Taxes have always been one of the hardest things to do regardless of whether you run an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when you’re packed with things to do. In the event that you do not have the budget to hire an accountant, performing the task on yourself can be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to skipping this step. However, since it’s mandatory, we have no choice.
So , what is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can assist you. While this is an extensive read it is possible to assess whether TaxJar is exactly what you need right now.
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.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar States List
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Additionally, you can use it in all of the sales channels you use to ensure that you are in compliance with sales taxes. It streamlines processes that can take days to complete, and finish within minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to ensure that everything is simple and organized. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting system perfectly integrates with your sales channel. If you have multiple sales channels, it is essential to maintain everything in line. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your key metrics in one place. That way, there’s no need to collect data from different channels and then organize it on one platform. All you need to do is connect TaxJar, it will handle the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to make sales tax filings either manually or via the AutoFile feature. For our review we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect your sales platforms. When it comes time to the filing of income tax returns, the team will instruct you on how to handle the tax returns. It is up to you and your team to finish the tax returns in time. TaxJar is there to help you understand what you have 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 submit the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing it. However, there might be extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to 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 staff can access everything you need, such as a list of your transactions, reports, and the data.
The most appealing aspect of this feature is that they allow you to update your account automatically each day. They not only let you keep track of how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the overall sales taxes for your business. Additionally, you can export the data as a CSV file, if you want to use it for your process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re when you’re in a pinch. Even when you already have your accountant, this feature will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have for other operational costs.
But what’s even better is that TaxJar offers training and tutorials, not just on their platform, but for anything connected to sales tax. Check out their guides, webinars, or blog posts for additional information. Apart from that the sales tax calculator should be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing levels and the features that each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They say it’s the most suitable plan for you for those who need assistance in filing and reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a smaller company owner, this plan should be perfect for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
Additionally, you can 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 basics and options, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up by adding custom features.
What is the difference from the basic plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge business, you might need to opt for an upgrade instead. It has all of the features you need to make your tax filing easier. In addition, they offer unlimited import integrations of data API integrationsfor team members and AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar States List
But they did state that this plan is customized for each user. Therefore, the cost will differ in line with what you require for your business.
Luckily, you don’t have to risk your money to see if this platform is for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to see whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of the use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have many sales channels and utilizes many platforms. If that sounds like what you’re doing, then should try this.
Not only can it aid in tracking your products and revenue, but it can assist you in meeting your deadlines. It is also a great platform for an accountant since they have the Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
The use of TaxJar will help you reduce time and keep track of every deadline and obligation you have to fulfill. If you live in a region with a lot of tax laws, this will definitely help you get your head around the subject. TaxJar States List
If handling taxes is easy, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure easy to complete then you’re better off doing it on your own.
FAQ TaxJar States List
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar will calculate the tax.