Taxes have always been one of the most difficult things to handle, whether you’re running a business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re full of things to be done. In the event that you do not have the funds to engage an accountant doing it on your own could be risky. If you make a mistake it could mean you have to redo things again!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
So , what is the best way to deal with it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can assist you. Although this is quite lengthy, you should be able to assess whether TaxJar is what you need today.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What exactly is TaxJar? TaxJar Leadership Team
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that take days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by online business owners to make their business more organized and straightforward. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to ensure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The last thing you want is to be penalized for missing a single minor point.
TaxJar allows you to display your most important metrics in one place. So, there’s no requirement to collect data in multiple channels and then organize it on a single platform. All you need to do is to integrate TaxJar and the platform will handle all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing income tax returns The team will guide you on how to handle the tax returns. It is up to you and your team to complete everything within the timeframe. TaxJar is there to guide you on what you need to do but not handle it.
If you’d 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. This feature will ensure that everything is automated, from calculating taxes on sales in order to record and process them. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there you and your team will have access to all the information you require, including a list of your transactions, reports, and information.
The greatest benefit of this option is the fact that it allows you to automatically update every day. Not only will they let you know how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payment is due.
The dashboard allows users to view in detail the total sales tax in your business. Additionally, you can export your data as CSV format. CSV file in case you require it for your financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. This means that you don’t have to hunt for your paperwork when you’re in the event of a need. Even if you already have your accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also for anything that has to do with sales tax. You can look through their webinars, guides, and blog for more information. Apart from that the sales tax calculator can be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of 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 tiers and what each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It comes with sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business owner, this plan should be ideal for you. It might not include all the features offered by TaxJar, but it has all the basics you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration features.
If you’re looking for that is more than the basic features and options, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it by adding custom features.
What is the difference from the original plan?
Apart from having access to all of the Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive business, you might need to go for the Premium plan instead. It includes all of the features that you require to make your tax filing easier. Moreover, they allow unlimited integrations with data imports, API integrationsfor team users as well as AutoFiles.
They also have a staff who are devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. is going to cost. TaxJar Leadership Team
However, they did say that this plan is tailor-fit for each user. Therefore, the cost will differ in line with what you require for your business.
It’s a good thing that you don’t have to risk your money to see if this platform is right for you. If you’re still considering different options, they offer 30 days of free trial. This should be enough time to determine whether the software is an excellent fit for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of using TaxJar for your company.
- Does the plan include the 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 simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- You can track several 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.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then you should try this.
It’s not just a way to aid in tracking the sales and profits of your business It can help you meet the deadlines you set. It is also a great platform for an accountant since they have a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can help you save more time while keeping on top of each deadline and obligation you have to meet. If you’re living in a region with a lot of tax laws, this will surely help you wrap your mind around it. TaxJar Leadership Team
However, if managing your taxes is straightforward and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better off doing it by yourself.
FAQ TaxJar Leadership Team
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in US$. If you’re using another currency, you’ll need to convert it to USUSD before TaxJar can calculate your tax.