Taxes have always been among the hardest things to do regardless of whether you run a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related work aren’t easy, particularly when you’re packed with things to do. In the event that you do not have enough money to employ an accountant, doing it on your own can be dangerous. If you make a mistake, you might need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do about it?
It is always possible to make our lives easier with tools such as TaxJar.
We’ll look at this life-saving device and how it can assist you. While this is lengthy it is possible to gauge whether TaxJar is what you need in the present.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, let’s get right into it.
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and can be completed in a matter of minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important 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, you must keep everything in place. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one place. That way, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you have to do is integrate TaxJar, and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers make sales tax filings by hand or using the AutoFile feature. For our review we’ll dig at both.
If you decide to do it manually, TaxJar will allow you to connect all of your sales platforms. When the time is right for the filing of income tax returns The team will guide you on managing them. It is up to you and your team members to complete everything on time. TaxJar is only there to provide guidance on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating sales tax through recording, and then processing them. However, there might be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. The orders you place through your online channels can be put together into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you require, including the list of transactions, reports, as well as data.
The greatest benefit of this option is the fact that they allow you to update your account automatically each day. Not only can they help you keep track of how much you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to see the overall sales taxes for your business. It is also possible to export the data to the form of a CSV file in case you require it to aid in financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. This means that you don’t have to hunt for your paperwork whenever you’re in the event of a need. Even when you already have your accounting firm, the feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have available for other operational expenses.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just on their platform, but all things connected to sales tax. Check out their guides, webinars, as well as their blog to find more information. In addition, their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing tiers and the features that each of these plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most effective plan to help you with filing requirements and reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a smaller company owner, this plan should be perfect for you. It may not have all the features of TaxJar but it comes with the basic features you require.
In addition, you can reach their support team with their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking to get different from the basic features and options, then the Professional plan could be the one for you. It starts at $99, but you can increase it by adding custom features.
What is the difference from the starter plan?
Apart from having access to all of the Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge company, you may need to go for the Premium plan instead. It comes with all the features you need to help with your taxes. Moreover, they allow unlimited import integrations of data as well as Integrations with APIs, teams of users as well as AutoFiles.
However, they did mention that this plan is tailor-fit for every user. The cost of the plan will be different depending on what you need to run your business.
Fortunately, you don’t need to bet your life on it to see if this platform is for you. If you’re still looking into various options, they provide a 30-day free trial. It should give you enough time to gauge if the platform is the right choice for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar Let’s relax. To sum it all up, here are the pros and cons of using TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is simple 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then you should try this.
Not only will it help you track your products and revenue however, it will assist you in meeting your deadlines. It is also a great opportunity for accountants since they have tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
However, if managing your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure simple to follow, you might be better off doing it on your own.
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it into USUSD before TaxJar determines your tax.