Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is 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 have to do it all over again!
Most people want to skipping this step. But since it’s required, we have no choice.
So what can we do about it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can help you. Even though this is a long read it is possible to gauge whether TaxJar is what you need today.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, let’s dive right in.
What is TaxJar? TaxJar Pitchbook TaxJar 179Mlundentechcrunch
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. In addition, you can apply it in all of your sales channels to ensure compliance with sales tax requirements. It makes the process simpler that could require days to complete and is completed in just a few just a few minutes.
TaxJar is 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 widely used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The last thing you want is to get a penalty 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 requirement to collect data from different channels and organize it into a single platform. All you need to do is connect TaxJar, then the system will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to submit their sales tax manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect the sales channels you use. When the time is right for the filing of income tax returns, the team will instruct you on how to handle the tax returns. But, it is up for you and your team members to complete everything within the timeframe. TaxJar will only provide guidance on what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. With this feature, everything will be automated, from calculating taxes on sales in order to record and process it. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform, you and your team can access everything you need, like an inventory of your transactions, reports, as well as information.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow you to fully view the total sales tax in your business. You can also export the data as a CSV file, if you want to use it to aid in process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. This means that you don’t have to hunt for your paperwork when you’re in a pinch. Even even if you already have an accountant, this function can 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 for other operational expenses.
The best part is that TaxJar offers training and tutorials, not just on their platform, but for anything related to sales tax. You can check out their webinars, guides as well as their blog to find more info. In addition the sales tax calculator should 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 establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. The company claims that it’s the most effective plan if you need help with filing requirements or reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and an CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small business proprietor, then this program will be perfect for you. It may not offer all the features of TaxJar however, it does include the essentials that you need.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking for something a bit more than just the basic features Professional might be the right one for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also get 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 receive 12 free AutoFiles every year.
If you have a massive business, you might need to opt for premium plans instead. It has all of the features that you require to help with your taxes. Moreover, they allow unlimited import integrations of data API integrationsfor team members and AutoFiles.
They also have a staff that is devoted to managing your account. They don’t reveal the price of the Premium plan. is going to cost. TaxJar Pitchbook TaxJar 179Mlundentechcrunch
However, they did say that this plan is tailor-fit for each user. So the costs will vary in line with what you require for your business.
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still looking into various options, they provide 30 days of free trial. It should give you enough time to see whether the service is an excellent fit for you.
Pros and Pros and
We’ve covered everything you need to know about TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only valid for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses many platforms. If that sounds like what you do, then you ought to try this.
Not only can it help you track your products and revenue It can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they provide tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline or requirement you need to meet. If you’re in a region with a lot of tax laws, this can certainly help you to get your mind around it. TaxJar Pitchbook TaxJar 179Mlundentechcrunch
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better off doing it on your own.
FAQ TaxJar Pitchbook TaxJar 179Mlundentechcrunch
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar determines your tax.