Taxes have always been one of the most difficult things to handle regardless of 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 filled with tasks to complete. When you’re not able to afford the funds to employ an accountant, making it your own can be dangerous. If you overlook one thing it could mean you have to do it all over again!
Most people want to skipping this step. But since it’s required, we have no choice.
So , what is the best way to deal with it?
We can make life easier by using tools like TaxJar.
We’ll 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 watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, then we’ll dive right into.
What is TaxJar TaxJar Most Accurate
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your sales channels to make sure you’re in compliance with your sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to make their business more simple and organized. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure is your tax-reporting system perfectly integrates with your sales channel. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one place. That way, there’s no need to gather data from different channels and then organize it on a single platform. All you need to do is to integrate TaxJar and the platform will do the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to submit their sales tax by hand or using the AutoFile feature. In this review, we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect your sales platforms. When it comes time to filing income tax returns TaxJar will train you on managing the tax returns. But, it is up to you and your team to complete the process on time. TaxJar is there to guide you on what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. From there, you and your team will have access to all the information you need, like the list of transactions, reports and the data.
The greatest benefit of the feature you’ve chosen is it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard also allows you to see the sales tax totals within your company. You can also export the data to CSV format. CSV file, if you want to use it in your accounting and financial planning processes or if your team requires 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 scramble for your documents when you’re in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating costs.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also for anything related to sales tax. Check out their webinars, guides or blog posts for additional info. Additionally the sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most suitable plan for you to help you in filing and reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small-scale business owner, this plan could be perfect for you. It may not offer all the features offered by TaxJar however, it does include the basic features you require.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration features.
If you’re looking for different from the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it by adding custom features.
How different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive enterprise, you may want to opt for an upgrade instead. It comes with all the features that you require to aid in your tax preparation. Additionally, they permit unlimited import integrations of data as well as API integrationsfor team users and AutoFiles.
They also have a staff dedicated in managing your accounts. They don’t reveal how much the Premium plan will cost you. TaxJar Most Accurate
But they did state that this plan is tailor-fit for each user. Therefore, the cost will differ in line with what you require for your business.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into various options, they provide a 30-day free trial. This should be enough time to determine if the platform is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator
- 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.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you ought to try this.
It’s not just a way to assist you in keeping track of your revenue and products however, it will help you meet the deadlines you set. It is also a great platform for an accountant since they offer a Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar can help you reduce time and keep on top of each deadline or requirement you need to meet. If you’re living in an area with complex tax laws, this can definitely help you get your mind around it. TaxJar Most Accurate
However, if managing your taxes is straightforward and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two sales channels, TaxJar won’t be needed to track everything. If you find the entire procedure easy to complete then you’re better off doing it by yourself.
FAQ TaxJar Most Accurate
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to USdollars prior to when TaxJar will calculate the tax.