Taxes are always one of the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to employ an accountant, performing the task on yourself can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Most people want to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do about it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can benefit you. Although this is quite lengthy, you should be able to gauge whether TaxJar is exactly what you need in the present.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then we’ll dive right into.
What is TaxJar TaxJar Publicly Traded
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and is completed in just a few minutes.
TaxJar is 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 extensively used by owners of online businesses to keep everything neat and simple. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure is that your accounting tax software is compatible with your sales channel. If you’re selling through multiple channels, it is essential to maintain everything in line. The last thing you want is to be penalized for overlooking just one minor detail.
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 one platform. All you have to do is integrate TaxJar, it will handle the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows customers to make sales tax filings by hand or using the AutoFile feature. In our review we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When the time is right for filing tax returns for income TaxJar will train you on managing these. However, it will be up to you and your staff to finish the tax returns within the timeframe. TaxJar will only help you understand what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated from calculating taxes on sales in order to record and process it. However, there might be additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you need, like a list of your transactions, reports, and the data.
The best part about this feature is that it lets you to automatically update every day. Not only can they help you keep track of how much you’ve accumulated however, they can also help you determine when your next payment is due.
Their dashboard also allows you to see the total sales tax for your business. You can also export your data in CSV format. CSV file in case you require it for your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to search for your documents whenever you’re in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds better. You’ll know better how much budget you have to cover other operating expenses.
The best part is that TaxJar provides training and tutorials, not just for their platform but all things that has to do with sales tax. You can check out their webinars, guides, or blog posts for additional information. Apart from that the sales tax calculator should be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $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 an CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small-scale business owner, this plan could be perfect for you. It may not have all the features of TaxJar however, it does include all the basics you require.
You can also contact their customer support via their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking to get different from the basic features Professional might be the right one for you. The price starts at $99 however, it could go up when you add additional features.
What is the difference from the original plan?
In addition to accessing all of the Starter plan’s features, you also have their support via phone, API access, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive business, you might need to go for premium plans instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations API integrationsfor team users as well as AutoFiles.
There is also a team that is devoted in managing your accounts. They don’t reveal how much the Premium plan is going to cost. TaxJar Publicly Traded
However, they did say that this plan is tailor-fit for each user. Therefore, the cost will differ depending on what you need for your company.
Free Trial
It’s a good thing that you don’t have to gamble your money just to see if this platform is the right one for you. If you’re still considering various options, they provide 30 days of free trial. This should be enough time to gauge whether the service is a good fit for you.
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Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a break. To summarize Here are the pros and cons of using TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for 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
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with multiple sales channels and uses many platforms. If that’s what you do, then you ought to try this.
It’s not just a way to aid in tracking the sales and profits of your business however, it will assist you in meeting your deadlines. This is also an excellent platform for an accountant since they have the Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can allow you to reduce time and keep track of every deadline and obligation you have to meet. If you’re in a region with a lot of tax regulations, this will certainly help you to get your mind around it. TaxJar Publicly Traded
However, if managing taxes is easy, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire procedure simple to follow, you might be better in doing it all on your own.
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FAQ TaxJar Publicly Traded
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions are in US$. If you’re using another currency, you’ll have to convert it to US$ before TaxJar determines the tax.
