Taxes have always been among the most difficult tasks to complete regardless of whether you’re running a business or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford the budget to employ an accountant, doing it on yourself can be dangerous. If you make a mistake it could mean you have to redo things again!
Nearly everyone would prefer to skipping 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 make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can assist you. Although this is quite lengthy but you’ll be able to assess whether TaxJar is what you need today.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Market Expansion
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it in all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It simplifies the processes that require days to complete and is completed in just a few just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by business owners who run online businesses to keep everything simple and organized. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to make sure you have a tax accounting platform perfectly integrates with your sales channel. If you’re selling through multiple channels, you must ensure that everything is in order. The last thing you want is to be penalized for missing a single minor point.
TaxJar allows you to display your key metrics in one spot. That way, there’s no requirement to collect data from different channels and then organize it on a single platform. All you have to do is to integrate TaxJar, and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to submit their sales tax manually or through their AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income The team will guide you on how to handle them. However, it will be up for you and your team to complete everything within the timeframe. TaxJar will only provide guidance on what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. This feature will ensure that everything will be automated from calculating taxes on sales in order to record and process it. There could be extra fees if not part of the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. 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, such as the list of transactions, reports, as well as information.
The most appealing aspect of this option is the fact that it lets you to automatically update every day. Not only can they help you know how much you’ve earned, but they also help you track when your following payments are due.
Their dashboard also allows you to see the overall sales taxes for your business. Additionally, you can export the data in CSV format. CSV file in case you require it in your financial planning and accounting processes or if you require it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to search for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have for other operational expenses.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform , but also for anything connected to sales tax. You can look through their webinars, guides and blog for more information. Apart from that the sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most suitable plan for you for those who need assistance in filing and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a smaller company proprietor, then this program could be ideal for you. It might not include all of TaxJar’s features, but it has the basic features you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for different from the standard features, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.
So how different is it from the basic plan?
In addition to accessing every one of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and advanced CSV import. You can also receive 12 free AutoFiles every year.
If you have a massive business, you might need to opt for an upgrade instead. It comes with all the features that you require to make your tax filing easier. In addition, they offer unlimited import integrations of data, API integrations, team members as well as AutoFiles.
They also have a staff dedicated in managing your accounts. However, they don’t disclose the price of the Premium plan. is going to cost. TaxJar Market Expansion
However, they did say that the plan is custom-made to each user. Therefore, the cost will differ in line with what you require for your business.
Fortunately, you don’t need to risk your money to see if this platform is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. It should give you enough time to see if the platform is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. To summarize, here are the advantages and disadvantages of making use of TaxJar for your company.
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online 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 have access to the API feature
- Only valid for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If this sounds like the way you do, then you must try TaxJar.
It’s not just a way to assist you in keeping track of your revenue and products, but it can assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
The use of TaxJar can allow you to reduce time and keep track of every deadline or requirement you need to meet. If you’re living in an area with complex tax regulations, this will definitely help you get your head around it. TaxJar Market Expansion
But if handling taxes is easy and straightforward, then TaxJar could be a waste of expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire procedure easy to complete then you’re better to do it on your own.
FAQ TaxJar Market Expansion
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together 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 with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar can calculate the tax.