Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the funds to employ an accountant, making it your own can be dangerous. If you make a mistake, you might have to do it all over again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory, we have no choice.
What can we do about it?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this life-saving device and how it can help you. Even though this is a long read it is possible to determine if TaxJar is what you need right now.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar? TaxJar Sign In
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it in all of your sales channels to ensure that you are in compliance with sales taxes. It makes the process simpler that could require 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.
What can it do to help you?
TaxJar is extensively used by online business owners to keep everything simple and organized. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure you have a tax accounting system is compatible along with sales funnels. If you’re using multiple sales channels, you must keep everything in place. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to show your key data in one location. This means that there is no requirement to collect information from multiple sources and sort it into a single platform. All you need to do is integrate TaxJar and the platform will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through the AutoFile feature. For our review we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income TaxJar will train you on managing the tax returns. However, it will be up to you and your team members to complete everything in time. TaxJar is only there to provide guidance on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. This feature will ensure that everything will be automated, from calculating sales taxes in order to record and process them. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be combined into one dashboard using 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 the data.
The most appealing aspect of this option is the fact that they allow you to update your account automatically each day. Not only will they let you know how much you’ve collected, but they also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the total sales tax for your business. Additionally, you can export the data to the form of a CSV file in case you require it for your financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re when you’re in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have to cover other operational costs.
What’s more is that TaxJar provides training and tutorials not only for their platform but for anything connected to sales tax. You can look through their guides, webinars, and blog for more details. Additionally their sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They say it’s the best plan to help you with filing requirements and reporting. It comes with the tax on sales, four autofiles for free each year, and a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small-scale company proprietor, then this program could be perfect for you. It may not offer all of TaxJar’s features but it comes with all the basics you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
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’s priced at $99 but it can go higher by adding custom features.
So how different is it from the basic plan?
In addition to accessing all of the Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you run a large company, you may need to opt for an upgrade instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited import integrations of data as well as API integrations, team members as well as AutoFiles.
They also have a team dedicated for managing the account. They don’t reveal how much the Premium plan will cost you. TaxJar Sign In
However, they did mention that this plan is tailor-fit for each user. So the costs will vary in line with what you require for your business.
Free Trial
Fortunately, you don’t need to risk your money to find out if the platform is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to gauge if the platform is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with many sales channels and utilizes many platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it aid in tracking the sales and profits of your business, but it can also help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they provide a Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
The use of TaxJar can allow you to get more done while keeping track of every deadline and requirement you have to meet. If you’re living in a place with complicated tax laws, this can certainly help you to get your head around it. TaxJar Sign In
If handling taxes is easy 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. Moreover, if you find the entire procedure easy to complete, you might be better to do it by yourself.
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FAQ TaxJar Sign In
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it to USdollars before TaxJar determines your tax.
