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 finance or accounting. Tax-related tasks can be overwhelming, particularly when you’re packed with things to do. If you don’t have the budget to engage an accountant making it yourself can be dangerous. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do ?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can assist you. While this is lengthy it is possible to determine if TaxJar is what you need in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Sandbox
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all of the sales channels you use to make sure you’re in compliance with sales taxes. It simplifies the processes that require days to complete and finish within minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is your tax-reporting software is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to ensure that everything is in order. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key metrics in one spot. So, there’s no need to collect data in multiple channels and organize it into a single platform. All you have to do is integrate TaxJar it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to submit their sales tax either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect all the sales channels you use. When the time is right for the filing of income tax returns, the team will instruct you on how to manage the tax returns. It is up for you and your team to finish the tax returns within the timeframe. TaxJar is there to provide guidance on what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated, from calculating taxes on sales in order to record and process it. However, there might be additional charges if they are not part of the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform you and your staff can access everything you need, like a list of your transactions, reports, as well as the data.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. Not only can they help to know the amount you’ve accumulated 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 total sales tax for your business. Additionally, you can export your data to the form of a CSV file in case you require it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. This means that you don’t have to hunt for your paperwork when you need them when you’re in a pinch. Even when you already have your accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds better. You’ll know exactly how much budget you have to cover other operating expenses.
But what’s even better is that TaxJar offers tutorials and training, not just on their platform, but for anything connected to sales tax. You can check out their webinars, guides and blog for more details. In addition, their sales tax calculator is helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they can be too costly for your business. This is why in this section we’ll examine TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It also includes sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a smaller company owner, this plan could be perfect for you. It may not have all the features offered by TaxJar but it comes with the basic features you require.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for different from the basics Professional might be the right one for you. It starts at $99, however, it could go up by adding custom features.
What is the difference from the original 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 sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for an upgrade instead. It includes all of the features needed to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as API integrations, team users and AutoFiles.
There is also a team who are devoted in managing your accounts. They don’t reveal how much the Premium plan will cost you. TaxJar Sandbox
But they did state that this plan is tailor-fit for each user. The cost of the plan will be different in line with what you require for your company.
Fortunately, you don’t need to gamble your money just to see if this platform is the right one for you. If you’re still looking into various options, they provide a 30-day free trial. It should give you enough time to see whether the software is a good fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a break. To summarize Here are the pros and cons of the use of TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides 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.
- 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 for 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 numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue, but it can help you meet your deadlines. This is also an excellent platform for an accountant since they offer the Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Using TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this will surely help you wrap your head around it. TaxJar Sandbox
If handling your taxes is simple and straightforward, then TaxJar could be a waste of expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the entire process easy to do and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Sandbox
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in USdollars. If you’re using a different currency, you’ll need to convert it into USdollars before TaxJar can calculate your tax.