Taxes have always been among the most difficult tasks to complete regardless of whether you’re running a business or not. Even more so if you do not have a background in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. If you don’t have the funds to hire an accountant, doing it on yourself can be risky. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do about it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this life-saving device and how it can benefit you. While this is an extensive read, you should be able to determine if TaxJar is exactly what you need in the present.
Prefer to watch videos instead? Take a look at 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 we’ll dive right into.
What exactly is TaxJar? TaxJar Nc
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for your entire sales tax life cycle. In addition, you can apply it in all of your channels of sales to ensure that you are in compliance with sales tax requirements. It streamlines processes that take days to complete and is completed in just a few only a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to keep everything neat and simple. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure is your tax-reporting platform seamlessly works well along with sales funnels. If you have multiple sales channels, it is essential to keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar lets you display your key data in one location. That way, there’s no need to collect data in multiple channels and organize it into a single platform. All you have to do is connect TaxJar then the system will handle all the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax by hand or using the AutoFile feature. For our review we’ll dig into both.
If you choose to do it manually, TaxJar will allow you to connect the sales channels you use. When it comes time to the filing of income tax returns, the team will instruct you on how to manage them. But, it is up to you and your staff to complete everything on time. TaxJar will only guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated, from calculating taxes on sales in order to record and process it. There could be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform, you and your team can access everything you need, like an inventory of your transactions, reports, as well as data.
The best part about the feature you’ve chosen is they allow you to automatically update every day. They not only let you know how much you’ve collected, but they also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the total sales tax for your business. It is also possible to export your data in the form of a CSV file, if you want to use it in your accounting and financial planning processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. It means you don’t need to scramble for your documents when you need them in a pinch. Even even if you already have an accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know better how much budget you have for other operational costs.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform , but also all things related to sales tax. Check out their guides, webinars, and blog for more info. In addition the sales tax calculator can be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine 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 levels and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They say it’s the best plan if you need help in filing and reporting. It comes with the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a smaller company manager, the plan will be perfect for you. It may not offer all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basic features, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the original plan?
In addition to accessing each of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you own a huge enterprise, you may want to opt for premium plans instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations, API integrations, team users, and AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar Nc
However, they did say that this plan is customized to each user. Therefore, the cost will differ according to what you require for your company.
Free Trial
Luckily, you don’t have to gamble your money just to find out if the platform is for you. If you’re still considering other options, they have a 30-day free trial. This should be enough time to see whether the software is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you need to know about TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is simple 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
- Some countries won’t have access to the API feature
- Only valid for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then you ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue It can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they have a Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
The use of TaxJar can help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this will certainly help you to get your head around the subject. TaxJar Nc
If handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding 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 Nc
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar determines your tax.
