Taxes have always been one of the most difficult tasks to complete regardless of whether you run your own business or not. More so if you don’t have a background in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to hire an accountant, doing it on yourself can be risky. If you make a mistake, you might have to redo things again!
Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do ?
We can always make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. Even though this is lengthy but you’ll be able to assess whether TaxJar is exactly what you need in the present.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What is TaxJar TaxJar Powerbi
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your sales channels to make sure you’re in compliance with sales taxes. It simplifies the processes that require 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 institutions.
How can it help you?
TaxJar is used extensively by online business owners to make their business more 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 want to check is that your accounting tax software is compatible along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your most important metrics in one place. This means that there is no need to collect information from multiple sources and then organize it on a single platform. All you have to do is to integrate TaxJar, then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows clients to make sales tax filings manually or through their AutoFile feature. For our review we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on how to manage the tax returns. But, it is up for you and your staff to complete the process on time. TaxJar is only there to provide guidance on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating taxes on sales to recording and processing it. There could be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting issues. The orders you place through your online channels can be combined into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you need, such as a list of your transactions, reports and data.
The most appealing aspect of this option is the fact that they allow you to automatically update every day. They not only let to know the amount you’ve accumulated, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to fully view the sales tax totals for your business. It is also possible to export the data to CSV format. CSV file if you need it in your process of financial planning and accounting or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents when you’re in the event of a need. Even even if you already have an accountant, this function will help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have for other operational expenses.
The best part is that TaxJar provides training and tutorials not only on their platform, but everything related to sales tax. You can look through their webinars, guides, and blog for more details. Apart from that the sales tax calculator should be helpful if you’re planning on 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 provide amazing features, but they’re sometimes too costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It includes taxes on sales and sales as well as four free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a smaller company manager, the plan could be perfect for you. It may not have all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something different from the basics, then the Professional plan could be the one for you. It’s priced at $99 however, it could go up when you add additional features.
So how different is it from the basic plan?
In addition to accessing every one of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to go for the Premium plan instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of members and AutoFiles.
They also have a team who are devoted in managing your accounts. They don’t reveal the amount that the Premium plan will cost you. TaxJar Powerbi
However, they did mention that this plan is tailor-fit to each user. Therefore, the cost will differ in line with what you require for your company.
Free Trial
Luckily, 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 considering other options, they have a 30-day free trial. It should give you enough time to see whether the service is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you should 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 for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies with multiple sales channels and uses numerous platforms. If that’s what you do, then you should try this.
Not only can it help you track your products and revenue, but it can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they provide a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar will help you reduce time and keep on top of each deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your head around it. TaxJar Powerbi
But if handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the entire process easy to do, you might be better to do it by yourself.
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FAQ TaxJar Powerbi
What areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to USdollars before TaxJar determines your tax.
