Taxes have always been among the most difficult things to handle regardless of whether you’re running your own business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. When you’re not able to afford the funds to employ an accountant, making it yourself can be dangerous. If you overlook one thing, you might have to redo things again!
Most people want to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do ?
We can make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can assist you. While this is lengthy it is possible to gauge whether TaxJar is the tool you require in the present.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What is TaxJar TaxJar Stack Overflow
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within just a few minutes.
TaxJar has been utilized in different industries such as 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 explore the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to make sure you have a tax accounting software is compatible with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your critical metrics in one place. That way, there’s no need to collect data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar and the platform will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar lets customers file their sales taxes either manually or via the AutoFile feature. In the purpose of this article, we’ll dig at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing income tax returns TaxJar will train you on how to handle the tax returns. But, it is up to you and your team to finish the tax returns in time. TaxJar is only there to provide guidance on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. Through this feature, everything is automated, from calculating taxes on sales in order to record and process it. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting woes. The orders you place through your online channels can be combined into a single dashboard via this platform. From there you and your team can access everything you require, including an inventory of your transactions, reports, as well as data.
The most appealing aspect of this feature is that it allows you to update your account automatically each day. Not only will they let you keep track of how much 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 also allows you to fully view the total sales tax within your company. It is also possible to export the data to a CSV file if you need it for your process of financial planning and accounting or if your team requires it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the sales avenues you use. That means you won’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have to cover other operational expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also everything related to sales tax. You can look through their webinars, guides, as well as their blog to find more information. Additionally the sales tax calculator is beneficial when you’re planning to take on the entire task 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 can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing tiers and what each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They claim that it’s the most effective plan if you need help in filing and reporting. It includes taxes on sales and sales as well as four annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a smaller company proprietor, then this program will be perfect for you. It might not include all of TaxJar’s features, but it has all the basics you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking to get a bit more than just the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher if you add custom features.
So how different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large enterprise, you may want to go for the Premium plan instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of members, and AutoFiles.
There is also a team who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Stack Overflow
However, they did say that this plan is customized for every user. Therefore, the cost will differ depending on what you need for your company.
It’s a good thing that you don’t have to gamble your money just to determine if this service is right for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the software is a good fit for you.
Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- You can track several sales channels
- Limits for AutoFile are 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 recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to assist you in keeping track of your revenue and products, but it can help you meet your deadlines. It is also a great option for accountants as they provide a Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep on top of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax regulations, this will definitely help you get your head around the subject. TaxJar Stack Overflow
However, if managing taxes is easy and straightforward, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the whole process easy to do then you’re better in doing it all by yourself.
FAQ TaxJar Stack Overflow
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into US$ prior to when TaxJar will calculate the tax.