Taxes have always been among the most difficult tasks to complete, 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 issues aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the funds to employ an accountant, doing it on your own could be dangerous. If you overlook one thing it could mean you have to do it all over again!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can benefit you. While this is lengthy it is possible to assess whether TaxJar is the tool you require in the present.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? TaxJar Soc Report
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all your sales channels to make sure you’re in compliance with your sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything neat and simple. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to make sure is that your accounting tax system is compatible along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your most important data in one location. So, there’s no need to collect data from different channels and then organize it on one platform. All you have to do is integrate TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows clients to make sales tax filings by hand or using TaxJar’s AutoFile feature. In this review, we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect those sales tools. Once the time comes for filing income tax returns, the team will instruct you on how to handle these. But, it is up to you and your team members to finish the tax returns within the timeframe. TaxJar is only there to help you understand what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales taxes in order to record and process them. However, there might be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. From there you and your staff will have access to everything you need, like a list of your transactions, reports, and information.
The greatest benefit of this feature is that it allows you to automatically update every day. They not only let to know the amount you’ve earned however, they can also help you keep track of when the next payment is due.
Their dashboard also allows you to fully view the total sales tax within your company. Additionally, you can export the information as 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 organize and keep the track of all the channels you sell through. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even when you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds better. You’ll be aware of the budget you have for other operating expenses.
The best part is that TaxJar offers tutorials and training, not just for their platform but everything connected to sales tax. Check out their guides, webinars, and blog for more information. Apart from that the sales tax calculator can be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing levels and the features that each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most effective plan to help you with filing requirements and reporting. It comes with 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 advice.
If you’re a smaller company owner, this plan could be perfect for you. It might not include all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking to get that is more than the standard features Professional may be the best option for you. It’s priced at $99 however, it could go up when you add additional features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive company, you may need to opt for an upgrade instead. It has all of the features that you require to help with your taxes. Moreover, they allow unlimited data import integrations API integrations, team members and AutoFiles.
They also have a team dedicated to managing your account. However, they don’t disclose the price of the Premium plan. costs you. TaxJar Soc Report
However, they did say that this plan is tailor-fit for every user. The cost of the plan will be different depending on what you need to run your business.
Luckily, you don’t have to gamble your money just to see if this platform is for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to determine whether the software 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 summarize we’ll go over the pros and cons of using TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated 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 to USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with many sales channels and utilizes plenty of platforms. If that’s what you do, then you should try this.
Not only can it assist you in keeping track of the sales and profits of your business however, it will help you meet the deadlines you set. It is also a great option for accountants as they offer the Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Using TaxJar can help you save more time while keeping the track of each deadline and requirement you have to fulfill. If you’re living in an area with complex tax laws, this can certainly help you to get your mind around it. TaxJar Soc Report
However, if managing your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
FAQ TaxJar Soc Report
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions are in USdollars. If you’re using another currency, you will need to convert it into US$ before TaxJar will calculate your tax.