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 degree in finance or accounting. Tax-related issues aren’t easy, particularly when you’re packed with things to do. If you don’t have enough money to engage an accountant performing the task on yourself can be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. But since it’s required, we have no choice.
So , what is the best way to deal with it?
We can always simplify our lives with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and how it can benefit you. While this is a long read, you should be able to assess whether TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar? TaxJar Samcart
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s look into 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 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 get a penalty for missing a single minor point.
TaxJar allows you to display your critical data in one location. That way, there’s no need to collect data from different channels and sort it into a single platform. All you need to do is connect 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 the platforms that they can connect with:
Filing
TaxJar allows clients to file their sales taxes either manually or via TaxJar’s AutoFile feature. For our review we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing income tax returns TaxJar will train you on managing these. But, it is up for you and your team to finish the tax returns in time. TaxJar is only there to help you understand 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 the forms in a manual manner. Through this feature, everything will be automated from calculating sales tax in order to record and process them. There could be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your team will have access to everything you need, such as the list of transactions, reports, as well as data.
The most appealing aspect of the feature you’ve chosen is it allows you to automatically update every day. They not only let you keep track of how much you’ve earned however, they can also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the overall sales taxes within your company. Additionally, you can export the information in a CSV file, if you want to use it for your accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. It means you don’t need to hunt for your paperwork when you’re in the event of a need. Even when you already have your accountant, this function 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 more effectively. You’ll know better how much budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials not only for their platform but everything connected to sales tax. Check out their guides, webinars, and blog for more info. In addition, their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small company proprietor, then this program should be perfect for you. It may not offer all the features offered by TaxJar however, it does include the essentials that you need.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for something a bit more than just the basics Professional might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
So how different is it from the basic plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive company, you may need to go for an upgrade instead. It includes all of the features you need to make your tax filing easier. 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 the amount that the Premium plan costs you. TaxJar Samcart
However, they did say that this plan is customized for each user. Therefore, the cost will differ depending on what you need for your business.
Free Trial
It’s a good thing that you don’t have to risk your money to find out if the platform is right for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to see whether the service is an excellent fit for you.
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Pros and Cons
Now that we’ve covered all you must know about TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by 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 is an excellent platform for companies with many sales channels and utilizes many platforms. If that’s what you do, then you should try this.
Not only can it aid in tracking your revenue and products It can assist you in meeting your deadlines. This is also an excellent option for accountants as they have the Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Using TaxJar can allow you to reduce time and keep track of every deadline and requirement you have to fulfill. If you’re living in a place with complicated tax laws, this will surely help you wrap your head around the subject. TaxJar Samcart
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar Samcart
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with 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 with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it into USdollars before TaxJar can calculate the tax.
