Taxes have always been one of the most difficult tasks to complete regardless of whether you run your own business or not. More so if you don’t have a background in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the funds to hire an accountant, making it your own can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Almost everyone wants to skip this step. However, since it’s mandatory, we have no choice.
So , what is the best way to deal with it?
We can make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving device and how it can help you. Even though this is a long read it is possible to assess whether TaxJar is what you need in the present.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar Report
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with your sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few just 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 widely used by owners of online businesses to ensure that everything is neat and simple. Let’s look into their features and services.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax system seamlessly works well with your sales channel. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one spot. This means that there is no need to gather data from different channels and organize it into a single platform. All you have to do is to integrate TaxJar and the platform will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to make sales tax filings by hand or using TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns, the team will instruct you on how to manage them. But, it is up to you and your staff to complete everything within the timeframe. TaxJar will only guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. Through this feature, everything will be automated from calculating sales tax through recording, and then processing them. However, there might be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there, you and your team will have access to everything you need, such as an inventory of your transactions, reports, and data.
The most appealing aspect of this feature is that it lets you to update automatically every day. Not only can they help you know how much you’ve collected, but they also help you determine when your next payment is due.
Their dashboard also allows you to see the overall sales taxes in your business. You can also export the data as the form of a CSV file if you need it to aid in process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to scramble for your documents when you’re in the event of a need. Even even if you already have an accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have available for other operational expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform but for anything connected to sales tax. You can check out their webinars, guides or blog posts for additional information. In addition the sales tax calculator is beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and what each of those plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help in filing and reporting. It includes the tax on sales, 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a smaller company manager, the plan will be perfect for you. It may not offer all the features offered by TaxJar, but it has all the basics you require.
Additionally, you can contact the support team via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for different from the basics and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up if you add custom features.
How different is it from the basic plan?
In addition to accessing all of the Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large business, you might need to choose an upgrade instead. It includes all of the features you need to help with your taxes. Additionally, they permit unlimited data import integrations, Integrations with APIs, teams of members and AutoFiles.
They also have a staff who are devoted to managing your account. They don’t reveal how much the Premium plan will cost you. TaxJar Report
But they did state that this plan is tailor-fit for every user. Therefore, the cost will differ according to what you require to run your business.
Fortunately, you don’t need to risk your money to find out if the platform is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to gauge whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a break. To summarize we’ll go over the pros and cons of the use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid 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 companies with many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then you should try this.
Not only can it help you track the sales and profits of your business It can help you meet the deadlines you set. This is also an excellent platform for an accountant since they offer tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
The use of TaxJar can allow you to reduce time and keep track of every deadline or requirement you need to meet. If you live in an area with complex tax regulations, this will definitely help you get your head around it. TaxJar Report
However, if managing your taxes is straightforward If it isn’t, 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 process easy to do then you’re better off doing it on your own.
FAQ TaxJar Report
Which areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it to US$ before TaxJar will calculate your tax.