Taxes are always one of the most difficult things to handle regardless of whether you’re running your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when you’re full of things to be done. If you don’t have the funds to employ an accountant, making it your own can be dangerous. If you make a mistake, you might have to do it all over again!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do about it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. Although this is quite a long read, you should be able to assess whether TaxJar is exactly what you need today.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, let’s dive right in.
What is TaxJar? TaxJar Owner
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your channels of sales to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within only a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to make their business more simple and organized. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for missing a single minor point.
TaxJar lets you display your key metrics in one place. So, there’s no need to gather data from different channels and organize it into one platform. All you have to do is integrate TaxJar and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows customers to make sales tax filings by hand or using their AutoFile feature. For the purpose of this article, we’ll look at both.
If you choose 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 instruct you on how to handle them. However, it will be up to you and your team to complete the process within the timeframe. TaxJar is only there to help you understand what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing it. There could be extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. From there you and your team will have access to all the information you need, such as the list of transactions, reports and the data.
The best part about this feature is that it allows you to update automatically every day. Not only will they let to know the amount you’ve collected, but they 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. You can also export your data to the form of a CSV file in case you require it in your process of financial planning and accounting or if you require it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. It means you don’t need to hunt for your paperwork when you’re in the event of a need. Even if you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also for anything related to sales tax. You can look through their webinars, guides, and blog for more information. Additionally, their sales tax calculator should be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. This is why in this section we’ll examine TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They say it’s the most effective plan if you need help with filing requirements and reporting. It comes with sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a smaller business owner, this plan should be perfect for you. It might not include all of TaxJar’s features, but it has the basic features you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking for different from the basics Professional may be the best option for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to opt for premium plans instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data, API integrationsfor team users, and AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar Owner
But they did state that this plan is customized to each user. Therefore, the cost will differ according to what you require for your company.
Free Trial
Luckily, you don’t have to risk your money to see if this platform is for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to determine if the platform is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online 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
Cons
- AutoFile limit is based on 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 check local legislation
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then you should try this.
It’s not just a way to aid in tracking your revenue and products, but it can help you meet the deadlines you set. This is also an excellent option for accountants as they provide the Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to meet. If you live in a region with a lot of tax laws, this will surely help you wrap your mind around it. TaxJar Owner
If handling taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire process easy to do then you’re better to do it by yourself.
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FAQ TaxJar Owner
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transaction amounts are n US$. If you’re using another currency, you’ll have to convert it to USdollars before TaxJar determines your tax.
