Taxes have always been one of the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford the funds to hire an accountant, performing the task on your own can be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
So , what can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can benefit you. Even though this is an extensive read it is possible to gauge whether TaxJar is exactly what you need today.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar Show 0 Php
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, 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 your sales channels to ensure compliance with your sales taxes. It streamlines processes that take days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to keep everything simple and organized. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure you have a tax accounting platform perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to be penalized for missing a single minor point.
TaxJar lets you display your most important metrics in one spot. This means that there is no need to collect data from different channels and organize it into one platform. All you have to do is integrate TaxJar, and the platform will handle 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:
Filing
TaxJar lets customers submit their sales tax by hand or using the AutoFile feature. In this review, we’ll dig into both.
If you choose to go it alone, TaxJar will allow you to connect those sales tools. When it comes time to filing income tax returns, the team will instruct you on how to handle the tax returns. However, it will be up to you and your team members to complete everything in time. TaxJar is only there to guide you on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. Through this feature, everything will be automated from calculating sales taxes in order to record and process them. But, it is possible to incur additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. From there you and your staff will have access to all the information you require, including the list of transactions, reports and information.
The greatest benefit of the feature you’ve chosen is it allows you to update automatically every day. They not only let you keep track of how much you’ve earned however, they can also help you track when your following payment is due.
Their dashboard also allows you to see the sales tax totals within your company. Additionally, you can export the information as 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.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even when you already have your accountant, this function 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 better how much budget you have for other operational expenses.
The best part is that TaxJar offers training and tutorials not only on their platform, but all things related to sales tax. You can look through their webinars, guides or blog posts for additional info. Additionally their sales tax calculator can be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing levels and the features that each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small company proprietor, then this program will be ideal for you. It may not offer all the features offered by TaxJar however, it does include the essentials that you need.
In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking to get different from the standard features Professional may be the best option for you. It starts at $99, however, it could go up by adding custom features.
So how different is it from the original plan?
In addition to accessing all of the Starter plan’s features, you also have their support via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to choose premium plans instead. It includes all of the features needed to help with your taxes. Additionally, they permit unlimited integrations with data imports Integrations with APIs, teams of members as well as AutoFiles.
There is also a team dedicated for managing the account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Show 0 Php
However, they did mention that this plan is customized for each user. So the costs will vary depending on what you need for your business.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is for you. If you’re still considering different options, they offer 30 days of free trial. This should be enough time to gauge whether the software is an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of making use of TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Has 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
Cons
- 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.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes numerous platforms. If that’s what you do, then you ought to try this.
It’s not just a way to help you track your products and revenue however, it will also help you meet the deadlines you set. It is also a great option for accountants as they have tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Using TaxJar can help you reduce time and keep the track of each deadline and requirement you have to meet. If you’re living in a place with complicated tax laws, this will definitely help you get your mind around it. TaxJar Show 0 Php
If handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire procedure simple to follow, you might be better in doing it all on your own.
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FAQ TaxJar Show 0 Php
Which areas does 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 with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions are in USdollars. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar determines the tax.
