Taxes have always been one of the hardest things to do 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 filled with tasks to complete. When you’re not able to afford the funds to hire an accountant, performing the task on your own could be dangerous. If you overlook one thing and you don’t know it, you may have to redo things again!
Almost everyone wants to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can benefit you. While this is an extensive read it is possible to assess whether TaxJar is what you need today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Product Category Codes
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all of your sales channels to make sure you’re in compliance with sales taxes. It makes the process simpler that could require days to complete and finish within only a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax platform perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to 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 show your critical 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 take care of the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to submit their sales tax by hand or using the AutoFile feature. For the purpose of this article, we’ll look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for the filing of income tax returns The team will guide you on managing these. It is up for you and your team members to finish the tax returns on time. TaxJar will only guide you on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. With this feature, everything is automated, from calculating sales taxes to recording and processing them. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. From there you and your team will have access to all the information you need, like a list of your transactions, reports, and the data.
The greatest benefit of this option is the fact that it allows you to automatically update every day. Not only can they help you know how much you’ve collected, but they also help you track when your following payments are due.
Their dashboard can also allow users to view in detail the sales tax totals for your business. Additionally, you can export your data as the form of a CSV file if you need it in your process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep the track of all the sales avenues you use. That means you won’t have to search for your documents when you’re when you’re in a pinch. Even even if you already have an accounting firm, the feature can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds better. You’ll be aware of the budget you have available for other operational costs.
The best part is that TaxJar offers training and tutorials not only on their platform, but for anything related to sales tax. You can look through their guides, webinars, and blog for more information. Apart from that their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they can be too costly for your business. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of these plans can offer. 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 if you need help with filing requirements and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and an CSV import. With the starter plan, you can access their AI tax advice.
If you’re a smaller business manager, the plan will be ideal for you. It might not include all the features offered by TaxJar but it comes with all the basics you require.
You can also contact their support team with their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking to get different from the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it by adding custom 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, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive business, you might need to choose the Premium plan instead. It comes with all the features you need to make your tax filing easier. In addition, they offer unlimited integrations with data imports as well as API integrations, team members, and AutoFiles.
There is also a team dedicated to managing your account. However, they don’t disclose how much the Premium plan is going to cost. TaxJar Product Category Codes
However, they did mention that the plan is custom-made for each user. The cost of the plan will be different according to what you require for your company.
Luckily, you don’t have to risk your money to find out if the platform is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to see whether the software is the right choice for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a breather. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only can it assist you in keeping track of your products and revenue It can assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have a Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar will help you reduce time and keep on top of each deadline or requirement you need to meet. If you live in a region with a lot of tax regulations, this will certainly help you to get your head around it. TaxJar Product Category Codes
If handling taxes is easy and straightforward, then TaxJar might not be a good expense. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ TaxJar Product Category Codes
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in US$. If you’re using another currency, you will need to convert it into US$ prior to when TaxJar can calculate your tax.