Taxes have always been among the most difficult things to handle regardless of whether you’re running a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. When you’re not able to afford the funds to engage an accountant doing it on yourself 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 skipping this step. But since it’s required to be done, we can’t choose not to.
So what can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can help you. Even though this is lengthy but you’ll be able to assess whether TaxJar is what you need in the present.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Paypal
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all your channels of sales to ensure compliance with sales taxes. It makes the process simpler that could can take days to complete, and finish within only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is neat and simple. Let’s explore their features and services.
Services and features
One of the most important things you’ll need to ensure is that your accounting tax platform is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to maintain everything in line. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar allows you to display your key data in one location. This means that there is no need to collect data from different channels and sort it into a single platform. All you need to do is integrate TaxJar then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms that they can connect with:
TaxJar allows customers to submit their sales tax manually or through the AutoFile feature. In our review we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When the time is right for filing tax returns for income The team will guide you on managing these. But, it is up for you and your team members to complete everything within the timeframe. TaxJar is only there to provide guidance on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. With 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 chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting problems. The orders you place through your online channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your team will have access to all the information you require, including an inventory of your transactions, reports, as well as the data.
The best part about this feature is that they allow you to update your account automatically each day. They not only let you keep track of how much you’ve earned, but they also help you determine when your next payment is due.
Their dashboard can also allow you to see the overall sales taxes in your business. Additionally, you can export the information as the form of a CSV file, if you want to use it to aid in financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. That means you won’t have to hunt for your paperwork when you need them when you’re in a pinch. Even even if you already have an accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds better. You’ll know better how much budget you have available for other operational expenses.
What’s more is that TaxJar offers training and tutorials not only for their platform , but also everything that has to do with sales tax. You can check out their webinars, guides, and blog for more details. In addition, their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand 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 these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as an CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller company owner, this plan could be perfect for you. It may not have all the features of TaxJar but it comes with the essentials that you need.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration features.
If you’re looking to get a bit more than just the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher if you add custom features.
What is the difference from the original plan?
In addition to accessing each of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive business, you might need to choose the Premium plan instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of users, and AutoFiles.
There is also a team who are devoted to managing your account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Paypal
However, they did say that the plan is custom-made to each user. Therefore, the cost will differ depending on what you need for your company.
Fortunately, you don’t need to risk your money to see if this platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to determine if the platform is a good fit for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a breather. To sum it all up, here are the pros and cons of the use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have many sales channels and utilizes numerous platforms. If that’s what you’re doing, then should try this.
It’s not just a way to aid in tracking your products and revenue It can help you meet your deadlines. It’s also an excellent option for accountants as they have the Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can allow you to get more done while keeping track of every deadline or requirement you need to meet. If you live in an area with complex tax regulations, this will certainly help you to get your head around the subject. TaxJar Paypal
However, if managing your taxes is simple and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you find the whole procedure simple to follow, you might be better off doing it by yourself.
FAQ TaxJar Paypal
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in US$. If you’re using a different currency, you’ll have to convert it into US$ prior to when TaxJar can calculate the tax.