Taxes have always been one of the most difficult tasks to complete regardless of whether you run an enterprise or not. More so if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re filled with tasks to complete. If you don’t have the funds to employ an accountant, performing the task on your own could be dangerous. If you overlook one thing and you don’t know it, you may have to redo things again!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
It is always possible to make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can help you. Although this is quite a long read it is possible to gauge whether TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar TaxJar Marketplace Collection Rhode Island Arkansas
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 of your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to make their business more organized and straightforward. Let’s look into their features and services.
Features and services
One of the most important things you’ll need to ensure is that your accounting tax system seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you must ensure that everything is in order. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your critical metrics in one spot. That way, there’s no need to collect information from multiple sources and organize it into a single platform. All you have to do is connect TaxJar, then the system will handle all the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they can integrate with:
TaxJar lets customers submit their sales tax by hand or using their AutoFile feature. For our review we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing tax returns for income TaxJar will train you on how to manage the tax returns. But, it is up to you and your team members to finish the tax returns within the timeframe. TaxJar is there to help you understand what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. Through this feature, everything will be automated, from calculating sales tax to recording and processing them. However, there might be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. From there, you and your team will have access to all the information you require, including an inventory of your transactions, reports, as well as the data.
The best part about this feature is that it lets you to automatically update every day. Not only can they help to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow you to fully view the sales tax totals within your company. You can also export the information in a CSV file if you need it in your process of financial planning and accounting or if you require it for central reporting.
Training and Streamlining
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 when you’re in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your money more efficiently. You’ll know better how much budget you have available for other operating expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform but all things that has to do with sales tax. You can look through their guides, webinars, and blog for more info. Additionally, their sales tax calculator is useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they can be too costly for your business. For this reason we’ll examine TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They say it’s the best plan for those who need assistance in filing and reporting. It includes sales tax reporting, four annual AutoFiles for free, as well as 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 manager, the plan could be perfect for you. It might not include all the features of TaxJar, but it has the essentials that you need.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration tools.
If you’re looking to get that is more than the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher when you add additional features.
What is the difference from the starter plan?
Apart from having access to every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive business, you might need to opt for the Premium plan instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data, API integrationsfor team users, and AutoFiles.
They also have a staff dedicated in managing your accounts. They don’t reveal the amount that the Premium plan costs you. TaxJar Marketplace Collection Rhode Island Arkansas
However, they did mention that this plan is customized to each user. The cost of the plan will be different according to what you require for your business.
Luckily, you don’t have to gamble your money just to see if this platform is for you. If you’re still considering various options, they provide 30 days of free trial. This should give you enough time to determine whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online 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.
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes plenty of 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 your revenue and products however, it will help you meet your deadlines. It is also a great opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to meet. If you’re in a region with a lot of tax laws, this will surely help you wrap your head around it. TaxJar Marketplace Collection Rhode Island Arkansas
If handling taxes is easy, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete then you’re better to do it on your own.
FAQ TaxJar Marketplace Collection Rhode Island Arkansas
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with 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 cannot convert currency values. All transactions are in US$. If you’re using a different currency, you will need to convert it to USUSD before TaxJar will calculate your tax.