Taxes have always been among the most difficult things to handle regardless of whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have enough money to employ an accountant, performing the task on yourself can be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what is the best way to deal with it?
It is always possible to make our lives easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can assist you. Even though this is lengthy it is possible to assess whether TaxJar is the tool you require right now.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Quickbooks
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your channels of sales to ensure compliance with sales taxes. It streamlines processes that take days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything simple and organized. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure is your tax-reporting platform is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one spot. That way, there’s no need to gather information from multiple sources and then organize it on a single platform. All you need to do is to integrate TaxJar, and the platform will do the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers make sales tax filings manually or through the AutoFile feature. In our review we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect the sales channels you use. 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 for you and your team members to complete everything in time. TaxJar will only guide you on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. Through this feature, everything will be automated, from calculating sales tax in order to record and process them. But, it is possible to incur additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help 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 everything you require, including a list of your transactions, reports and information.
The greatest benefit of this option is the fact that they allow you to automatically update every day. Not only can they help to know the amount you’ve collected however, they can also help you keep track of when the next payments are due.
Their dashboard also allows you to fully view the sales tax totals within your company. Additionally, you can export the data to the form of a CSV file in case you require it to aid in accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. That means you won’t have to hunt for your paperwork when you’re when you’re in a pinch. Even if you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds better. You’ll know better how much budget you have to cover other operating expenses.
What’s more is that TaxJar provides training and tutorials, not just on their platform, but everything connected to sales tax. Check out their webinars, guides, as well as their blog to find more info. Apart from that their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
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 also includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a small-scale company proprietor, then this program should be ideal for you. It may not have all the features of TaxJar however, it does include the basic features you require.
In addition, you can reach their customer support via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking to get that is more than the standard features and options, then the Professional plan could be the one for you. The price starts at $99 but it can go higher when you add additional features.
So how different is it from the starter plan?
Apart from having access to every one of Starter plan’s features, you also have their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you run a large business, you might need to go for the Premium plan instead. It has all of the features needed to help with your taxes. Moreover, they allow unlimited import integrations of data Integrations with APIs, teams of users, and AutoFiles.
They also have a team that is devoted to managing your account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Quickbooks
But they did state that this plan is customized for every user. Therefore, the cost will differ in line with what you require for your company.
Luckily, you don’t have to bet your life on it to determine if this service is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to see whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes many platforms. If this sounds like the way you do, then you ought to try this.
Not only will it help you track the sales and profits of your business however, it will assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they have tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar will help you save more time while keeping track of every deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this can certainly help you to get your head around the subject. TaxJar Quickbooks
However, if managing your taxes is simple, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the entire procedure simple to follow, you might be better off doing it by yourself.
FAQ TaxJar Quickbooks
What areas does TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in USdollars. If you’re using another currency, you’ll need to convert it to USdollars before TaxJar will calculate your tax.