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 any experience in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the budget to employ an accountant, doing it on your own could be dangerous. If you overlook one thing it could mean you have to redo things again!
Almost everyone wants to avoid this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can benefit you. While this is an extensive read it is possible to determine if TaxJar is what you need in the present.
Prefer video streaming instead? 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 get right into it.
What exactly is TaxJar? TaxJar Manually Edit Transaction
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it in all of the sales channels you use to ensure compliance with sales taxes. It streamlines processes that 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.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to keep everything neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure you have a tax accounting platform is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your critical data in one location. That way, there’s no need to gather data from different channels and sort it into a single platform. All you need to do is to integrate TaxJar, it will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax either manually or via the AutoFile feature. For the purpose of this article, we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect those sales tools. When it comes time to filing tax returns for income The team will guide you on how to handle the tax returns. It is up for you and your staff to complete the process within the timeframe. TaxJar is there to provide guidance on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales taxes through recording, and then processing them. But, it is possible to incur additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting problems. The orders you place through your online channels can be put together into one dashboard using this platform. Once you’re on the platform you and your team can access everything you need, like the list of transactions, reports and information.
The most appealing aspect of this feature is that it lets you to update automatically every day. Not only can they help to know the amount you’ve accumulated, but they also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the total sales tax for your business. Additionally, you can export the information to CSV format. CSV file in case you require it in your process of financial planning and accounting or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all your sales channels. It means you don’t need to search for your documents whenever you’re in a pinch. Even if you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your funds more effectively. You’ll be aware of the budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just on their platform, but for anything related to sales tax. You can look through their webinars, guides, as well as their blog to find more details. Additionally the sales tax calculator should 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 determine your budget. Some platforms provide amazing features, but they can be too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing levels and what each of these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. The company claims that it’s the best plan for those who need assistance in filing and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and the option of a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a small-scale business proprietor, then this program could be ideal for you. It may not offer all the features offered by TaxJar however, it does include all the basics you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking for something that is more than the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to having access to every one of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you have a massive business, you might need to opt for an upgrade instead. It includes all of the features you need to make your tax filing easier. Additionally, they permit unlimited data import integrations API integrations, team users and AutoFiles.
There is also a team dedicated to managing your account. But, they don’t divulge how much the Premium plan costs you. TaxJar Manually Edit Transaction
But they did state that this plan is tailor-fit for every user. So the costs will vary depending on what you need to run your business.
Fortunately, you don’t need to risk your money to find out if the platform is for you. If you’re still looking into different options, they offer 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
Now that we’ve covered all you should be aware of TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of making use of TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- You can track several sales channels
- 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 down, TaxJar provides a fantastic platform to companies that have 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 help you track the sales and profits of your business, but it can also help you meet the deadlines you set. It is also a great option for accountants as they have a Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar will help you save more time while keeping track of every deadline and requirement you have to meet. If you’re in a region with a lot of tax laws, this will surely help you wrap your mind around it. TaxJar Manually Edit Transaction
However, if managing taxes is easy, then TaxJar may be an unnecessary investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. If you find the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ TaxJar Manually Edit Transaction
Which areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it into USdollars before TaxJar determines your tax.