Taxes have always been one of the most difficult things to handle, whether you’re running your own business or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford enough money to employ an accountant, doing it on your own can be risky. If you overlook one thing and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
What is the best way to deal with it?
It is always possible to simplify our lives with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and how it can assist you. Even though this is an extensive read but you’ll be able to gauge whether TaxJar is what you need in the present.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, then let’s dive right in.
What is TaxJar TaxJar Partners
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to make their business more organized and straightforward. Let’s look into the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax platform seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to show your critical data in one location. This means that there is no requirement to collect data from different channels and organize it into one platform. All you need to do is connect TaxJar, then the system will do 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 they are able to integrate with:
TaxJar allows clients to submit their sales tax by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you decide to do it manually, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing income tax returns TaxJar will train you on managing these. But, it is up for you and your team members to complete everything within the timeframe. TaxJar is there to help you understand what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. This feature will ensure that everything will be automated, from calculating sales tax through recording, and then processing it. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there you and your staff can access everything you need, like an inventory of your transactions, reports, and data.
The best part about the feature you’ve chosen is they allow you to automatically update every day. They not only let you keep track of how much you’ve collected, but they also help you keep track of when the next payments are due.
Their dashboard also allows you to fully view the overall sales taxes for your business. You can also export your data to the form of a CSV file if you need it for your accounting and financial planning processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this feature can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds better. You’ll be aware of the budget you have for other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only on their platform, but all things that has to do with sales tax. Check out their guides, webinars, and blog for more details. In addition their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing levels and what each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller company manager, the plan could be perfect for you. It might not include all of TaxJar’s features but it comes with all the basics you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for that is more than the standard features, then the Professional plan may be the best option for you. It starts at $99, but you can increase it when you add additional features.
How different is it from the original plan?
In addition to having access to every one of Starter plan’s features, you also have the support of their customer service via phone, API access, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you have a massive company, you may need to opt for premium plans instead. It comes with all the features you need to help with your taxes. In addition, they offer unlimited data import integrations as well as Integrations with APIs, teams of users as well as AutoFiles.
There is also a team that is devoted to managing your account. They don’t reveal the amount that the Premium plan costs you. TaxJar Partners
However, they did say that this plan is customized to each user. So the costs will vary in line with what you require to run your business.
It’s a good thing that you don’t have to risk your money to see if this platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to see whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. To summarize, here are the advantages and disadvantages of using TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with multiple sales channels and uses many platforms. If that sounds like what you’re doing, then ought to try this.
Not only will it assist you in keeping track of your products and revenue however, it will help you meet your deadlines. It’s also an excellent opportunity for accountants since they provide the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline and obligation you have to meet. If you live in a place with complicated tax laws, this will surely help you wrap your mind around it. TaxJar Partners
But if handling taxes is easy, then TaxJar might not be a good investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure simple to follow then you’re better to do it by yourself.
FAQ TaxJar Partners
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in US$. If you’re using a different currency, you’ll have to convert it to US$ prior to when TaxJar can calculate the tax.