Taxes are always one of the hardest things to do regardless of whether you run a business or not. More so if you don’t have a background in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the funds to hire an accountant, making it yourself can be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
So , what can we do ?
It is always possible to make our lives easier with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can assist you. Although this is quite an extensive read, you should be able to assess whether TaxJar is what you need today.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, then we’ll dive right into.
What is TaxJar? TaxJar Logo Transparent
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. Additionally, you can use it across all of the sales channels you use to ensure compliance with sales tax requirements. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to make their business more simple and organized. Let’s explore their features and services.
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Features and services
Integration
One of the first things you’ll need to ensure you have a tax accounting platform perfectly integrates along with sales funnels. If you’re selling through multiple 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 information from multiple sources and sort it into one platform. All you have to do is connect TaxJar, it will take care of the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. In this review, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing income tax returns TaxJar will train you on how to manage the tax returns. However, it will be up to you and your team to finish the tax returns in time. TaxJar will only help you understand 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 don’t have to fill out the forms in a manual manner. Through this feature, everything is automated, from calculating taxes on sales through recording, and then processing them. There could be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you need, like a list of your transactions, reports, as well as data.
The best part about this option is the fact that it lets you to automatically update every day. They not only let you keep track of how much you’ve earned, but they also help you determine when your next payments are due.
Their dashboard can also allow users to view in detail the sales tax totals for your business. You can also export the information in a CSV file in case you require it to aid in accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the sales avenues you use. It means you don’t need to scramble for your documents whenever you’re when you’re in a pinch. Even if you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have available for other operational costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also all things connected to sales tax. You can look through their webinars, guides and blog for more info. In addition, their sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll examine TaxJar’s pricing levels and the features that each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. The company claims that it’s the best plan for those who need assistance in filing and reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a smaller business proprietor, then this program will be perfect for you. It might not include all the features of TaxJar however, it does include the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration features.
Professional
If you’re looking to get a bit more than just the basic features and options, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher when you add additional features.
How different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also get access to their phone customer support, API access, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to opt for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. In addition, they offer unlimited data import integrations, API integrations, team members and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose how much the Premium plan is going to cost. TaxJar Logo Transparent
However, they did mention that this plan is tailor-fit for each user. So the costs will vary in line with what you require for your business.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still looking into different options, they offer 30 days of free trial. This should give you enough time to gauge whether the service is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of using TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then 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 your deadlines. It is also a great option for accountants as they provide tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar will help you reduce time and keep on top 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 Logo Transparent
However, if managing taxes is easy, then TaxJar may be an unnecessary investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ TaxJar Logo Transparent
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to US$ prior to when TaxJar determines your tax.
