Taxes have always been among the hardest things to do regardless of whether you’re running an enterprise or not. More so if you don’t have a degree in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. If you don’t have enough money to hire an accountant, making it yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.
So what can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can benefit you. Although this is quite lengthy but you’ll be able to assess whether TaxJar is the tool you require today.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar States
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all your sales channels to ensure that you are in compliance with sales taxes. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting software is compatible along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar lets you display your most important data in one location. So, there’s no need to collect information from multiple sources and organize it into a single platform. All you need to do is to integrate TaxJar, it will do the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers make sales tax filings by hand or using the AutoFile feature. For this review, we’ll look at both.
If you decide to go it alone, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing tax returns for income TaxJar will train you on how to handle them. However, it will be up to you and your staff to complete everything within the timeframe. TaxJar is only there to guide you on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating sales tax in order to record and process it. However, there might be additional charges if they are not part of the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there you and your staff can access everything you require, including the list of transactions, reports and data.
The greatest benefit of the feature you’ve chosen is 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 track when your following payment is due.
The dashboard allows users to view in detail the total sales tax in your business. It is also possible to export the data as a CSV file if you need it for your accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the sales avenues you use. It means you don’t need to search for your documents when you need them 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 ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational costs.
The best part is that TaxJar provides training and tutorials, not just for their platform but all things connected to sales tax. You can look through their webinars, guides, and blog for more info. Additionally, their sales tax calculator can be helpful if you’re planning on 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 expensive for businesses. For this reason, we’ll look into TaxJar’s pricing tiers and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They claim that it’s the best plan for those who need assistance with filing requirements or reporting. It includes sales tax reporting, four free yearly AutoFiles, and a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a smaller business proprietor, then this program could be perfect for you. It might not include all the features of TaxJar however, it does include all the basics you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking to get a bit more than just the basic features Professional might be the right one for you. It’s priced at $99 but you can increase it by adding custom features.
So how different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive enterprise, you may want to opt for an upgrade instead. It has all of the features you need to aid in your tax preparation. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of members as well as AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan is going to cost. TaxJar States
However, they did say that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need to run your business.
Fortunately, you don’t need to risk your money to find out if the platform is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to see if the platform is a good fit for you.
Pros and Cons
Now that we’ve covered all you should know about 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 to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you do, then you must try TaxJar.
It’s not just a way to help you track the sales and profits of your business however, it will assist you in meeting your deadlines. It is also a great opportunity for accountants since they have the Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Using TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to meet. If you live in an area with complex tax laws, this can definitely help you get your head around it. TaxJar States
But if handling taxes is easy, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole procedure simple to follow, you might be better in doing it all on your own.
FAQ TaxJar States
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n US$. If you’re using another currency, you’ll need to convert it to US$ prior to when TaxJar can calculate the tax.