Taxes are always 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 any experience in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the funds to engage an accountant making it your own could be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So what can we do ?
We can simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can help you. While this is a long read, you should be able to determine if TaxJar is what you need right now.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Linkedin
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of your sales channels to ensure compliance with sales taxes. It simplifies the processes that require days to complete and finish within only a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to ensure that everything is simple and organized. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll want to check is that your accounting tax platform is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must maintain everything in line. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. That way, there’s no requirement to collect data from different channels and then organize it on a single platform. All you need to do is integrate TaxJar, and the platform will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar lets customers make sales tax filings by hand or using TaxJar’s AutoFile feature. For our review we’ll look into both.
If you decide to go it alone, TaxJar will allow you to connect all the sales channels you use. When it comes time to the filing of income tax returns, the team will instruct you on how to handle them. But, it is up to you and your team to complete everything on time. TaxJar is there to help you understand what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales tax through recording, and then processing them. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff can access everything you require, including a list of your transactions, reports, as well as data.
The best part about this feature is that they allow you to automatically update every day. Not only will they 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 payments are due.
Their dashboard also allows you to fully view the overall sales taxes within your company. Additionally, you can export your data as the form of a CSV file if you need it for your accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all your sales channels. That means you won’t have to scramble for your documents when you’re when you’re in a pinch. Even if you already have your accounting firm, the feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have for other operational costs.
The best part is that TaxJar offers training and tutorials, not just for their platform but everything that has to do with sales tax. You can check out their webinars, guides or blog posts for additional details. Additionally their sales tax calculator is useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing tiers and the features that each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements or 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 will be able to access their AI tax advice.
If you’re a small-scale business manager, the plan could be ideal for you. It may not offer all the features of TaxJar, but it has all the basics you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get that is more than the basic features Professional could be the one for you. It starts at $99, but it can go higher by adding custom features.
How different is it from the basic plan?
In addition to accessing every one of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to opt for premium plans instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations, API integrationsfor team members as well as AutoFiles.
They also have a team who are devoted to managing your account. They don’t reveal the amount that the Premium plan costs you. TaxJar Linkedin
However, they did say that this plan is customized for each user. The cost of the plan will be different in line with what you require for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to find out if the platform is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to see whether the service is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. To summarize, here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online 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
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If that’s what you do, then you ought to try this.
Not only can it aid in tracking your products and revenue, but it can assist you in meeting the deadlines you set. It is also a great opportunity for accountants since they have the Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you get more done while keeping track of every deadline and obligation you have to meet. If you’re in a region with a lot of tax laws, this will definitely help you get your mind around it. TaxJar Linkedin
But if handling your taxes is straightforward and straightforward, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the entire procedure simple to follow, you might be better in doing it all by yourself.
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FAQ TaxJar Linkedin
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like 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 to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar can calculate the tax.
