Taxes are always one of the hardest things to do regardless of whether you run your own business or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford the budget to engage an accountant performing the task on yourself can be risky. If you miss one detail, you might have to do it all over again!
Most people want to skip this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
It is always possible to simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can benefit you. While this is lengthy but you’ll be able to determine if TaxJar is the tool you require right now.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, then let’s dive right in.
What is TaxJar TaxJar Newsery
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your sales channels to ensure compliance with sales taxes. It streamlines processes that take days to complete and finish within only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to make their business more organized and straightforward. Let’s look into their features and services.
Services and features
One of the most important things you’ll want to check you have a tax accounting platform is compatible with your sales channel. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your key data in one location. So, there’s no requirement to collect information from multiple sources and organize it into one platform. All you need to do is connect TaxJar, then the system will do 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:
TaxJar allows customers to submit their sales tax by hand or using their AutoFile feature. In this review, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns The team will guide you on how to manage these. But, it is up to you and your team to finish the tax returns in time. TaxJar is 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 for you. This means that you don’t have to submit all forms by hand. With this feature, everything will be automated, from calculating sales taxes to recording and processing it. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. The orders you place through your online 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, such as the list of transactions, reports, as well as the data.
The most appealing aspect of the feature you’ve chosen is they allow you to update your account automatically each day. They not only let you know how much you’ve earned however, they can also help you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals within your company. Additionally, you can export the information as a CSV file, if you want to use it to aid in accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even when you already have your accountant, this function will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your money more efficiently. You’ll be aware of the budget you have for other operating costs.
The best part is that TaxJar offers tutorials and training, not just for their platform , but also everything that has to do with sales tax. You can check out their webinars, guides, as well as their blog to find more information. Apart from that the sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small-scale company owner, this plan should be perfect for you. It may not have all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for different from the standard features Professional might be the right one for you. It starts at $99, but you can increase it by adding custom features.
So how different is it from the basic plan?
In addition to having access to every one of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you have a massive enterprise, you may want to opt for premium plans instead. It has all of the features needed to make your tax filing easier. In addition, they offer unlimited integrations with data imports, API integrations, team members as well as AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar Newsery
However, they did say that the plan is custom-made to each user. So the costs will vary according to what you require to run your business.
Luckily, you don’t have to risk your money to see if this platform is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to gauge whether the service is a good fit for you.
Pros and Pros and
We’ve covered everything you should know about TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of making use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for 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
- 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 recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then ought to try this.
Not only can it help you track your products and revenue however, it will also help you meet your deadlines. It is also a great option for accountants as they have the Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar will help you reduce time and keep track of every deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this can definitely help you get your head around it. TaxJar Newsery
If handling your taxes is simple and straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar Newsery
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it into US$ before TaxJar can calculate the tax.