Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have the budget to employ an accountant, performing the task on your own could be risky. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants 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 make our lives easier with tools such as TaxJar.
We’ll look at this life-saving tool and how it can benefit you. While this is a long read but you’ll be able to assess whether TaxJar is exactly what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Pitchbook 179Mlundentechcrunch
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. 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 make sure you’re in compliance with your sales taxes. It streamlines processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by owners of online businesses to keep everything simple and organized. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to ensure is your tax-reporting system seamlessly works well with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one spot. This means that there is no need to gather data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to submit their sales tax manually or through the AutoFile feature. In our review we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns The team will guide you on how to manage these. It is up for you and your team to complete the process within the timeframe. TaxJar is only there to help you understand what you need to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. Through this feature, everything will be automated from calculating taxes on sales in order to record and process it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. From there you and your team will have access to all the information you require, including a list of your transactions, reports, and information.
The most appealing aspect of the feature you’ve chosen is they allow you to update automatically every day. Not only will they let you know how much you’ve collected however, they can also help you track when your following payments are due.
Their dashboard can also allow you to fully view the sales tax totals in your business. You can also export the data as CSV format. CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of your sales channels. This means that you don’t have to search for your documents when you’re in a pinch. Even even if you already have an accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also everything that has to do with sales tax. You can look through their guides, webinars, and blog for more details. Additionally their sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They say it’s the best plan to help you with filing requirements or reporting. It comes with sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a small business owner, this plan will be ideal for you. It might not include all the features offered by TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking to get different from the basics and options, then the Professional plan could be the one for you. The price starts at $99 but you can increase it if you add custom features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to go for premium plans instead. It has all of the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data, Integrations with APIs, teams of members and AutoFiles.
There is also a team who are devoted to managing your account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Pitchbook 179Mlundentechcrunch
However, they did mention that this plan is customized for each user. Therefore, the cost will differ according to what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is right for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to see if the platform is a good fit for you.
Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of the use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only can it assist you in keeping track of your products and revenue It can help you meet the deadlines you set. It is also a great platform for an accountant since they offer a Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar will help you save more time while keeping the track of each deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this will definitely help you get your mind around it. TaxJar Pitchbook 179Mlundentechcrunch
But if handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ TaxJar Pitchbook 179Mlundentechcrunch
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions are in US$. If you’re using a different currency, you’ll need to convert it to USdollars prior to when TaxJar will calculate your tax.