Taxes are always one of the most difficult things to handle, whether you’re running an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. When you’re not able to afford enough money to hire an accountant, doing it on your own can be dangerous. If you miss one detail and you don’t know it, you may need to repeat the process!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what can we do ?
We can make life easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can benefit you. Although this is quite a long read it is possible to assess whether TaxJar is what you need today.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then let’s dive right in.
What is TaxJar TaxJar Stock Quote
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with your sales taxes. It makes the process simpler that could require days to complete and is completed in just a few only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to keep everything neat and simple. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check is that your accounting tax system seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one place. So, there’s no requirement to collect data in multiple channels and then organize it on a single platform. All you need to do is integrate TaxJar then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to submit their sales tax by hand or using their AutoFile feature. In this review, we’ll dig at both.
If you decide to go it alone, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns The team will guide you on how to manage them. However, it will be up to you and your team members to finish the tax returns on time. TaxJar will only help you understand what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. This feature will ensure that everything will be automated from calculating sales tax through recording, and then processing it. But, it is possible to incur extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting issues. 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 require, including the list of transactions, reports, as well as information.
The greatest benefit of this feature is that they allow you to automatically update every day. They not only let you know how much you’ve collected, but they also help you determine when your next payments are due.
Their dashboard can also allow you to see the overall sales taxes within your company. Additionally, you can export the information as the form of a CSV file if you need it to aid in process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep 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 if you already have your accountant, this function can make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your funds better. You’ll know better how much budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials not only for their platform , but also for anything related to sales tax. You can look through their guides, webinars, or blog posts for additional details. In addition, their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the best plan if you need help in filing and reporting. It comes with the tax on sales, four autofiles for free each year, and a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a smaller business manager, the plan will be ideal for you. It might not include all of TaxJar’s features however, it does include the essentials that you need.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration tools.
If you’re looking to get different from the basic features, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.
How different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large enterprise, you may want to opt for an upgrade instead. It includes all of the features that you require to make your tax filing easier. In addition, they offer unlimited import integrations of data, API integrations, team users, and AutoFiles.
There is also a team who are devoted to managing your account. They don’t reveal the price of the Premium plan. costs you. TaxJar Stock Quote
However, they did say that the plan is custom-made to each user. Therefore, the cost will differ 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 right for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to determine whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the advantages and disadvantages of using TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- 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.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only can it aid in tracking your revenue and products It can assist you in meeting your deadlines. It is also a great opportunity for accountants since they provide the Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar can help you save more time while keeping track of every deadline and obligation you have to meet. If you’re in an area with complex tax laws, this can definitely help you get your mind around it. TaxJar Stock Quote
But if handling your taxes is simple, then TaxJar might not be a good expense. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure simple to follow then you’re better in doing it all on your own.
FAQ TaxJar Stock Quote
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it into US$ prior to when TaxJar will calculate your tax.