Taxes have always been among the most difficult tasks to complete regardless of whether you run your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re 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 it could mean you need to repeat the process!
Nearly everyone would prefer to skip 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?
We can always make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and how it can benefit you. Although this is quite a long read it is possible to determine if TaxJar is the tool you require right now.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Rakuten
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it in 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 just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by online business owners to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure you have a tax accounting software seamlessly works well along with sales funnels. If you’re selling through multiple channels, it is essential to maintain everything in line. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your critical metrics in one place. So, there’s no requirement to collect data from different channels and organize it into a single 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 with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers file their sales taxes either manually or via their AutoFile feature. For this review, we’ll dig into both.
If you choose to go it alone, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing income tax returns TaxJar will train you on how to manage the tax returns. It is up for you and your team members to finish the tax returns in time. TaxJar is only there to guide you on what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. This feature will ensure that everything will be automated from calculating sales taxes to recording and processing them. But, it is possible to incur extra fees if not part of the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team will have access to everything you need, like an inventory of your transactions, reports and the data.
The best part about this option is the fact that they allow you to update your account automatically each day. Not only will they let to know the amount you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard can also allow you to see the total sales tax for your business. You can also export your data to CSV format. CSV file if you need it to aid in accounting and financial planning processes or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the sales avenues you use. That means you won’t have to search for your documents when you need them in the event of a need. Even if you already have your accounting firm, the feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have to cover other operational expenses.
What’s more is that TaxJar provides training and tutorials, not just for their platform but for anything related to sales tax. Check out their webinars, guides or blog posts for additional details. In addition the sales tax calculator is helpful if you’re planning on 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’re sometimes too costly for the business you run. For this reason we’ll examine TaxJar’s pricing structures and what each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you to help you with filing requirements or reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as an CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small business owner, this plan could be ideal for you. It may not have all the features of TaxJar but it comes with the basic features you require.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration features.
If you’re looking for a bit more than just the basics Professional may be the best option for you. The price starts at $99 but you can increase it when you add additional features.
How different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also get access to their support via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large business, you might need to go for an upgrade instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer unlimited import integrations of data, API integrations, team members as well as AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Rakuten
However, they did say that this plan is tailor-fit for every user. The cost of the plan will be different in line with what you require to run your business.
Fortunately, you don’t need to gamble your money just to determine if this service is the right one for you. If you’re still looking into various options, they provide 30 days of free trial. This should be enough time to gauge if the platform is the right choice for you.
Pros and Pros and
We’ve covered everything you should know about TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of making use of TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then ought to try this.
Not only can it aid in tracking your revenue and products however, it will also help you meet the deadlines you set. It is also a great platform for an accountant since they have tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you save more time while keeping track of every deadline and obligation you have to meet. If you’re living in an area with complex tax laws, this can definitely help you get your head around the subject. TaxJar Rakuten
If handling your taxes is simple, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure simple to follow then you’re better off doing it on your own.
FAQ TaxJar Rakuten
What areas does TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transaction amounts are n US$. If you’re using another currency, you will need to convert it to US$ before TaxJar determines the tax.