Taxes have always been among the most difficult tasks to complete regardless of whether you run an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. In the event that you do not have enough money to hire an accountant, doing it on yourself can be risky. If you miss one detail, you might have to redo things again!
Most people want to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do about it?
We can always make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and how it can benefit you. While this is an extensive read but you’ll be able to determine if TaxJar is what you need right now.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Sass
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your sales channels to make sure you’re in compliance with your sales taxes. It simplifies the processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure is your tax-reporting software seamlessly works well along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one spot. So, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you have to do is integrate TaxJar and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers file their sales taxes by hand or using the AutoFile feature. For our review we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect those sales tools. When the time is right for filing tax returns for income, the team will instruct you on managing these. It is up for you and your team members to complete the process within the timeframe. TaxJar is there to help you understand what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. With this feature, everything will be automated, from calculating sales taxes through recording, and then processing them. 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 mentioned earlier it is possible to use TaxJar to help you with your accounting woes. The orders you place through your online channels can be combined into one dashboard using this platform. From there you and your team will have access to all the information you need, such as the list of transactions, reports and data.
The best part about the feature you’ve chosen is it allows you to update your account automatically each day. Not only will they let to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow you to see the overall sales taxes for your business. It is also possible to export your data to a CSV file, if you want to use it in your process of financial planning and accounting or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you’re in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have for other operational costs.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but all things connected to sales tax. You can check out their guides, webinars, and blog for more info. In addition the sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing levels and the features that each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most effective plan for those who need assistance with filing requirements and reporting. It includes sales tax reporting, four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small-scale business proprietor, then this program will be perfect for you. It may not offer all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach the support team via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for something a bit more than just the basics and options, then the Professional plan might be the right one for you. The price starts at $99 but you can increase it when you add additional features.
What is the difference from the basic plan?
In addition to 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 have 12 free AutoFiles each year.
If you have a massive business, you might need to opt for premium plans instead. It comes with all the features that you require to aid in your tax preparation. Additionally, they permit unlimited import integrations of data as well as API integrationsfor team users and AutoFiles.
They also have a team who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan costs you. TaxJar Sass
However, they did say that this plan is customized for each user. So the costs will vary depending on what you need for your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. This should be enough time to determine if the platform is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. To summarize, here are the advantages and disadvantages of making use of TaxJar for your company.
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only will it help you track the sales and profits of your business, but it can help you meet the deadlines you set. It is also a great platform for an accountant since they provide a Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar will help you get more done while keeping on top of each deadline or requirement you need to meet. If you’re living in a place with complicated tax laws, this will definitely help you get your mind around it. TaxJar Sass
If handling your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
FAQ TaxJar Sass
Which areas does TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can link 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 transactions are in USdollars. If you’re using another currency, you will need to convert it into US$ before TaxJar can calculate your tax.