Taxes have always been one of the hardest things to do regardless of whether you’re running an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford the funds to engage an accountant performing the task on your own can be dangerous. If you miss one detail it could mean you have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement, we have no choice.
What can we do ?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. Even though this is lengthy it is possible to determine if TaxJar is exactly what you need right now.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What is TaxJar TaxJar Sales Tax
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is neat and simple. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure is your tax-reporting system is compatible in conjunction with the sales channels you use. If you’re using 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 show your critical metrics in one place. So, there’s no need to gather data from different channels and then organize it on a single platform. All you need to do is integrate TaxJar, then the system will take care of all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax manually or through their AutoFile feature. In the purpose of this article, we’ll look into both.
If you opt to go it alone, TaxJar will allow you to connect all of your sales platforms. When it comes time to the filing of income tax returns, the team will instruct you on how to handle them. However, it will be up to you and your team to complete everything within the timeframe. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. With this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting woes. 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, like the list of transactions, reports, as well as the data.
The best part about this option is the fact that it lets you to automatically update every day. Not only will they let you keep track of how much you’ve collected however, they can also help you keep track of when the next payments are due.
The dashboard allows you to see the total sales tax within your company. Additionally, you can export the information as CSV format. CSV file, if you want to use it for your accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the sales avenues you use. It means you don’t need to search for your documents when you’re in a pinch. Even when you already have your accountant, this feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds more effectively. You’ll be aware of the budget you have available for other operational expenses.
The best part is that TaxJar provides training and tutorials not only for their platform but for anything related to sales tax. Check out their guides, webinars, as well as their blog to find more info. Additionally, their sales tax calculator is beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing levels and the features that each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. They claim that it’s the best plan to help you with filing requirements and reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small company proprietor, then this program could be ideal for you. It might not include all the features offered by 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.
Professional
If you’re looking for that is more than the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up if you add custom features.
What is the difference from the basic plan?
In addition to accessing all of the Starter plan’s options, you also have access to their support via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to opt for an upgrade instead. It has all of the features that you require to aid in your tax preparation. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of members, and AutoFiles.
They also have a team who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. will cost you. TaxJar Sales Tax
However, they did say that this plan is tailor-fit for every user. The cost of the plan will be different according to what you require for your business.
Free Trial
Fortunately, you don’t need to risk your money to find out if the platform is the right one for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should be enough time to determine whether the service is a good fit for you.
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Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of making use of TaxJar for your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you’re doing, then should try this.
Not only will it aid in tracking your revenue and products It can also help you meet your deadlines. It’s also an excellent platform for an accountant since they offer a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can help you save more time while keeping on top of each deadline or requirement you need to meet. If you live in a place with complicated tax laws, this will surely help you wrap your head around it. TaxJar Sales Tax
But if handling taxes is easy, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire process easy to do then you’re better off doing it by yourself.
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FAQ TaxJar Sales Tax
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar can calculate your tax.
