Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have a background in finance or accounting. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the funds to engage an accountant doing it on your own can be dangerous. If you overlook one thing it could mean you have to redo things again!
Most people want to skipping this step. However, since it’s mandatory, we have no choice.
So what can we do ?
It is always possible to make our lives 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. Even though this is lengthy, you should be able to determine if TaxJar is what you need today.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Rate Lookup
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all of your channels of sales to ensure compliance with sales taxes. It makes the process simpler that could require days to complete and finish within only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure is that your accounting tax system is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your most important data in one location. That way, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you need to do is to integrate TaxJar then the system will do the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. In our review we’ll dig at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. When it comes time to the filing of income tax returns, the team will instruct you on how to manage them. However, it will be up for you and your team to finish the tax returns in time. TaxJar is only there to help you understand what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing them. But, it is possible to incur additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your team will have access to all the information you need, like the list of transactions, reports, and the data.
The most appealing aspect of this option is the fact that it lets you to automatically update every day. Not only can they help you keep track of how much you’ve accumulated, but they also help you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the overall sales taxes within your company. You can also export the data to a CSV file if you need it in your accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to search for your documents when you need them in a pinch. Even if you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have available for other operating costs.
The best part is that TaxJar provides training and tutorials not only for their platform but everything that has to do with sales tax. Check out their guides, webinars, and blog for more info. In addition the sales tax calculator is helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing features, but they can be too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the most effective plan for those who need assistance in filing and reporting. It comes with the tax on sales, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small-scale business manager, the plan will be ideal for you. It might not include all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact the support team via their support chart for email. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for something different from the basic features, then the Professional plan could be the one for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also have their support via phone, API access, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge business, you might need to opt for premium plans instead. It has all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports as well as Integrations with APIs, teams of members and AutoFiles.
There is also a team who are devoted in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Rate Lookup
But they did state that this plan is tailor-fit for every user. The cost of the plan will be different 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 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. It should give you enough time to gauge whether the service is the right choice for you.
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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 the use of TaxJar to run your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access 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 is an excellent platform for companies with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
It’s not just a way to help you track your revenue and products It can assist you in meeting the deadlines you set. This is also an excellent option for accountants as they offer a Tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Using TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax regulations, this will surely help you wrap your mind around it. TaxJar Rate Lookup
If handling your taxes is simple, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire procedure easy to complete, you might be better to do it on your own.
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FAQ TaxJar Rate Lookup
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it to US$ before TaxJar determines your tax.
