Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. Particularly if you don’t have any experience in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, performing the task on your own could be risky. If you make a mistake, you might have to redo things again!
Almost everyone wants to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So what is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can assist you. Although this is quite a long read but you’ll be able to gauge whether TaxJar is the tool you require right now.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar? TaxJar Signup On Application
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 your sales channels to make sure you’re in compliance with sales tax requirements. It streamlines processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to make sure you have a tax accounting system seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to ensure that everything is in order. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your critical metrics in one spot. This means that there is no requirement to collect information from multiple sources and sort it into one platform. All you need to do is to integrate TaxJar then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows customers to submit their sales tax either manually or via their AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for filing income tax returns The team will guide you on how to manage them. But, it is up for you and your staff to finish the tax returns in time. TaxJar is there to provide guidance on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. With this feature, everything is automated, from calculating taxes on sales to recording and processing them. However, there might be extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there you and your team can access everything you need, such as an inventory of your transactions, reports and information.
The greatest benefit of this feature is that they allow you to update automatically every day. They not only let you know how much you’ve earned and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows users to view in detail the sales tax totals for your business. Additionally, you can export the data in a CSV file if you need it to aid in financial planning and accounting processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of 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 even if you already have an accountant, this function will help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have to cover other operating costs.
The best part is that TaxJar offers training and tutorials, not just for their platform but for anything related to sales tax. You can check out their webinars, guides, and blog for more information. In addition, their sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
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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 capabilities, but they’re often too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you for those who need assistance in filing and reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller company proprietor, then this program will be ideal for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get that is more than the basic features, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the basic plan?
In addition to 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, as well as advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you run a large company, you may need to choose premium plans instead. It includes all of the features that you require to make your tax filing easier. In addition, they offer unlimited data import integrations API integrationsfor team users and AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Signup On Application
However, they did mention that this plan is customized for each user. Therefore, the cost will differ according to what you require to run your business.
Free Trial
It’s a good thing that you don’t have to risk your money to find out if the platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to determine whether the service is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing Here are the pros and cons of the use of TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online 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
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to recheck local legislations
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 sounds like what you do, then you should try this.
Not only can it help you track the sales and profits of your business however, it will also help you meet your deadlines. This is also an excellent opportunity for accountants since they provide tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
The use of TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you live in a place with complicated tax regulations, this will certainly help you to get your head around it. TaxJar Signup On Application
But if handling your taxes is straightforward and straightforward, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ TaxJar Signup On Application
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in US$. If you’re using another currency, you’ll need to convert it into USUSD prior to when TaxJar determines your tax.
