Taxes have always been among the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the budget to employ an accountant, doing it on yourself can be risky. If you overlook one thing, you might have to do it all over again!
Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can help you. While this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need today.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, let’s dive right in.
What is TaxJar TaxJar Saas Tax
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Furthermore, you can utilize it in all of your sales channels to make sure you’re in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to keep everything neat and simple. Let’s look into the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax platform seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to maintain everything in line. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your critical metrics in one spot. This means that there is no need to gather data from different channels and then organize it on one platform. All you need to do is integrate TaxJar and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to submit their sales tax either manually or via the AutoFile feature. In our review we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing income tax returns The team will guide you on how to handle the tax returns. But, it is up to you and your team members to finish the tax returns on time. TaxJar will only 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 fill out all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales in order to record and process them. But, it is possible to incur additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your staff will have access to everything you require, including the list of transactions, reports, and the data.
The greatest benefit of this option is the fact that it allows you to update your account automatically each day. Not only can they help you know how much you’ve earned 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 sales tax totals for your business. It is also possible to export the data in a CSV file, if you want to use it for your accounting and financial planning processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all the channels you sell through. This means that you don’t have to scramble for your documents whenever you’re in the event of a need. Even if you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform but all things connected to sales tax. You can check out their webinars, guides, and blog for more details. Additionally, their sales tax calculator should 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 provide amazing features, but they can be 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. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the most effective plan if you need help in filing and reporting. It includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small business proprietor, then this program could be perfect for you. It may not offer all the features of TaxJar but it comes with the basic features you require.
You can also contact their customer support via their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking for a bit more than just the basic features and options, then the Professional plan might be the right one for you. It starts at $99, but it can go higher by adding custom features.
What is the difference from the original plan?
In addition to accessing all of the Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and advanced CSV import. You can also receive 12 free AutoFiles every year.
If you run a large business, you might need to go for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. In addition, they offer unlimited import integrations of data, Integrations with APIs, teams of members and AutoFiles.
There is also a team who are devoted to managing your account. But, they don’t divulge how much the Premium plan will cost you. TaxJar Saas Tax
However, they did mention that this plan is tailor-fit to each user. The cost of the plan will be different in line with what you require 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 for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to determine if the platform is a good 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 advantages and disadvantages of using TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then should try this.
It’s not just a way to help you track the sales and profits of your business, but it can help you meet your deadlines. It’s also an excellent platform for an accountant since they provide tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Using TaxJar can allow you to reduce time and keep track of every deadline and obligation you have to meet. If you live in a place with complicated tax laws, this can surely help you wrap your mind around it. TaxJar Saas Tax
If handling your taxes is straightforward, then TaxJar may be an unnecessary investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole process easy to do, you might be better off doing it on your own.
FAQ TaxJar Saas Tax
What are the areas in which TaxJar provide 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 link your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in US$. If you’re using a different currency, you will need to convert it to USUSD prior to when TaxJar will calculate your tax.