Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. More so if you don’t have a degree in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have the funds to hire an accountant, doing it on yourself can be risky. If you miss one detail, you might need to repeat the process!
Nearly everyone would prefer to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can help you. Although this is quite an extensive read, you should be able to determine if TaxJar is the tool you require right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What is TaxJar TaxJar Show 0
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to make their business more neat and simple. Let’s explore the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to make sure is your tax-reporting software seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one spot. This means that there is no need to collect data from different channels and sort it into one platform. All you need to do is integrate TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows customers to make sales tax filings manually or through TaxJar’s AutoFile feature. In our review we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all of your sales platforms. When the time is right for the filing of income tax returns, the team will instruct you on how to manage them. However, it will be up for you and your staff to finish the tax returns within the timeframe. TaxJar is there to help you understand what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. This feature will ensure that everything is automated, from calculating sales taxes through recording, and then processing them. There could be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you need, like a list of your transactions, reports, and information.
The most appealing aspect of this feature is that they allow you to automatically update every day. Not only will they let you know how much you’ve collected, but they also help you track when your following payment is due.
The dashboard allows you to fully view the sales tax totals in your business. You can also export your data as CSV format. CSV file in case you require it for your accounting and financial planning processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the channels you sell through. That means you won’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 will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have to cover other operating costs.
The best part is that TaxJar provides training and tutorials not only for their platform , but also all things that has to do with sales tax. You can check out their webinars, guides or blog posts for additional details. Apart from that the sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They claim that it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes sales tax reporting, four free yearly AutoFiles, and an CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a smaller company manager, the plan could be perfect for you. It may not have all of TaxJar’s features however, it does include the essentials that you need.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration tools.
If you’re looking for something a bit more than just the basics and options, then the Professional plan could be the one for you. It starts at $99, however, it could go up by adding custom features.
What is the difference from the starter plan?
Apart from having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive company, you may need to go for premium plans instead. It includes all of the features needed to make your tax filing easier. In addition, they offer unlimited integrations with data imports API integrationsfor team members and AutoFiles.
They also have a staff that is devoted to managing your account. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar Show 0
However, they did mention that the plan is custom-made to each user. So the costs will vary in line with what you require for your company.
Fortunately, you don’t need to bet your life on it to find out if the platform is right for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to see if the platform is a good fit for you.
Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of making use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- 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 applicable for USA customers
- It is important for owners and accountants 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 plenty of platforms. If this sounds like the way you do, then you should try this.
Not only can it help you track your revenue and products however, it will help you meet your deadlines. It’s also an excellent platform for an accountant since they provide a Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar will help you save more time while keeping track of every deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this can surely help you wrap your head around the subject. TaxJar Show 0
However, if managing taxes is easy and straightforward, then TaxJar might not be a good investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire process easy to do then you’re better to do it by yourself.
FAQ TaxJar Show 0
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it into USUSD before TaxJar determines the tax.