Taxes have always been among the most difficult tasks to complete regardless of whether you’re running your own business or not. More so if you don’t have any experience in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is packed with things to do. If you don’t have the funds to engage an accountant making it yourself can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Most people want to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
What is the best way to deal with it?
We can simplify our lives with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. While this is a long read, you should be able to assess whether TaxJar is what you need today.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What is TaxJar? TaxJar Sample
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your sales channels to ensure that you are in compliance with sales tax requirements. It streamlines processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure you have a tax accounting platform is compatible with your sales channel. If you have multiple sales channels, it is essential to maintain everything in line. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. That way, there’s no requirement to collect data from different channels and organize it into one platform. All you need to do is integrate TaxJar, it will do all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to file their sales taxes either manually or via TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you decide to do it manually, 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 managing them. But, it is up for you and your staff to complete the process in time. TaxJar is only there to provide guidance on what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. With this feature, everything is automated, from calculating sales taxes to recording and processing them. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to all the information you need, like the list of transactions, reports, as well as data.
The best part about this feature is that they allow you to automatically update every day. They not only let you know how much you’ve earned, but they also help you keep track of when the next payments are due.
Their dashboard also allows users to view in detail the overall sales taxes in your business. You can also export the data in a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the channels you sell through. This means that you don’t have to scramble for your documents when you’re in a pinch. Even if you already have your accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your money more efficiently. You’ll be aware of the budget you have for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform but all things connected to sales tax. You can look through their guides, webinars, as well as their blog to find more information. Apart from that their sales tax calculator is helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing features, but they can be too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan starts at $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a smaller business manager, the plan will be perfect for you. It might not include all the features of TaxJar, but it has the essentials that you need.
You can also contact the support team via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking for that is more than the basics Professional might be the right one for you. It’s priced at $99 but you can increase it by adding custom features.
So how different is it from the basic plan?
In addition to having access to every one of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to choose an upgrade instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer unlimited integrations with data imports as well as API integrations, team users as well as AutoFiles.
They also have a team that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Sample
However, they did say that this plan is customized for every user. The cost of the plan will be different according to what you require to run your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to gauge whether the software is a good fit for you.
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Pros and Pros and
We’ve covered everything you need to know about TaxJar let’s take a breather. To summarize, here are the pros and cons of the use of TaxJar for your company.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has 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
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue however, it will assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have the Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
The use of TaxJar will help you get more done while keeping on top of each deadline or requirement you need to meet. If you’re in a place with complicated tax regulations, this will surely help you wrap your head around the subject. TaxJar Sample
But if handling taxes is easy, then TaxJar could be a waste of investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire process easy to do, you might be better in doing it all on your own.
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FAQ TaxJar Sample
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.
Can I integrate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in US$. If you’re using another currency, you’ll have to convert it into USdollars before TaxJar determines the tax.
