Taxes are always one of the hardest things to do, whether you’re running an enterprise or not. Particularly if you don’t have a background in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford enough money to hire an accountant, doing it on your own can be dangerous. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to skip this step. But since it’s required to be done, we can’t choose not to.
What can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can help you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is what you need today.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar TaxJar Presumed Exempt
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all of your sales channels to make sure you’re in compliance with sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to keep everything simple and organized. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting platform is compatible along with sales funnels. If you’re selling through multiple channels, you must ensure that everything is in order. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your most important data in one location. This means that there is no requirement to collect data in multiple channels and then organize it on one platform. All you have to do is to integrate TaxJar, and the platform will handle all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing tax returns for income, the team will instruct you on how to manage the tax returns. However, it will be up for you and your staff to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales in order to record and process them. There could be extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform you and your team will have access to all the information you need, like the list of transactions, reports, and the data.
The greatest benefit of the feature you’ve chosen is it lets you to update automatically every day. Not only can they help to know the amount you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard also allows you to fully view the total sales tax within your company. It is also possible to export the information to CSV format. CSV file in case you require it in your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to scramble for your documents whenever you’re when you’re in a pinch. Even when you already have your accountant, this function can aid them in being more efficient.
Moreover, knowing the estimates 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 for other operational expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also for anything related to sales tax. Check out their guides, webinars, or blog posts for additional details. Additionally their sales tax calculator is helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and what each of those choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a smaller company owner, this plan will be perfect for you. It might not include all the features offered by TaxJar however, it does include the essentials that you need.
You can also contact the support team via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for something a bit more than just the basics Professional may be the best option for you. It’s priced at $99 but it can go higher when you add additional features.
So how different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you have a massive business, you might need to go for the Premium plan instead. It has all of the features that you require to aid in your tax preparation. In addition, they offer unlimited data import integrations, API integrationsfor team users and AutoFiles.
They also have a staff who are devoted for managing the account. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Presumed Exempt
However, they did mention that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need to run your business.
It’s a good thing that you don’t have to risk your money to see if this platform is for you. If you’re still considering different options, they offer a 30-day free trial. This should give you enough time to gauge if the platform 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. To summarize Here are the pros and cons of using TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce 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 is possible to integrate it with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then should try this.
Not only will it help you track your products and revenue, but it can also help you meet your deadlines. This is also an excellent platform for an accountant since they offer tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can help you save more time while keeping the track of each deadline or requirement you need to meet. If you’re in an area with complex tax laws, this can certainly help you to get your mind around it. TaxJar Presumed Exempt
However, if managing your taxes is simple, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. If you find the entire procedure simple to follow, you might be better off doing it by yourself.
FAQ TaxJar Presumed Exempt
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to USdollars before TaxJar will calculate the tax.