Taxes are always one of the hardest things to do, whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. If you don’t have the funds to employ an accountant, making it your own could be dangerous. If you overlook one thing, you might have to do it all over again!
Most people want to skipping this step. But since it’s required, we have no choice.
What is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can help you. While this is lengthy, you should be able to determine if TaxJar is exactly what you need right now.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then let’s get right into it.
What is TaxJar? TaxJar Offline Filing
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure that you are in compliance with sales taxes. It makes the process simpler that could take days to complete and finish within minutes.
TaxJar is used in a variety of industries, including 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 ensure that everything is simple and organized. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is your tax-reporting software perfectly integrates with your sales channel. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to display your critical data in one location. That way, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you have to do is integrate TaxJar, it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. For the purpose of this article, we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When it comes time to filing income tax returns The team will guide you on how to handle them. It is up to you and your staff to complete the process in time. TaxJar is there to provide guidance on what you have to accomplish, but not manage 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 the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales taxes in order to record and process it. But, it is possible to incur additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. All orders made through 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, like an inventory of your transactions, reports, and information.
The best part about the feature you’ve chosen is they allow you to automatically update every day. Not only can they help you keep track of how much you’ve accumulated however, they can also help you track when your following payments are due.
Their dashboard also allows you to fully view the overall sales taxes in your business. It is also possible to export the data to a CSV file if you need it in your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. It means you don’t need to scramble for your documents whenever you’re in the event of a need. Even if you already have your accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds better. You’ll know better how much budget you have available for other operational expenses.
The best part is that TaxJar provides training and tutorials, not just for their platform but everything that has to do with sales tax. You can check out their guides, webinars, and blog for more information. Apart from that the sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most effective plan to help you with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a smaller business owner, this plan will be ideal for you. It may not offer all of TaxJar’s features however, it does include the essentials that you need.
You can also contact the support team via their support chart for email. Additionally, you’ll have access to their integration features.
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. It’s priced at $99 but it can go higher when you add additional features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large enterprise, you may want to opt for the Premium plan instead. It includes all of the features needed to aid in your tax preparation. In addition, they offer unlimited data import integrations Integrations with APIs, teams of members and AutoFiles.
They also have a team that is devoted to managing your account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Offline Filing
However, they did say that this plan is tailor-fit for every user. Therefore, the cost will differ in line with what you require for your business.
It’s a good thing that you don’t have to risk your money to find out if the platform is right for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should be enough time to determine whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the advantages and disadvantages of the use of TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly 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 you must try TaxJar.
Not only will it aid in tracking the sales and profits of your business It can help you meet your deadlines. It is also a great platform for an accountant since they have a Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Using TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to meet. If you’re living in a place with complicated tax laws, this can certainly help you to get your head around the subject. TaxJar Offline Filing
If handling taxes is easy If it isn’t, then TaxJar might not be a good expense. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire procedure easy to complete, you might be better in doing it all on your own.
FAQ TaxJar Offline Filing
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it into USUSD prior to when TaxJar can calculate the tax.