Taxes have always been one of the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have a degree in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have the budget to employ an accountant, performing the task on your own could be risky. If you make a mistake and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with it?
We can make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can benefit you. While this is lengthy but you’ll be able to assess whether TaxJar is what you need in the present.
Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar Marketplaces Address
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your channels of sales to ensure that you are in compliance with sales taxes. It streamlines processes that can take days to complete, and finish within just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by owners of online businesses to keep everything organized and straightforward. Let’s take a look at their features and services.
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Features and services
Integration
One of the first things you’ll want to check is that your accounting tax system is compatible along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your key data in one location. That way, there’s no need to collect data from different channels and sort it into a single platform. All you have to do is connect TaxJar, it will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows clients to make sales tax filings manually or through TaxJar’s AutoFile feature. For our review we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing income tax returns, the team will instruct you on managing these. But, it is up for you and your team members to complete everything in time. TaxJar is only there to help you understand what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating sales taxes through recording, and then processing it. However, there might be extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting woes. The orders you place through your online channels can be compiled into a single dashboard via this platform. From there you and your team will have access to everything you require, including a list of your transactions, reports, as well as the data.
The greatest benefit of this feature is that it lets you to update automatically every day. They not only let you know how much you’ve accumulated, but they also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes within your company. Additionally, you can export the information to CSV format. CSV file in case you require it for your accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. It means you don’t need to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accountant, this feature can help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have available for other operating costs.
What’s more is that TaxJar provides training and tutorials not only for their platform , but also for anything that has to do with sales tax. You can look through their webinars, guides or blog posts for additional info. Apart from that, their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and what each of those options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It includes sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small-scale company owner, this plan will be ideal for you. It may not offer all of TaxJar’s features, but it has the basic features you require.
Additionally, you can contact their support team with their support chart for email. You’ll also be able to use their integration capabilities.
Professional
If you’re looking to get that is more than the basic features and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
So how different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also have the support of their customer service via phone, API access, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge enterprise, you may want to go for the Premium plan instead. It comes with all the features needed to help with your taxes. Additionally, they permit unlimited integrations with data imports, API integrations, team members, and AutoFiles.
There is also a team dedicated to managing your account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Marketplaces Address
However, they did say that the plan is custom-made to each user. Therefore, the cost will differ depending on what you need for your business.
Free Trial
It’s a good thing that you don’t have to risk your money to determine if this service is the right one for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to determine whether the service is the right choice for you.
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Pros and Pros and
We’ve covered everything you need to be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of using TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides an online sales tax calculator.
- Support Service Team
- The dashboard is simple 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
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then should try this.
Not only will it assist you in keeping track of your revenue and products however, it will help you meet your deadlines. It is also a great option for accountants as they have the Tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Using TaxJar will help you reduce time and keep track of every deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this will certainly help you to get your head around it. TaxJar Marketplaces Address
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar Marketplaces Address
Which areas does TaxJar provide API assistance?
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 with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to USUSD before TaxJar will calculate the tax.
