Taxes have always been among the most difficult things to handle, whether you’re running a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford the funds to engage an accountant doing it on your own could be dangerous. If you overlook one thing it could mean you need to repeat the process!
Most people want to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can help you. While this is a long read but you’ll be able to gauge whether TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, let’s get right into it.
What is TaxJar? TaxJar Meteor
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use it in all of the sales channels you use to ensure that you are 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 institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to ensure that everything is simple and organized. Let’s look into their features and services.
Features and services
One of the first things you’ll need to make sure is your tax-reporting software is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one place. This means that there is no need to gather data in multiple channels and organize it into a single platform. All you need to do is integrate TaxJar, and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to file their sales taxes by hand or using the AutoFile feature. For our review we’ll dig into both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing income tax returns The team will guide you on how to handle them. It is up to you and your team members to finish the tax returns in time. TaxJar will only help you understand what you need to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated, from calculating taxes on sales through recording, and then processing it. There could be additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform you and your team will have access to everything you need, such as the list of transactions, reports, and data.
The most appealing aspect of this feature is that they allow you to automatically update every day. Not only will they let you know how much you’ve accumulated, but they also help you track when your following payments are due.
Their dashboard can also allow you to fully view the total sales tax within your company. It is also possible to export your data as a CSV file if you need it in your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. That means you won’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even if you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have to cover other operating expenses.
The best part is that TaxJar provides training and tutorials not only for their platform , but also all things related to sales tax. Check out their webinars, guides and blog for more information. Apart from that the sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and what each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help in filing and reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small company owner, this plan will be perfect for you. It may not have all of TaxJar’s features however, it does include the basic features you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking to get that is more than the basics Professional may be the best option for you. The price starts at $99 however, it could go up if you add custom features.
What is the difference from the starter plan?
In addition to having access to every one of Starter plan’s features, you also have their support via phone, API access, and the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you run a large business, you might need to go for the Premium plan instead. It has all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited import integrations of data API integrationsfor team users as well as AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar Meteor
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.
Fortunately, you don’t need to gamble your money just to find out if the platform is for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to see whether the software 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 we’ll go over the pros and cons of using TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then should try this.
Not only will it help you track your revenue and products however, it will help you meet your deadlines. It is also a great option for accountants as they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
The use of TaxJar can allow you to save more time while keeping the track of each deadline or requirement you need to meet. If you live in an area with complex tax regulations, this will surely help you wrap your head around it. TaxJar Meteor
But if handling your taxes is simple, then TaxJar might not be a good expense. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. If you find the whole procedure easy to complete then you’re better to do it by yourself.
FAQ TaxJar Meteor
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n US$. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar will calculate the tax.