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 background in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have enough money to employ an accountant, performing the task on your own could be dangerous. If you make a mistake, you might have to do it all over again!
Most people want 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 make our lives easier with tools such as TaxJar.
This article will take a look at this popular life-saving device and how it can help you. Even though this is lengthy it is possible to gauge whether TaxJar is what you need today.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Mutual Assessment
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all of the sales channels you use to make sure you’re in compliance with sales taxes. It streamlines processes that take days to complete and finish within minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure you have a tax accounting system perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. So, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you have to do is to integrate TaxJar it will handle the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows clients to file their sales taxes by hand or using the AutoFile feature. In our review we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns, the team will instruct you on managing them. But, it is up to you and your team members to complete the process on time. TaxJar is only there to provide guidance on 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 fill out any forms manually. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing them. However, there might be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there you and your staff can access everything you need, like an inventory of your transactions, reports, as well as information.
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 you know how much you’ve accumulated, but they also help you track when your following payment is due.
The dashboard allows you to see the total sales tax in your business. Additionally, you can export your data as the form of a CSV file in case you require it for your process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even even if you already have an accountant, this feature can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds better. You’ll know exactly how much budget you have to cover other operational expenses.
What’s more is that TaxJar offers training and tutorials, not just for their platform , but also all things that has to do with sales tax. You can look through their webinars, guides, as well as their blog to find more details. Apart from that, their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan starts at $19. They say it’s the most effective plan if you need help with filing requirements or reporting. It also includes the tax on sales, 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller company proprietor, then this program will be perfect for you. It may not offer all the features offered by TaxJar however, it does include all the basics you require.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get that is more than the basic features and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher if you add custom features.
How different is it from the starter plan?
In addition to having access to every one of Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge company, you may need to go for the Premium plan instead. It includes all of the features you need to make your tax filing easier. Additionally, they permit unlimited data import integrations, API integrationsfor team members, and AutoFiles.
They also have a team dedicated for managing the account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Mutual Assessment
But they did state that this plan is tailor-fit for each user. The cost of the plan will be different in line with what you require for your company.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to see whether the software is an excellent fit for you.
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Pros and Cons
Now that we’ve covered all you must know about TaxJar Let’s relax. To sum it all up, here are the pros and cons of the use of TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you 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 can be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If this sounds like the way you do, then you should try this.
It’s not just a way to help you track your products and revenue It can assist you in meeting your deadlines. It’s also an excellent option for accountants as they provide a Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar will help you save more time while keeping track of every deadline and requirement you have to meet. If you’re living in a region with a lot of tax laws, this will definitely help you get your head around the subject. TaxJar Mutual Assessment
But if handling your taxes is straightforward and straightforward, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
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FAQ TaxJar Mutual Assessment
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions are in US$. If you’re using another currency, you’ll need to convert it to US$ prior to when TaxJar will calculate the tax.
