Taxes have always been one of the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, performing the task on your own can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Almost everyone wants to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do about it?
It is always possible to make life easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can help you. While this is a long read it is possible to determine if TaxJar is exactly what you need right now.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Plus
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of the sales channels you use to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to keep everything simple and organized. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your key data in one location. So, there’s no need to gather data from different channels and then organize it on a single platform. All you have to do is connect TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows customers to file their sales taxes by hand or using their AutoFile feature. For this review, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing income tax returns, the team will instruct you on managing the tax returns. It is up to you and your team members to complete the process in time. TaxJar is there to guide you on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. This feature will ensure that everything will be automated from calculating taxes on sales in order to record and process it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, such as a list of your transactions, reports and the data.
The best part about the feature you’ve chosen is it lets you to automatically update every day. Not only can they help to know the amount you’ve collected and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows you to see the total sales tax within your company. It is also possible to export your data in CSV format. CSV file in case you require it to aid in accounting and financial planning processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. That means you won’t have to search for your documents when you’re in a pinch. Even when you already have your accounting firm, the feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds more effectively. You’ll know better how much budget you have available for other operating costs.
The best part is that TaxJar offers training and tutorials not only on their platform, but everything that has to do with sales tax. Check out their guides, webinars, or blog posts for additional info. In addition their sales tax calculator is useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. 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. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the most suitable plan for you to help you with filing requirements or reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small business owner, this plan could be perfect for you. It might not include all of TaxJar’s features but it comes with all the basics you require.
Additionally, you can contact their customer support via their email support chart. You’ll also be able to use their integration features.
Professional
If you’re looking for a bit more than just the standard features, then the Professional plan may be the best option for you. It starts at $99, but you can increase it by adding custom features.
How different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also have their phone customer support, API access, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge business, you might need to go for an upgrade instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations Integrations with APIs, teams of users as well as AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Plus
But they did state that this plan is tailor-fit for each user. The cost of the plan will be different in line with what you require to run your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to determine if this service is the right one for you. If you’re still looking into various options, they provide a 30-day free trial. This should be enough time to see if the platform is an excellent fit for you.
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Pros and Cons
We’ve covered everything you should know about 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.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have multiple sales channels and uses plenty of platforms. If this sounds like the way you do, then you ought to try this.
Not only can it aid in tracking your revenue and products however, it will also help you meet your deadlines. It is also a great opportunity for accountants since they offer the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar will help you reduce time and keep track of every deadline or requirement you need to meet. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around it. TaxJar Plus
If handling your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire procedure easy to complete, you might be better in doing it all on your own.
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FAQ TaxJar Plus
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it to USdollars before TaxJar can calculate your tax.
