to every one of 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 get 12 AutoFiles for free each year.
If you run a large enterprise, you may want to go for an upgrade instead. It has all of the features that you require to help with your taxes. In addition, they offer unlimited data import integrations, API integrationsfor team users and AutoFiles.
They also have a staff who are devoted for managing the account. But, they don’t divulge the price of the Premium plan. is going to cost. TaxJar Late Payment Guarantee
However, they did mention that this plan is customized for every user. The cost of the plan will be different depending on what you need to run your business.
Fortunately, you don’t need to risk your money to determine if this service 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 gauge whether the software is a good fit for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar Let’s relax. To summarize, here are the pros and cons of the use of TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- You can track several 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 to USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you do, then you should try this.
It’s not just a way to aid in tracking your products and revenue It can help you meet your deadlines. This is also an excellent platform for an accountant since they provide a Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you reduce time and keep the track of each deadline or requirement you need to meet. If you’re living in a place with complicated tax regulations, this will surely help you wrap your head around it. TaxJar Late Payment Guarantee
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ TaxJar Late Payment Guarantee
Which areas does TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll have to convert it to US$ before TaxJar determines your tax.