Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. In the event that you do not have enough money to hire an accountant, doing it on yourself can be dangerous. If you overlook one thing, you might have to do it all over again!
Most people want to avoid this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
We can always simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can help you. While this is an extensive read but you’ll be able to assess whether TaxJar is exactly what you need right now.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, let’s get right into it.
What exactly is TaxJar? TaxJar Modified Origin
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of the sales channels you use to make sure you’re 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 only 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 used extensively by owners of online businesses to keep everything organized and straightforward. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure is your tax-reporting system perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to maintain everything in line. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to display your critical metrics in one place. That way, there’s no need to gather data from different channels and sort it into one platform. All you need to do is connect TaxJar and the platform will take care of all the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. In this review, we’ll dig into 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 instruct you on how to handle them. However, it will be up to you and your team to complete everything within the timeframe. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales taxes in order to record and process them. However, there might be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there, you and your team can access everything you require, including an inventory of your transactions, reports, and data.
The best part about the feature you’ve chosen is it allows you to update your account automatically each day. Not only can they help to know the amount you’ve earned, but they also help you track when your following payment is due.
Their dashboard also allows users to view in detail the sales tax totals for your business. You can also export the information to CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. This means that you don’t have to search for your documents whenever you’re in a pinch. Even even if you already have an accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds better. You’ll know better how much budget you have available for other operational costs.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform but for anything that has to do with sales tax. You can look through their webinars, guides as well as their blog to find more information. Apart from that, their sales tax calculator can be useful if 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. Certain platforms have amazing features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing levels and what each of those options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the best plan to help you with filing requirements or reporting. It includes taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a smaller company proprietor, then this program will be perfect for you. It may not offer all the features of TaxJar, but it has all the basics you require.
Additionally, you can contact the support team via their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking for that is more than the basic features and options, then the Professional plan might be the right one for you. The price starts at $99 but it can go higher by adding custom features.
How different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also have the support of their customer service via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to choose an upgrade instead. It has all of the features you need to aid in your tax preparation. Moreover, they allow unlimited import integrations of data API integrations, team members as well as AutoFiles.
They also have a team dedicated to managing your account. But, they don’t divulge the amount that the Premium plan is going to cost. TaxJar Modified Origin
However, they did mention that this plan is tailor-fit for every user. So the costs will vary according to what you require to run your business.
It’s a good thing that you don’t have to risk your money to see if this platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to determine if the platform is the right choice for you.
Pros and Pros and
We’ve covered everything you should know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it 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 valid for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
It’s not just a way to aid in tracking your revenue and products however, it will also help you meet the deadlines you set. 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 regarding taxes via it.
Using TaxJar can allow you to reduce time and keep track of every deadline and requirement you have to meet. If you’re in an area with complex tax laws, this can definitely help you get your mind around it. TaxJar Modified Origin
If handling your taxes is simple, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole procedure easy to complete then you’re better in doing it all by yourself.
FAQ TaxJar Modified Origin
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 integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions are in US$. If you’re using a different currency, you’ll have to convert it to USUSD before TaxJar determines your tax.