Taxes have always been among the most difficult tasks to complete, whether you’re running an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the funds to hire an accountant, performing the task on your own could be risky. If you make a mistake 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 can we do about it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this life-saving device and how it can benefit you. Even though this is lengthy, you should be able to assess whether TaxJar is exactly what you need right now.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, then let’s dive right in.
What is TaxJar? TaxJar Ruby Gem
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your sales channels to ensure compliance with sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting system seamlessly works well with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your most important data in one location. This means that there is no requirement to collect information from multiple sources and then organize it on one platform. All you need to do is integrate TaxJar it will do the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to make sales tax filings by hand or using their AutoFile feature. For the purpose of this article, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect those sales tools. When the time is right for the filing of income tax returns TaxJar will train you on how to handle the tax returns. However, it will be up for you and your team to complete the process within the timeframe. TaxJar is there to provide guidance on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. However, there might be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you require, including a list of your transactions, reports, as well as the data.
The most appealing aspect of this option is the fact that it allows you to automatically update every day. Not only will they let to know the amount you’ve collected however, they can also help you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the sales tax totals for your business. It is also possible to export your data to the form of a CSV file if you need it in your process of financial planning and accounting or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the sales avenues you use. This means that you don’t have to hunt for your paperwork whenever you’re in the event of a need. Even when 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 help you plan your funds better. You’ll know exactly how much budget you have available for other operating costs.
The best part is that TaxJar offers training and tutorials, not just for their platform but all things related to sales tax. Check out their webinars, guides and blog for more details. 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 establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most suitable plan for you to help you with filing requirements or reporting. It includes taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a smaller business manager, the plan could be ideal for you. It may not offer all the features of TaxJar however, it does include the essentials that you need.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking to get that is more than the basic features, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
How different is it from the original plan?
In addition to accessing each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for premium plans instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations Integrations with APIs, teams of users, and AutoFiles.
They also have a team who are devoted to managing your account. They don’t reveal the price of the Premium plan. will cost you. TaxJar Ruby Gem
However, they did mention that the plan is custom-made for each user. The cost of the plan will be different in line with what you require for your business.
Luckily, you don’t have to risk your money to find out if the platform is for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to determine whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. To summarize, here are the pros and cons of using TaxJar for your company.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated 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 check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then you ought to try this.
It’s not just a way to aid in tracking your products and revenue however, it will assist you in meeting your deadlines. It is also a great opportunity for accountants since they have a Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar will help you save more time while keeping on top of each deadline and obligation you have to meet. If you live in a place with complicated tax laws, this can certainly help you to get your mind around it. TaxJar Ruby Gem
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 everything. In addition, if you find the whole procedure simple to follow, you might be better in doing it all by yourself.
FAQ TaxJar Ruby Gem
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into USUSD prior to when TaxJar will calculate your tax.