Taxes are always one of the hardest things to do regardless of whether you’re running your own business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the funds to employ an accountant, making it your own could be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skipping this step. But since it’s required and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can help you. Although this is quite an extensive read it is possible to gauge whether TaxJar is what you need today.
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, then let’s dive right in.
What is TaxJar TaxJar Profile
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax 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 finish within just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to keep everything simple and organized. Let’s look into the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to ensure is your tax-reporting system perfectly integrates with your sales channel. If you’re selling through multiple channels, you need to maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one place. That way, there’s no need to collect data in multiple channels and then organize it on one platform. All you have to do is to integrate TaxJar it will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers submit their sales tax manually or through TaxJar’s 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 it comes time to the filing of income tax returns, the team will instruct you on how to manage the tax returns. However, it will be up to you and your team members to complete the process in time. TaxJar will only help you understand what you should do , but not to handle 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 taxes on sales through recording, and then processing it. However, there might be extra fees if not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there, you and your team will have access to everything you need, such as an inventory of your transactions, reports, as well as the data.
The best part about this feature is that it allows you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated however, they can also help you keep track of when the next payments are due.
The dashboard allows you to see the sales tax totals in your business. Additionally, you can export the information as CSV format. CSV file, if you want to use it to aid in accounting and financial planning processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this function will make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your money more efficiently. You’ll know better how much budget you have available for other operating expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also all things related to sales tax. Check out their guides, webinars, as well as their blog to find more details. Additionally their sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of those choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the most effective plan to help you with filing requirements or reporting. It includes the tax on sales, 4 autofiles for free each year, and a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller business proprietor, then this program will be ideal for you. It may not have all the features of TaxJar however, it does include all the basics you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking to get different from the basics Professional may be the best option for you. It starts at $99, however, it could go up when you add additional features.
What is the difference from the original 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, API access, and advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to choose an upgrade instead. It has all of the features you need to make your tax filing easier. Moreover, they allow unlimited import integrations of data API integrationsfor team users and AutoFiles.
There is also a team that is devoted in managing your accounts. They don’t reveal the price of the Premium plan. will cost you. TaxJar Profile
However, they did mention that the plan is custom-made for each user. The cost of the plan will be different in line with what you require for your business.
Luckily, you don’t have to risk your money to see if this platform is right for you. If you’re still considering different options, they offer a 30-day free trial. It should give you enough time to gauge whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you need to know about TaxJar Let’s relax. In order to sum up the whole thing Here are the pros and cons of using TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides 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.
- It allows you to monitor multiple 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 valid for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it aid in tracking your revenue and products, but it can also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they have the Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can allow you to reduce time and keep track of every deadline or requirement you need to meet. If you’re living in an area with complex tax regulations, this will surely help you wrap your head around the subject. TaxJar Profile
But if handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar Profile
Which areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it to USUSD before TaxJar determines your tax.