Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford the budget to hire an accountant, making it your own could be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Almost everyone wants 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 make our lives easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can help you. While this is a long read, you should be able to assess whether TaxJar is the tool you require right now.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then let’s get right into it.
What is TaxJar TaxJar Part Time
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it across all of your sales channels to make sure you’re in compliance with sales tax requirements. It streamlines processes that require days to complete and finish within just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check you have a tax accounting platform is compatible with your sales channel. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your key metrics in one spot. This means that there is no need to collect information from multiple sources and sort it into one platform. All you have to do is integrate TaxJar then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows clients to make sales tax filings manually or through the AutoFile feature. In our review we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns, the team will instruct you on how to manage these. But, it is up to you and your staff 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’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. With this feature, everything is automated, from calculating sales taxes in order to record and process it. But, it is possible to incur extra fees if not part of the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you require, including the list of transactions, reports and data.
The greatest benefit of this option is the fact that they allow you to update automatically every day. Not only can they help to know the amount you’ve collected however, they can also help you determine when your next payment is due.
The dashboard allows users to view in detail the overall sales taxes in your business. Additionally, you can export the information in a CSV file if you need it in your accounting and financial planning processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all your sales channels. That means you won’t have to scramble for your documents when you need them in a pinch. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds better. You’ll be aware of the budget you have to cover other operating expenses.
But what’s even better is that TaxJar offers tutorials and training, not just on their platform, but for anything related to sales tax. Check out their guides, webinars, and blog for more information. Apart from that, their sales tax calculator can be beneficial when 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 determine your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most effective plan if you need help with filing requirements and reporting. It includes the tax on sales, four autofiles for free each year, and a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small-scale company manager, the plan could be perfect for you. It might not include all the features of TaxJar, but it has all the basics you require.
In addition, you can reach their customer support via their email support chart. You’ll also be able to use their integration tools.
Professional
If you’re looking for a bit more than just the basics, then the Professional plan may be the best option for you. It starts at $99, but it can go higher if you add custom features.
So how different is it from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge business, you might need to opt for the Premium plan instead. It includes all of the features that you require to aid in your tax preparation. Additionally, they permit unlimited import integrations of data as well as API integrationsfor team members as well as AutoFiles.
They also have a team dedicated for managing the account. However, they don’t disclose the amount that the Premium plan is going to cost. TaxJar Part Time
However, they did mention that this plan is tailor-fit to each user. The cost of the plan will be different according to what you require for your company.
Free Trial
It’s a good thing that you don’t have to risk your money 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. 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
Now that we’ve covered all you should know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of making use of TaxJar for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides 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
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If this sounds like the way you do, then you should try this.
Not only will it aid in tracking your products and revenue, but it can help you meet your deadlines. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
The use of TaxJar will help you reduce time and keep track of every deadline and requirement you have to meet. If you’re in an area with complex tax regulations, this will certainly help you to get your head around the subject. TaxJar Part Time
However, if managing taxes is easy 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 process easy to do, you might be better in doing it all by yourself.
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FAQ TaxJar Part Time
Which areas does TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions are in US$. If you’re using another currency, you’ll have to convert it to US$ prior to when TaxJar will calculate your tax.
