Taxes have always been one of the most difficult things to handle, whether you’re running a business or not. More so if you don’t have a degree in accounting or finance. Tax-related tasks aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to hire an accountant, performing the task on yourself can be dangerous. If you overlook one thing, you might need to repeat the process!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
What can we do about it?
We can always simplify our lives with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. While this is an extensive read it is possible to gauge whether TaxJar is what you need in the present.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, let’s dive right in.
What is TaxJar? TaxJar/Module-TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that take days to complete and finish within only a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is neat and simple. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure is that your accounting tax software perfectly integrates along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. The last thing you want is to be penalized for missing a single minor point.
TaxJar allows you to display your critical metrics in one spot. That way, there’s no need to collect data from different channels and organize it into one platform. All you have to do is connect TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. For our review we’ll take a look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When it comes time to filing income tax returns TaxJar will train you on how to handle them. It is up to you and your team members to complete the process in time. TaxJar will only help you understand what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. Through this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. There could be extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you require, including the list of transactions, reports, as well as data.
The best part about this option is the fact that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve earned, but they also help you track when your following payment is due.
Their dashboard can also allow you to see the total sales tax in your business. It is also possible to export the data to CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all your sales channels. This means that you don’t have to scramble for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures 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 costs.
The best part is that TaxJar offers tutorials and training not only for their platform , but also everything that has to do with sales tax. You can check out their webinars, guides, as well as their blog to find more information. Apart from that the sales tax calculator is helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing features, but they can be too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help in filing and reporting. It comes with sales tax reporting, four autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller company manager, the plan should 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 customer support via their support chart for email. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for something different from the standard features, then the Professional plan might be the right one for you. It starts at $99, but it can go higher when you add additional features.
What is the difference from the basic plan?
In addition to accessing each of Starter plan’s features, you also have their phone customer support, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you run a large company, you may need to choose premium plans instead. It comes with all the features needed to help with your taxes. In addition, they offer unlimited import integrations of data as well as API integrationsfor team users, and AutoFiles.
There is also a team dedicated to managing your account. They don’t reveal the price of the Premium plan. costs you. TaxJar/Module-TaxJar
However, they did mention that this plan is customized to each user. Therefore, the cost will differ in line with what you require to run your business.
Free Trial
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to determine if the platform is a good fit for you.
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Pros and Cons
Now that we’ve covered all you must be aware of TaxJar let’s take a break. To sum it all up, here are the advantages and disadvantages of the use of TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only valid for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you should try this.
Not only can it help you track your products and revenue however, it will assist you in meeting the deadlines you set. It is also a great opportunity for accountants since they offer a Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can help you get more done while keeping the track of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax laws, this will definitely help you get your head around it. TaxJar/Module-TaxJar
But if handling your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you find the entire process easy to do and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ TaxJar/Module-TaxJar
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it to USUSD prior to when TaxJar will calculate your tax.
