Taxes are always one of the most difficult tasks to complete, whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, particularly when you’re full of things to be done. In the event that you do not have the budget to engage an accountant doing it on yourself can be risky. If you make a mistake, you might need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory, we have no choice.
So what is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can benefit you. While this is an extensive read but you’ll be able to assess whether TaxJar is what you need in the present.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar TaxJar Naics Code
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to make sure you’re in compliance with sales taxes. It makes the process simpler that could can take days to complete, and finish within just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll want to check is your tax-reporting system perfectly integrates along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to show your critical data in one location. This means that there is no requirement to collect information from multiple sources and sort it into a single platform. All you have to do is to integrate TaxJar and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they can integrate with:
TaxJar allows customers to make sales tax filings manually or through TaxJar’s AutoFile feature. In our review we’ll dig at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on managing these. However, it will be up to you and your team members to complete the process in time. TaxJar is only there to guide you on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated from calculating taxes on sales to recording and processing them. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform, you and your team can access everything you need, such as a list of your transactions, reports, as well as the data.
The best part about this option is the fact that it lets you to automatically update every day. Not only can they help you know how much you’ve earned however, they can also help you track when your following payment is due.
Their dashboard also allows you to see the overall sales taxes in your business. Additionally, you can export the data in CSV format. CSV file, if you want to use it for your process of financial planning and accounting or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. It means you don’t need to hunt for your paperwork whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds better. You’ll know better how much budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials not only on their platform, but all things related to sales tax. You can look through their webinars, guides as well as their blog to find more details. Additionally, their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing structures and what each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a smaller business manager, the plan should be ideal for you. It might not include all of TaxJar’s features however, it does include the basic features you require.
In addition, you can reach their customer support via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking to get a bit more than just the basic features and options, then the Professional plan could be the one for you. The price starts at $99 however, it could go up when you add additional features.
So how different is it from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive company, you may need to opt for the Premium plan instead. It has all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data as well as API integrations, team users and AutoFiles.
There is also a team who are devoted to managing your account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Naics Code
However, they did mention that the plan is custom-made for every user. The cost of the plan will be different in line with what you require for your company.
Luckily, you don’t have to gamble your money just to see if this platform is for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to determine whether the service is the right choice for you.
Pros and Pros and
We’ve covered everything you should be aware of TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the advantages and disadvantages of the use of TaxJar for your company.
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then must try TaxJar.
It’s not just a way to help you track the sales and profits of your business, but it can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they provide a Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Using TaxJar can help you save more time while keeping track of every deadline or requirement you need to meet. If you live in an area with complex tax regulations, this will certainly help you to get your head around it. TaxJar Naics Code
However, if managing your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure simple to follow, you might be better in doing it all by yourself.
FAQ TaxJar Naics Code
Which areas does TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to US$ prior to when TaxJar will calculate the tax.