Taxes have always been one of the hardest things to do regardless of whether you run an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. In the event that you do not have enough money to employ an accountant, doing it on yourself can be risky. 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 is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can help you. Although this is quite a long read, you should be able to gauge whether TaxJar is what you need right now.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar Product Codes
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all of your sales channels to ensure that you are in compliance with sales taxes. It streamlines processes that require days to complete and is completed in just a few only a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything simple and organized. Let’s explore their features and services.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting software is compatible 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 be penalized for missing a single minor point.
TaxJar allows you to display your most important metrics in one place. That way, there’s no requirement to collect data from different channels and organize it into a single platform. All you need to do is integrate TaxJar, it will do the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to submit their sales tax by hand or using their AutoFile feature. In our review we’ll dig into both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing tax returns for income, the team will instruct you on how to manage the tax returns. It is up for you and your team to complete everything within the timeframe. TaxJar is there to provide guidance on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. Through this feature, everything is automated, from calculating sales tax in order to record and process them. There could be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you need, like an inventory of your transactions, reports and data.
The best part about this option is the fact that they allow you to update your account automatically each day. Not only can they help to know the amount you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals for your business. Additionally, you can export your data in a CSV file in case you require it in your financial planning and accounting processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. This means that you don’t have to hunt for your paperwork when you’re in a pinch. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your money more efficiently. You’ll be aware of the budget you have to cover other operating expenses.
But what’s even better is that TaxJar provides training and tutorials, not just on their platform, but all things that has to do with sales tax. Check out their webinars, guides, or blog posts for additional information. Apart from that the sales tax calculator is helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing structures and what each of those plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and an CSV import. With the starter plan, you can access their AI tax advice.
If you’re a smaller company manager, the plan should be ideal for you. It may not have all the features offered by TaxJar, but it has the essentials that you need.
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 standard features, then the Professional plan could be the one for you. It starts at $99, but it can go higher by adding custom features.
So how different is it from the original plan?
Apart from having access to all of the Starter plan’s options, you also have access to their phone customer support access to APIs, as well as advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you run a large company, you may need to opt for an upgrade instead. It comes with all the features needed to help with your taxes. In addition, they offer unlimited import integrations of data as well as API integrations, team members, and AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge the price of the Premium plan. is going to cost. TaxJar Product Codes
However, they did mention that the plan is custom-made for every user. Therefore, the cost will differ depending on what you need to run your business.
Luckily, you don’t have to gamble your money just to see if this platform is for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to determine if the platform is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. To sum it all up we’ll go over 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 Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
- 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.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only will it aid in tracking your revenue and products, but it can also help you meet your deadlines. This is also an excellent platform for an accountant since they have a Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Utilizing TaxJar can help you get more done while keeping on top of each deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this can definitely help you get your mind around it. TaxJar Product Codes
However, if managing your taxes is simple, then TaxJar might not be a good expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Product Codes
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it into USUSD prior to when TaxJar determines the tax.