Taxes have always been one of the most difficult things to handle regardless of whether you’re running a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have the funds to employ an accountant, performing the task on yourself can be risky. If you miss one detail, you might have to do it all over again!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
So what is the best way to deal with it?
We can always make our lives easier with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can assist you. Even though this is a long read, you should be able to gauge whether TaxJar is the tool you require in the present.
Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar TaxJar Service
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with sales taxes. It streamlines processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by online business owners to ensure that everything is simple and organized. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting software is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one spot. That way, there’s no need to gather data in multiple channels and then organize it on one platform. All you have to do is to integrate TaxJar then the system will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they can integrate with:
TaxJar allows customers to make sales tax filings either manually or via the AutoFile feature. In the purpose of this article, we’ll look at both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. Once the time comes for the filing of income tax returns TaxJar will train you on how to handle these. However, it will be up for you and your staff to complete the process on time. TaxJar is only there to provide guidance on what you need to accomplish, but not manage 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 sales tax through recording, and then processing it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. From there you and your staff can access everything you need, like the list of transactions, reports, and the data.
The best part about this feature is that it allows you to update your account automatically each day. Not only will they let you know how much you’ve accumulated, but they also help you determine when your next payment is due.
The dashboard allows you to see the sales tax totals for your business. It is also possible to export the information as a CSV file, if you want to use it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep on top of all the channels you sell through. It means you don’t need to search for your documents when you’re in the event of a need. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have for other operating expenses.
The best part is that TaxJar provides training and tutorials, not just for their platform but all things connected to sales tax. You can check out their webinars, guides, or blog posts for additional details. In addition the sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing structures and what each of those options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It comes with the tax on sales, 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 advice.
If you’re a smaller business owner, this plan should be ideal for you. It might not include all the features of TaxJar however, it does include the essentials that you need.
You can also contact their customer support via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking to get a bit more than just the basics, then the Professional plan could be the one for you. It’s priced at $99 however, it could go up by adding custom features.
So how different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive company, you may need to go for an upgrade instead. It has all of the features you need to make your tax filing easier. In addition, they offer unlimited data import integrations as well as API integrationsfor team users as well as AutoFiles.
There is also a team that is devoted to managing your account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Service
But they did state that this plan is customized to each user. The cost of the plan will be different according to what you require to run your business.
Luckily, you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still considering various options, they provide 30 days of free trial. This should give you enough time to see whether the software is the right choice for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a break. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar for your company.
- There is 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
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes numerous platforms. If that sounds like what you do, then you should try this.
It’s not just a way to aid in tracking your revenue and products It can help you meet your deadlines. It’s also an excellent opportunity for accountants since they have a Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to save more time while keeping on top of each deadline and requirement you have to meet. If you live in a place with complicated tax regulations, this will surely help you wrap your mind around it. TaxJar Service
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the entire procedure easy to complete then you’re better off doing it by yourself.
FAQ TaxJar Service
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transaction amounts are n US$. If you’re using another currency, you will need to convert it to US$ before TaxJar can calculate your tax.