Taxes are always one of the hardest things to do, whether you’re running your own business or not. More so if you don’t have a background in accounting or finance. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford the funds to engage an accountant doing it on your own can be risky. If you make a mistake, you might have to do it all over again!
Most people want to skipping this step. But , as it’s a requirement, we have no choice.
What can we do about it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and explain how it can assist you. Although this is quite a long read, you should be able to assess whether TaxJar is what you need today.
Are you looking to watch videos 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, let’s get right into it.
What is TaxJar? TaxJar Squarespace
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 your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to ensure is that your accounting tax system is compatible along with sales funnels. If you’re using multiple sales channels, it is essential 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 show your critical metrics in one spot. So, there’s no requirement to collect data in multiple channels and then organize it on one platform. All you have to do is to integrate TaxJar and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to make sales tax filings by hand or using TaxJar’s AutoFile feature. In our review we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income The team will guide you on how to handle them. It is up to you and your staff to finish the tax returns in time. TaxJar will only guide you on what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales tax to recording and processing them. However, there might be additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use 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 require, including the list of transactions, reports, as well as information.
The greatest benefit of the feature you’ve chosen is they allow you to update your account automatically each day. Not only can they help you know how much you’ve accumulated however, they can also help you keep track of when the next payments are due.
The dashboard allows you to see the total sales tax for your business. Additionally, you can export your data in CSV format. CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all your sales channels. It means you don’t need to search for your documents whenever you’re when you’re in a pinch. Even even if you already have an accountant, this function will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds more effectively. You’ll know better how much budget you have for other operational costs.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also all things connected to sales tax. Check out their webinars, guides or blog posts for additional info. In addition the sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It also includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small-scale company manager, the plan should be perfect for you. It might not include all the features of TaxJar however, it does include the basic features you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for a bit more than just the basics, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up if you add custom features.
What is the difference from the basic plan?
Apart from having access to every one of Starter plan’s features, you also have the support of their customer service via phone, API access, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you have a massive business, you might need to choose premium plans instead. It includes all of the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data, API integrations, team users as well as AutoFiles.
They also have a staff that is devoted to managing your account. They don’t reveal the price of the Premium plan. costs you. TaxJar Squarespace
However, they did say that this plan is tailor-fit for each user. Therefore, the cost will differ according to what you require to run your business.
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should be enough time to see whether the service is the right choice for you.
Pros and Pros and
After we’ve gone over everything you should 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 to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- Allows you to track 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 valid for USA customers.
- Owners and accountants should review local laws
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’s what you’re doing, then you ought to try this.
It’s not just a way to help you track your products and revenue It can help you meet your deadlines. This is also an excellent opportunity for accountants since they offer tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar will help you reduce time and keep on top of each deadline or requirement you need to fulfill. If you’re in a region with a lot of tax laws, this can surely help you wrap your head around the subject. TaxJar Squarespace
If handling taxes is easy If it isn’t, then TaxJar could be a waste of investment. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure simple to follow, you might be better off doing it on your own.
FAQ TaxJar Squarespace
What areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar determines the tax.