Taxes have always been one of the most difficult things to handle regardless of whether you run your own business or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford enough money to engage an accountant making it your own could be dangerous. If you miss one detail, you might need to repeat the process!
Most people want to skipping this step. However, since it’s mandatory, we have no choice.
What can we do about it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can assist you. Although this is quite lengthy it is possible to determine if TaxJar is what you need in the present.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Sc
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure that you are in compliance with sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to make their business more simple and organized. Let’s look into the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you need to ensure that everything is in order. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar allows you to show your key metrics in one place. That way, there’s no need to collect information from multiple sources and sort it into one platform. All you have to do is connect TaxJar and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. In the purpose of this article, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for filing tax returns for income TaxJar will train you on how to manage them. But, it is up to you and your team to finish the tax returns on time. TaxJar is only there to guide you on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard through this platform. From there, you and your team will have access to everything you need, such as an inventory of your transactions, reports, as well as information.
The most appealing aspect of the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let you know how much 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 fully view the sales tax totals within your company. You can also export the information in the form of a CSV file, if you want to use it in your process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping 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 in the event of a need. Even even if you already have an accountant, this feature can aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds better. You’ll know better how much budget you have to cover other operational costs.
What’s more is that TaxJar offers tutorials and training, not just on their platform, but everything 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.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements or reporting. It also includes the tax on sales, four autofiles for free each year, and the option of a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small business manager, the plan will be perfect for you. It may not offer all the features of TaxJar however, it does include the basic features you require.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration capabilities.
If you’re looking to get a bit more than just the basic features, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher when you add additional features.
What is the difference from the basic plan?
Apart from having access to every one of Starter plan’s features, you also get access to their support via phone, API access, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to opt for the Premium plan instead. It has all of the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as API integrationsfor team members and AutoFiles.
There is also a team dedicated to managing your account. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Sc
However, they did say that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need for your business.
Fortunately, you don’t need to risk your money to see if this platform is for you. If you’re still looking into various options, they provide a 30-day free trial. It should give you enough time to gauge if the platform is a good 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 a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with multiple sales channels and uses numerous platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only will it assist you in keeping track of the sales and profits of your business however, it will also help you meet your deadlines. It’s also an excellent option for accountants as they provide the Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar will help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this will surely help you wrap your head around it. TaxJar Sc
If handling your taxes is simple, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to track all of it. If you find the whole procedure easy to complete, you might be better to do it on your own.
FAQ TaxJar Sc
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in US$. If you’re using another currency, you will need to convert it to US$ prior to when TaxJar can calculate your tax.