Taxes have always been one of the hardest things to do regardless of whether you run an enterprise or not. More so if you don’t have a degree in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. If you don’t have the funds to engage an accountant making it your own can be risky. If you overlook one thing it could mean you need to repeat the process!
Nearly everyone would prefer to skip this step. But since it’s required and mandatory, there’s no other choice.
What can we do about it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. Even though this is an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need right now.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? TaxJar Spreadsheet To Import Transactions
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It streamlines processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to keep everything organized and straightforward. Let’s take a look at their features and services.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to display your most important metrics in one place. That way, there’s no requirement to collect data from different channels and organize it into a single platform. All you need to do is integrate TaxJar, and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. In this review, we’ll dig at both.
If you opt to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income The team will guide you on how to handle these. However, it will be up to you and your team members to complete the process within the timeframe. TaxJar is only there to provide guidance on what you have to do , but not to handle 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. Through this feature, everything will be automated, from calculating taxes on sales through recording, and then processing them. However, there might be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you require, including an inventory of your transactions, reports, and the data.
The best part about this feature is that it lets you to update automatically every day. Not only can they help to know the amount you’ve collected and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard can also allow you to see the total sales tax in your business. It is also possible to export your data as a CSV file, if you want to use it for your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know better how much budget you have for other operating costs.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform but for anything connected to sales tax. Check out their webinars, guides, or blog posts for additional info. Apart from that, their sales tax calculator should be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small company proprietor, then this program should be ideal for you. It may not have all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for something a bit more than just the basic features and options, then the Professional plan may be the best option for you. It starts at $99, but you can increase it when you add additional features.
How different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge company, you may need to go for an upgrade instead. It includes all of the features needed to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as API integrations, team members as well as AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose how much the Premium plan is going to cost. TaxJar Spreadsheet To Import Transactions
However, they did mention that this plan is customized for each user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to gamble your money just to determine if this service is for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to gauge if the platform 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 sum it all up Here are the advantages and disadvantages of making use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is easy 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
- Limits on AutoFile are determined by 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 check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If that sounds like what you do, then you ought to try this.
Not only can it help you track your revenue and products, but it can help you meet the deadlines you set. This is also an excellent opportunity for accountants since they have tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Utilizing TaxJar will help you save more time while keeping the track of each deadline and requirement you have to fulfill. If you live in a place with complicated tax regulations, this will definitely help you get your head around it. TaxJar Spreadsheet To Import Transactions
However, if managing taxes is easy If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Spreadsheet To Import Transactions
Which areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar can calculate your tax.