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 any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is 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 dangerous. If you overlook one thing it could mean you have to redo things again!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can simplify our lives with tools such as TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. While this is a long read it is possible to determine if TaxJar is exactly what you need today.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Npm Package
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with your sales taxes. It streamlines processes that require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your critical data in one location. This means that there is no need to gather data from different channels and sort it into one platform. All you have to do is integrate TaxJar, then the system will do all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers file their sales taxes either manually or via TaxJar’s AutoFile feature. In this review, we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When it comes time to filing tax returns for income TaxJar will train you on how to manage them. But, it is up to you and your team members to complete the process on time. TaxJar is only there to help you understand what you should 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 fill out any forms manually. Through this feature, everything will be automated from calculating taxes on sales to recording and processing it. There could be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be put together 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 the feature you’ve chosen is it lets you to update your account automatically each day. They not only let to know the amount you’ve earned however, they can also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the sales tax totals for your business. It is also possible to export the data as a CSV file if you need it in your process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to scramble for your documents when you’re in the event of a need. Even if you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures 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 costs.
What’s more is that TaxJar offers training and tutorials not only for their platform , but also everything connected to sales tax. Check out their webinars, guides or blog posts for additional details. In addition, their sales tax calculator can be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and what each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They say it’s the best plan to help you with filing requirements and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a smaller company owner, this plan could be perfect for you. It might not include all the features of TaxJar, but it has all the basics you require.
Additionally, you can contact the support team via their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for something that is more than the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it by adding custom features.
So how different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also get access to their support via phone, API access, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you have a massive company, you may need to go for premium plans instead. It has all of the features you need to help with your taxes. Additionally, they permit unlimited integrations with data imports as well as API integrations, team users as well as AutoFiles.
They also have a team that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan costs you. TaxJar Npm Package
But they did state that the plan is custom-made for every user. The cost of the plan will be different according to what you require for your business.
Fortunately, you don’t need to gamble your money just to find out if the platform is the right one for you. If you’re still considering different options, they offer a 30-day free trial. It should give you enough time to gauge whether the service is an excellent fit for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a breather. To sum it all up, here are the advantages and disadvantages of making use of TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has 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.
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only will it help you track your revenue and products, but it can also help you meet the deadlines you set. This is also an excellent platform for an accountant since they provide a Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you get more done while keeping track of every deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this can definitely help you get your mind around it. TaxJar Npm Package
But if handling your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the entire procedure simple to follow then you’re better to do it on your own.
FAQ TaxJar Npm Package
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it into US$ prior to when TaxJar determines your tax.