Taxes have always been one of the most difficult tasks to complete, whether you’re running an enterprise or not. More so if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford the budget to employ an accountant, doing it on your own could be risky. If you make a mistake, you might have to redo things again!
Most people want to skipping this step. But since it’s required, we have no choice.
So what can we do about it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can help you. While this is lengthy but you’ll be able to gauge whether TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar TaxJar News
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it across all the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by online business owners to ensure that everything is organized and straightforward. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll need to ensure is that your accounting tax system seamlessly works well along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to 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 need to do is integrate TaxJar, it will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar lets customers file their sales taxes by hand or using their AutoFile feature. For the purpose of this article, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect all those sales tools. When it comes time to filing tax returns for income TaxJar will train you on managing the tax returns. It is up to you and your team to finish the tax returns on time. TaxJar is only there to guide you on what you should 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. This feature will ensure that everything will be automated, from calculating taxes on sales to recording and processing them. However, there might be additional charges if they are 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 assist you with your accounting woes. The orders you place through your online channels can be combined into one dashboard using this platform. From there you and your team will have access to all the information you require, including a list of your transactions, reports, and information.
The greatest benefit of the feature you’ve chosen is it lets you to automatically update every day. Not only will they let you keep track of how much you’ve collected, but they also help you determine when your next payments are due.
Their dashboard can also allow you to fully view the sales tax totals within your company. It is also possible to export the data as the form of a CSV file, if you want to use it in your accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the sales avenues you use. This means that you don’t have to scramble for your documents when you’re in the event of a need. Even even if you already have an accountant, this feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have available for other operational expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just on their platform, but all things connected to sales tax. You can look through their guides, webinars, as well as their blog to find more information. Additionally, their 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 are aware of how important it is to set your budget. Some platforms provide amazing features, but they can be too costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan starts at $19. They claim that it’s the most suitable plan for you to help you with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the basic 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 the features offered by TaxJar however, it does include the essentials that you need.
In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking for that is more than the basic features and options, then the Professional plan could be the one for you. It starts at $99, but you can increase it if you add custom features.
So 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 the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge business, you might need to go for an upgrade instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations API integrationsfor team members and AutoFiles.
They also have a team who are devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan is going to cost. TaxJar News
However, they did mention that the plan is custom-made for each user. So the costs will vary in line with what you require to run your business.
Free Trial
Luckily, you don’t have to risk your money to see if this platform is right for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to see whether the software is an excellent fit for you.
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Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- 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
- Certain countries will not have access to the API feature
- Only applicable for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that sounds like what you do, 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 help you meet the deadlines you set. This is also an excellent opportunity for accountants since they have tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep track of every deadline or requirement you need to fulfill. If you live in an area with complex tax laws, this can certainly help you to get your mind around it. TaxJar News
But if handling your taxes is simple, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire process easy to do then you’re better to do it by yourself.
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FAQ TaxJar News
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like 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.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions are in USdollars. If you’re using a different currency, you’ll need to convert it into US$ prior to when TaxJar will calculate your tax.
