Taxes are always one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford enough money to hire 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 skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do about it?
We can always make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and how it can assist you. Even though this is a long read, you should be able to assess whether TaxJar is what you need today.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then let’s get right into it.
What is TaxJar? TaxJar Slide Deck
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use it across all your channels of sales to ensure compliance with sales taxes. It streamlines processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been used in a variety of industries, including 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 ensure that everything is neat and simple. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure is your tax-reporting system seamlessly works well with your sales channel. If you’re selling through multiple channels, you must maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one place. So, there’s no requirement to collect data in multiple channels and then organize it on one platform. All you need to do is connect TaxJar then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. For our review we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to filing income tax returns The team will guide you on managing these. But, it is up for you and your staff to complete the process in time. TaxJar will only help you understand what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. Through this feature, everything is automated, from calculating taxes on sales through recording, and then processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff can access everything you require, including a list of your transactions, reports and information.
The most appealing aspect of this feature is that they allow you to update your account automatically each day. Not only can they help to know the amount you’ve earned however, they can also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the total sales tax for your business. Additionally, you can export your data as CSV format. CSV file if you need it for your process of financial planning and accounting or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. That means you won’t have to search for your documents when you need them in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance 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 offers training and tutorials not only for their platform but for anything related to sales tax. Check out their webinars, guides or blog posts for additional information. In addition, their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the best plan if you need help with filing requirements and reporting. It includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a smaller company proprietor, then this program will be ideal for you. It may not offer all of TaxJar’s features, but it has all the basics 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 different from the basics Professional could be the one for you. It starts at $99, but it can go higher when you add additional features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to opt for the Premium plan instead. It includes all of the features you need to make your tax filing easier. Additionally, they permit unlimited data import integrations as well as API integrations, team members, and AutoFiles.
There is also a team who are devoted to managing your account. However, they don’t disclose the price of the Premium plan. costs you. TaxJar Slide Deck
However, they did mention that the plan is custom-made to each user. Therefore, the cost will differ in line with what you require for your company.
Fortunately, you don’t need to gamble your money just to determine if this service is right for you. If you’re still looking into other options, they have a 30-day free trial. This should be enough time to determine whether the software is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you need to know about TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of the use of TaxJar for your company.
- Has 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
- Has 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.
- You can track several 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 to 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 that have numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only can it aid in tracking the sales and profits of your business It can help you meet your deadlines. This is also an excellent option for accountants as they have the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar will help you save more time while keeping the track of each deadline or requirement you need to meet. If you’re living in an area with complex tax laws, this can definitely help you get your mind around it. TaxJar Slide Deck
But if handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole process easy to do, you might be better to do it by yourself.
FAQ TaxJar Slide Deck
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in US$. If you’re using a different currency, you’ll have to convert it to USdollars before TaxJar can calculate your tax.