Taxes have always been among the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Particularly if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, especially when you’re packed with things to do. In the event that you do not have the funds to engage an accountant doing it on your own could be dangerous. If you make a mistake it could mean you need to repeat the process!
Most people want to skip this step. But since it’s required and mandatory, there’s no other choice.
So , what can we do ?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving device and how it can help you. Although this is quite lengthy but you’ll be able to gauge whether TaxJar is what you need today.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Pitchbook TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all the sales channels you use to ensure that you are in compliance with sales taxes. It streamlines processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in different industries such as 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 organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to ensure is that your accounting tax software is compatible with your sales channel. If you have multiple sales channels, you need to maintain everything in line. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one place. This means that there is no requirement to collect information from multiple sources and sort it into a single platform. All you have to do is connect TaxJar and the platform will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to make sales tax filings either manually or via TaxJar’s AutoFile feature. In this review, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect those sales tools. When it comes time to filing tax returns for income The team will guide you on managing the tax returns. But, it is up for you and your team to complete everything within the timeframe. TaxJar will only guide you 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 the forms in a manual manner. Through this feature, everything is automated, from calculating taxes on sales through recording, and then processing them. There could be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your staff can access everything you require, including the list of transactions, reports, as well as information.
The greatest benefit of the feature you’ve chosen is it allows you to automatically update every day. They not only let you keep track of how much you’ve earned, but they also help you track when your following payment is due.
Their dashboard also allows you to fully view the overall sales taxes within your company. You can also export the information in CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. It means you don’t need to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your money more efficiently. You’ll know exactly how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training, not just on their platform, but all things that has to do with sales tax. You can check out their webinars, guides and blog for more details. Apart from that the sales tax calculator is helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing structures and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the most effective plan if you need help in filing and reporting. It includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small-scale company manager, the plan should be perfect for you. It might not include all the features of TaxJar however, it does include 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 a bit more than just the standard features Professional might be the right one for you. The price starts at $99 but you can increase it when you add additional features.
How different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to choose premium plans instead. It has all of the features that you require to aid in your tax preparation. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of users and AutoFiles.
They also have a team that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Pitchbook TaxJar
However, they did say that this plan is tailor-fit to each user. The cost of the plan will be different according to what you require for your company.
It’s a good thing that you don’t have to risk your money to find out if the platform is for you. If you’re still looking into different options, they offer a 30-day free trial. It should give you enough time to determine whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a breather. To sum it all up Here are the pros and cons of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then must try TaxJar.
It’s not just a way to help you track the sales and profits of your business however, it will also help you meet the deadlines you set. It is also a great platform for an accountant since they provide the Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Utilizing TaxJar will help you save more time while keeping track of every deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax laws, this can certainly help you to get your head around the subject. TaxJar Pitchbook TaxJar
If handling taxes is easy and straightforward, then TaxJar might not be a good expense. If you have only one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete then you’re better off doing it by yourself.
FAQ TaxJar Pitchbook TaxJar
Which areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it to USUSD before TaxJar can calculate the tax.