Taxes have always been one of the most difficult things to handle regardless of whether you run a business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the funds to engage an accountant making it your own can be dangerous. If you miss one detail it could mean you have to redo things again!
Most people want to avoid this step. But since it’s required and mandatory, there’s no other choice.
So , what can we do about it?
We can simplify our lives with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can benefit you. Although this is quite an extensive read it is possible to assess whether TaxJar is the tool you require in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then let’s dive right in.
What is TaxJar? TaxJar Shopify Plus
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the 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 as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is neat and simple. Let’s look into their features and services.
Services and features
One of the first things you’ll want to check is that your accounting tax platform seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to keep everything in place. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one spot. So, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you have to do is to integrate TaxJar, then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers make sales tax filings either manually or via their AutoFile feature. In this review, we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns TaxJar will train you on how to handle them. However, it will be up for you and your team members to finish the tax returns within the timeframe. TaxJar is there to provide guidance on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. Through this feature, everything will be automated from calculating sales tax in order to record and process them. However, there might be extra fees if not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you need, such as a list of your transactions, reports, as well as data.
The greatest benefit of this feature is that it allows you to update your account automatically each day. Not only will they let you keep track of how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard can also allow you to fully view the total sales tax in your business. Additionally, you can export your data in a CSV file if you need it to aid in process of financial planning and accounting or if your team needs it for central reporting.
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 the event of a need. Even if you already have your accountant, this feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll be aware of the budget you have for other operating costs.
But what’s even better is that TaxJar offers tutorials and training, not just on their platform, but everything connected to sales tax. Check out their guides, webinars, and blog for more info. In addition their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing levels and the features that each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the most suitable plan for you to help you in filing and reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small company proprietor, then this program should be perfect for you. It might not include all the features offered by TaxJar however, it does include the basic features you require.
You can also contact their customer support via their support chart for email. You’ll also be able to use their integration features.
If you’re looking for something a bit more than just the basic features, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it if you add custom features.
What is the difference from the original plan?
Apart from having access to all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large enterprise, you may want to opt for the Premium plan instead. It has all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data, Integrations with APIs, teams of users, and AutoFiles.
They also have a staff that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Shopify Plus
However, they did mention that this plan is tailor-fit for every user. The cost of the plan will be different according to what you require for your business.
Luckily, you don’t have to gamble your money just to see if this platform is right for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to 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 be able to access the API feature
- Only applicable to USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
Not only will it assist you in keeping track of the sales and profits of your business however, it will assist you in meeting your deadlines. It is also a great option for accountants as they provide the Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Utilizing TaxJar will help you reduce time and keep the track of each deadline or requirement you need to meet. If you’re living in an area with complex tax laws, this can certainly help you to get your head around the subject. TaxJar Shopify Plus
However, if managing your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. If you’re finding the entire procedure simple to follow then you’re better to do it on your own.
FAQ TaxJar Shopify Plus
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar can calculate the tax.