Taxes are always one of the most difficult tasks to complete regardless of whether you’re running a business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have enough money to hire an accountant, performing the task on your own could be risky. If you overlook one thing it could mean you need to repeat the process!
Almost everyone wants to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do ?
We can always make our lives easier with tools such as 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, you should be able to determine if TaxJar is what you need today.
Are you looking video streaming instead? Take a look at 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 Solidus
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to ensure that you are in compliance with 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 is used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to make their business more neat and simple. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to ensure is that your accounting tax system perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. This means that there is no need to gather data in multiple channels and then organize it on one platform. All you have to do is integrate TaxJar and the platform will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns TaxJar will train you on managing the tax returns. However, it will be up for you and your team members to complete the process in time. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated from calculating taxes on sales to recording and processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you need, like the list of transactions, reports and data.
The greatest benefit of this option is the fact that it allows you to automatically update every day. Not only will they let you know how much you’ve collected, but they also help you determine when your next payment is due.
Their dashboard also allows you to fully view the sales tax totals in your business. Additionally, you can export your data in CSV format. CSV file, if you want to use it to aid in process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. This means that you don’t have to search for your documents when you’re in a pinch. Even if you already have your accountant, this function can 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 exactly how much budget you have available for other operating expenses.
The best part is that TaxJar offers tutorials and training not only for their platform but for anything that has to do with sales tax. You can look through their webinars, guides and blog for more info. Additionally their sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They claim that it’s the best plan if you need help with filing requirements or reporting. It comes with the tax on sales, 4 autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a smaller business owner, this plan should be ideal for you. It might not include all the features offered by TaxJar but it comes with the essentials that you need.
You can also contact their support team with their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for that is more than the basic features Professional might be the right one for you. The price starts at $99 however, it could go up when you add additional features.
So how different is it from the original plan?
Apart from having access to all of the 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 run a large company, you may need to go for an upgrade instead. It comes with all the features needed to help with your taxes. Additionally, they permit unlimited data import integrations as well as API integrations, team users, and AutoFiles.
They also have a staff dedicated in managing your accounts. They don’t reveal the amount that the Premium plan will cost you. TaxJar Solidus
But they did state that the plan is custom-made for every user. Therefore, the cost will differ according to what you require for your business.
It’s a good thing that you don’t have to risk your money to find out if the platform is for you. If you’re still considering different options, they offer 30 days of free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Pros and
Now that we’ve covered all you need to know about TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you should try this.
Not only will it aid in tracking your revenue and products however, it will assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar will help you reduce time and keep track of every deadline and requirement you have to fulfill. If you’re living in an area with complex tax regulations, this will surely help you wrap your head around it. TaxJar Solidus
But if handling your taxes is simple, then TaxJar may be an unnecessary expense. 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 entire procedure easy to complete then you’re better in doing it all by yourself.
FAQ TaxJar Solidus
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions are in USdollars. If you’re using a different currency, you’ll have to convert it to USdollars before TaxJar determines the tax.