Taxes are always one of the hardest things to do 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 issues can be overwhelming, especially when you’re packed with things to do. If you don’t have enough money to engage an accountant doing it on your own can be dangerous. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
What is the best way to deal with it?
We can make life easier with tools such as TaxJar.
This article will take a look at this life-saving device and how it can help you. Although this is quite an extensive read it is possible to assess 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 analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Reports
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your sales channels 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 different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is neat and simple. Let’s look into the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll want to check you have a tax accounting system seamlessly works well with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your key metrics in one spot. This means that there is no requirement to collect data in multiple channels and organize it into a single platform. All you have to do is to integrate TaxJar, and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows clients to file their sales taxes by hand or using TaxJar’s AutoFile feature. For our review we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When it comes time to filing tax returns for income TaxJar will train you on managing the tax returns. It is up for you and your team members to complete the process within the timeframe. TaxJar is only there to help you understand what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. With this feature, everything is automated, from calculating taxes on sales in order to record and process them. There could be additional charges if they are not part of the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting problems. The orders you place through your online channels can be put together into a single dashboard through this platform. From there, you and your team can access everything you need, such as the list of transactions, reports and data.
The most appealing aspect of this feature is that it allows you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard can also allow you to see the total sales tax in your business. You can also export your data as CSV format. CSV file if you need it in your accounting and financial planning processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all your sales channels. This means that you don’t have to search for your documents whenever you’re in the event of a need. Even when you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds more effectively. You’ll know better how much budget you have for other operating costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform but for anything that has to do with sales tax. Check out their webinars, guides, as well as their blog to find more information. In addition their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. 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: Starter, Professional, and Premium.
Starter
The Starter plan starts at $19. They say it’s the most effective plan for those who need assistance with filing requirements and reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a small company proprietor, then this program should be perfect for you. It may not have all of TaxJar’s features, but it has the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for something different from the standard features, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up if you add custom features.
So how different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge company, you may need to go for an upgrade instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited import integrations of data Integrations with APIs, teams of users and AutoFiles.
They also have a staff dedicated in managing your accounts. They don’t reveal how much the Premium plan is going to cost. TaxJar Reports
But they did state that the plan is custom-made to each user. Therefore, the cost will differ according to what you require for your business.
Free Trial
It’s a good thing that you don’t have to gamble your money just to find out if the platform is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to gauge whether the service is the right choice for you.
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Pros and Cons
After we’ve gone over everything you must be aware of TaxJar Let’s relax. To sum it all up Here are the advantages and disadvantages of using TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only can it aid in tracking your products and revenue It can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they provide the Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can allow you to reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re in a region with a lot of tax regulations, this will certainly help you to get your head around it. TaxJar Reports
However, if managing your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar Reports
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as 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 make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars before TaxJar will calculate your tax.
