Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is full of things to be done. If you don’t have enough money to hire an accountant, performing the task on your own could be risky. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So what is the best way to deal with it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can help you. Even though this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need today.
Do you prefer to watch videos 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, we’ll dive right into.
What exactly is TaxJar? TaxJar Or Outright
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all your sales channels to make sure you’re in compliance with sales taxes. It makes the process simpler that could take days to complete and is completed in just a few only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is neat and simple. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure is your tax-reporting software perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your critical data in one location. So, there’s no requirement to collect data from different channels and organize it into one platform. All you need to do is to integrate TaxJar then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar lets customers file their sales taxes either manually or via their AutoFile feature. For our review we’ll dig at both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. When the time is right for the filing of income tax returns TaxJar will train you on managing these. It is up for you and your team to complete the process in time. TaxJar is there to help you understand what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. Through this feature, everything will be automated, from calculating sales tax in order to record and process it. There could be 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 ease your accounting woes. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff can access everything you require, including an inventory of your transactions, reports, as well as data.
The greatest benefit of 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 and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows users to view in detail the total sales tax for your business. It is also possible to export your data in a CSV file if you need it to aid in financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. This means that you don’t have to hunt for your paperwork when you need them when you’re in a pinch. 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 money more efficiently. You’ll be aware of the budget you have to cover other operating costs.
What’s more is that TaxJar offers training and tutorials, not just for their platform but all things that has to do with sales tax. You can check out their guides, webinars, as well as their blog to find more details. Apart from that their sales tax calculator can be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they can be too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. The company claims that it’s the best plan if you need help in filing and reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale business proprietor, then this program will be ideal for you. It may not have all the features offered by TaxJar but it comes with the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration capabilities.
Professional
If you’re looking to get different from the standard features and options, then the Professional plan might be the right 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 accessing all of the Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you run a large business, you might need to go for premium plans instead. It comes with all the features needed to help with your taxes. In addition, they offer unlimited data import integrations as well as API integrations, team users as well as AutoFiles.
There is also a team who are devoted for managing the account. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Or Outright
However, they did say that this plan is customized for every user. The cost of the plan will be different in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to risk your money to see if this platform is for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine if the platform is an excellent fit for you.
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Pros and Pros and
We’ve covered everything you need to know about TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of the use of TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features help save 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 able to 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 be able to access the API feature
- Only valid for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you ought to try this.
It’s not just a way to assist you in keeping track of your revenue and products however, it will assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they offer the Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
The use of TaxJar can allow you to save more time while keeping the track of each deadline or requirement you need to meet. If you’re living in a place with complicated tax regulations, this will definitely help you get your head around it. TaxJar Or Outright
However, if managing your taxes is straightforward, then TaxJar might not be a good expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire procedure easy to complete, you might be better in doing it all on your own.
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FAQ TaxJar Or Outright
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USdollars prior to when TaxJar will calculate your tax.
