Taxes have always been among the most difficult things to handle, whether you’re running your own business or not. More so if you don’t have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford enough money to employ an accountant, performing the task on yourself can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
What can we do about it?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can assist you. While this is lengthy, you should be able to gauge whether TaxJar is the tool you require in the present.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then let’s get right into it.
What is TaxJar? TaxJar Product Tax Codes
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it in all of your channels of sales to ensure compliance with your sales taxes. It simplifies the processes that require days to complete and is completed in just a few just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to make their business more organized and straightforward. Let’s look into the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting software seamlessly works well with your sales channel. If you’re selling through multiple channels, you need to maintain everything in line. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your key metrics in one place. So, there’s no requirement to collect information from multiple sources and organize it into one platform. All you have to do is to integrate TaxJar and the platform will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers submit their sales tax by hand or using the AutoFile feature. In our review we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect all those sales tools. Once the time comes for filing income tax returns TaxJar will train you on how to manage them. However, it will be up to you and your team members to finish the tax returns in time. TaxJar will only help you understand what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. With this feature, everything will be automated from calculating sales tax to recording and processing it. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there you and your staff will have access to all the information you need, such as the list of transactions, reports, as well as information.
The most appealing aspect of the feature you’ve chosen is it lets you to update automatically every day. They not only let to know the amount you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows users to view in detail the overall sales taxes within your company. Additionally, you can export your data to the form of a CSV file if you need it in your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. This means that you don’t have to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds more effectively. You’ll know better how much budget you have for other operational costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also all things connected to sales tax. You can look through their webinars, guides as well as their blog to find more details. In addition their sales tax calculator is beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing levels and what each of those choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the best plan for those who need assistance in filing and reporting. It also includes the tax on sales, 4 free yearly AutoFiles, and a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale company manager, the plan could be perfect for you. It may not offer all the features offered by TaxJar, but it has all the basics you require.
In addition, you can reach the support team via their support chart for email. You’ll also be able to use their integration features.
If you’re looking to get different from the basics, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher by adding custom features.
What is the difference from the original plan?
Apart from having access to all of the Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to go for premium plans instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited import integrations of data as well as API integrations, team users and AutoFiles.
They also have a team that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan costs you. TaxJar Product Tax Codes
But they did state that this plan is customized for each user. Therefore, the cost will differ depending on what you need for your company.
Fortunately, you don’t need to bet your life on it to find out if the platform is right for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you must know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of the use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is simple 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
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only will it assist you in keeping track of your revenue and products, but it can help you meet your deadlines. It is also a great opportunity for accountants since they provide tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Using TaxJar can allow you to reduce time and keep the track of each deadline or requirement you need to fulfill. If you live in a region with a lot of tax laws, this can surely help you wrap your head around it. TaxJar Product Tax Codes
If handling taxes is easy, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole procedure easy to complete, you might be better off doing it on your own.
FAQ TaxJar Product Tax Codes
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar determines the tax.