Taxes have always been one of the most difficult things to handle, whether you’re running an enterprise or not. Even more so if you do not have any experience 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 employ an accountant, doing it on your own could be risky. If you make a mistake it could mean you have to redo things again!
Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.
What can we do about it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving device and how it can assist you. Although this is quite lengthy but you’ll be able to determine if TaxJar is the tool you require in the present.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What is TaxJar TaxJar Revenue
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all the sales channels you use to ensure compliance with sales taxes. It makes the process simpler that could take days to complete and finish within only a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to make their business more simple and organized. Let’s look into their features and services.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one spot. That way, there’s no need to collect data in multiple channels and sort it into one platform. All you have to do is connect TaxJar, then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to submit their sales tax by hand or using the AutoFile feature. For the purpose of this article, we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. Once the time comes for the filing of income tax returns The team will guide you on how to manage these. However, it will be up to you and your team to complete the process on time. TaxJar is there to provide guidance on what you need to accomplish, but not manage it.
If you would 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 sales tax to recording and processing it. But, it is possible to incur extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard through 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 greatest benefit of this feature is that it allows you to automatically update every day. They not only let you keep track of how much you’ve collected, but they also help you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the total sales tax for your business. You can also export the information as the form of a CSV file, if you want to use it in your accounting and financial planning processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to hunt for your paperwork 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 can help you allocate your funds better. You’ll know better how much budget you have for other operating costs.
But what’s even better is that TaxJar offers tutorials and training, not just on their platform, but everything related to sales tax. Check out their webinars, guides, or blog posts for additional information. In addition, their sales tax calculator can be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and what each of those options can offer you. Currently, 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 in filing and reporting. It also includes sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a smaller company proprietor, then this program will be perfect for you. It may not have all the features offered by TaxJar however, it does include the essentials that you need.
Additionally, you can contact their support team with their support chart for email. You’ll also be able to use their integration features.
If you’re looking for a bit more than just the basics, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
What is the difference from the starter plan?
Apart from having access to all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to opt for premium plans instead. It comes with all the features needed to aid in your tax preparation. In addition, they offer unlimited integrations with data imports, Integrations with APIs, teams of members as well as AutoFiles.
They also have a team who are devoted to managing your account. But, they don’t divulge how much the Premium plan costs you. TaxJar Revenue
But they did state that the plan is custom-made for each user. Therefore, the cost will differ depending on what you need to run your business.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to gauge if the platform is a good fit for you.
Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of using TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
- 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 to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you do, then you should try this.
Not only can it assist you in keeping track of your products and revenue, but it can assist you in meeting your deadlines. It is also a great opportunity for accountants since they have the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar can help you get more done while keeping the track of each deadline and requirement you have to fulfill. If you’re in an area with complex tax regulations, this will definitely help you get your mind around it. TaxJar Revenue
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. If you find the entire procedure easy to complete, you might be better in doing it all on your own.
FAQ TaxJar Revenue
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n US$. If you’re using a different currency, you will need to convert it to US$ prior to when TaxJar can calculate your tax.