Taxes have always been one of the most difficult tasks to complete, whether you’re running your own business or not. More so if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, especially when you’re full of things to be done. In the event that you do not have the budget to employ an accountant, doing it on your own can be risky. If you overlook one thing, you might have to redo things again!
Most people want to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can make life easier with tools such as TaxJar.
We’ll look at this life-saving device and how it can help you. Although this is quite a long read it is possible to assess whether TaxJar is the tool you require today.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then let’s dive right in.
What is TaxJar? TaxJar Phpunit_Framework_Testcase’ Not Found
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. In addition, you can apply it across all your channels of sales to ensure compliance with sales tax requirements. It streamlines processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check is that your accounting tax system is compatible with your sales channel. If you have multiple sales channels, it is essential to keep everything in place. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one spot. This means that there is no need to collect data in multiple channels and organize it into a single platform. All you need to do is connect TaxJar, it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they can integrate with:
TaxJar allows customers to file their sales taxes either manually or via the AutoFile feature. In the purpose of this article, we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect all the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on managing them. But, it is up to you and your team members to finish the tax returns within the timeframe. TaxJar is there to provide guidance on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. This feature will ensure that everything is automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard through this platform. From there you and your team can access everything you need, such as a list of your transactions, reports, and information.
The best part about this option is the fact that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve collected, but they also help you determine when your next payments are due.
Their dashboard can also allow you to see the overall sales taxes for your business. You can also export the data to the form of a CSV file if you need it for your process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep the track of all the sales avenues you use. This means that you don’t have to scramble for your documents whenever you’re in a pinch. Even if you already have your accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds better. You’ll know better how much budget you have to cover other operational expenses.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but all things that has to do with sales tax. You can check out their webinars, guides and blog for more details. Additionally the sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the best plan to help you with filing requirements and reporting. It comes with the tax on sales, 4 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 small company owner, this plan will be ideal for you. It may not have all the features offered by TaxJar but it comes with all the basics you require.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get that is more than the basics and options, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up by adding custom features.
So how different is it from the original plan?
In addition to accessing all of the Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you own a huge business, you might need to choose the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as API integrationsfor team members, and AutoFiles.
They also have a team dedicated to managing your account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Phpunit_Framework_Testcase’ Not Found
But they did state that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to see whether the service is a good fit for you.
Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar let’s take a break. To sum it all up, here are the advantages and disadvantages of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple 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
- Some countries won’t have access to the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you’re doing, then you should try this.
It’s not just a way to assist you in keeping track of your products and revenue, but it can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they provide tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Using TaxJar will help you reduce time and keep track of every deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax regulations, this will surely help you wrap your head around the subject. TaxJar Phpunit_Framework_Testcase’ Not Found
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Phpunit_Framework_Testcase’ Not Found
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with 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 into US$ prior to when TaxJar can calculate your tax.