Taxes have always been among the most difficult things to handle regardless of whether you’re running a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is packed with things to do. If you don’t have the funds to employ an accountant, making it your own could be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Almost everyone wants to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So , 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 well-known life-saving tool and explain how it can help you. Even though this is an extensive read, you should be able to gauge whether TaxJar is the tool you require right now.
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.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Meteorchef
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that take days to complete and is completed in just a few only a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s explore their features and services.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax platform is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must maintain everything in line. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one place. That way, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you need to do is integrate TaxJar it will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. For the purpose of this article, we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for the filing of income tax returns, the team will instruct you on how to manage these. But, it is up for you and your team to finish the tax returns within the timeframe. TaxJar will only help you understand what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. With this feature, everything will be automated from calculating sales taxes through recording, and then processing them. But, it is possible to incur additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your team will have access to all the information you require, including the list of transactions, reports, as well as information.
The most appealing aspect of this feature is that it allows you to automatically update every day. Not only can they help to know the amount you’ve accumulated, but they also help you keep track of when the next payments are due.
The dashboard allows you to see the overall sales taxes for your business. Additionally, you can export your data in CSV format. CSV file in case you require it to aid in financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all your sales channels. It means you don’t need to search for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds more effectively. You’ll know better how much budget you have for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also all things related to sales tax. You can look through their webinars, guides, and blog for more details. In addition their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing tiers and what each of those choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the best plan for those who need assistance with filing requirements or reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small company proprietor, then this program will be ideal for you. It may not have all of TaxJar’s features but it comes with the essentials that you need.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration features.
If you’re looking for a bit more than just the basics and options, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher by adding custom features.
What is the difference from the basic plan?
In addition to having access to each of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge enterprise, you may want to opt for the Premium plan instead. It comes with all the features needed to help with your taxes. Additionally, they permit unlimited data import integrations as well as API integrations, team members and AutoFiles.
There is also a team dedicated to managing your account. They don’t reveal the price of the Premium plan. will cost you. TaxJar Meteorchef
However, they did mention that the plan is custom-made for each user. The cost of the plan will be different according to what you require for your company.
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 considering various options, they provide a 30-day free trial. This should be enough time to determine if the platform is a good fit for you.
Pros and Pros and
After we’ve gone over everything you need to know about TaxJar let’s take a break. To sum it all up, here are the advantages and disadvantages of the use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- It allows you to monitor multiple 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 applicable for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then should try this.
Not only will it aid in tracking your revenue and products however, it will assist you in meeting your deadlines. It is also a great opportunity for accountants since they have tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline and requirement you have to fulfill. If you live in a place with complicated tax regulations, this will surely help you wrap your head around it. TaxJar Meteorchef
However, if managing your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. If you’re finding the entire procedure simple to follow then you’re better to do it on your own.
FAQ TaxJar Meteorchef
Which areas does TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions are in US$. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar will calculate your tax.