Taxes have always been one of the hardest things to do regardless of whether you’re running a business or not. More so if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. If you don’t have the funds to hire an accountant, doing it on your own could be dangerous. If you make a mistake, you might have to redo things again!
Almost everyone wants to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , 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 life-saving tool and explain how it can help you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Online Amazon Code
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your sales channels to make sure you’re in compliance with sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything neat and simple. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure is your tax-reporting system perfectly integrates along with sales funnels. If you have multiple sales channels, you must ensure that everything is in order. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your most important data in one location. This means that there is no need to gather data from different channels and sort it into a single platform. All you have to do is integrate TaxJar then the system will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they can integrate with:
TaxJar allows customers to file their sales taxes either manually or via their AutoFile feature. In this review, we’ll dig at both.
If you decide to go it alone, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to manage these. But, it is up to you and your staff to finish the tax returns within the timeframe. TaxJar is only there to help you understand what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. With this feature, everything will be automated, from calculating sales taxes through recording, and then processing them. However, there might be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. From there you and your team will have access to everything you require, including a list of your transactions, reports and data.
The greatest benefit of the feature you’ve chosen is it lets you to update your account automatically each day. Not only can they help you know how much you’ve accumulated, but they also help you determine when your next payments are due.
The dashboard allows you to see the sales tax totals for your business. Additionally, you can export the information to a CSV file in case you require it to aid in process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. This means that you don’t have to search for your documents when you need them in a pinch. Even when you already have your accountant, this feature can make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds better. You’ll know better how much budget you have for other operational expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform but all things that has to do with sales tax. Check out their webinars, guides as well as their blog to find more info. Additionally the sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb features, but they can be too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing levels and what each of those options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the best plan for those who need assistance with filing requirements or reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small company owner, this plan will be ideal for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration features.
If you’re looking for something a bit more than just the standard features Professional may be the best option for you. It starts at $99, but you can increase it by adding custom features.
How different is it from the starter plan?
In addition to having access to every one of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to choose the Premium plan instead. It has all of the features you need to make your tax filing easier. Moreover, they allow unlimited import integrations of data Integrations with APIs, teams of users, and AutoFiles.
There is also a team that is devoted for managing the account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Online Amazon Code
However, they did mention that this plan is tailor-fit for every user. The cost of the plan will be different depending on what you need for your business.
Luckily, you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still looking into other options, they have 30 days of free trial. It should give you enough time to see whether the service is an excellent fit for you.
Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of making use of TaxJar for your company.
- There is 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 is possible to integrate it with other platforms.
- Allows you to track 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 valid for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with multiple sales channels and uses many platforms. If that’s what you do, then you ought to try this.
Not only will it help you track your products and revenue, but it can also help you meet your deadlines. It’s also an excellent opportunity for accountants since they provide tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to meet. If you’re living in a region with a lot of tax laws, this will definitely help you get your head around it. TaxJar Online Amazon Code
But if handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire procedure simple to follow then you’re better to do it by yourself.
FAQ TaxJar Online Amazon Code
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you will need to convert it to USUSD before TaxJar will calculate the tax.