Taxes have always been one of the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have a background in accounting or finance. Tax-related tasks aren’t easy, particularly when your whole day is full of things to be done. In the event that you do not have the funds to hire an accountant, performing the task on your own could be risky. If you make a mistake 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 and mandatory, there’s no other choice.
So 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 well-known life-saving device and how it can help you. While this is lengthy, you should be able to gauge whether TaxJar is exactly what you need in the present.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, then let’s get right into it.
What is TaxJar TaxJar Stock Share Price
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure that you are in compliance with sales taxes. It simplifies the processes that take days to complete and finish within only a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to make their business more simple and organized. 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 make sure you have a tax accounting platform is compatible along with sales funnels. 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 not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one place. So, there’s no need to collect data in multiple channels and organize it into one platform. All you need to do is to integrate TaxJar, it will do the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to make sales tax filings by hand or using the AutoFile feature. For the purpose of this article, we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to the filing of income tax returns The team will guide you on how to manage them. 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 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 won’t need to fill out all forms by hand. Through this feature, everything will be automated from calculating sales taxes in order to record and process them. But, it is possible to incur additional charges if they are not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team can access everything you need, such as the list of transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each day. They not only let to know the amount you’ve earned 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 see the sales tax totals for your business. It is also possible to export your data to CSV format. CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. It means you don’t need to scramble for your documents when you’re in a pinch. Even even if you already have an accountant, this feature can 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 available for other operational costs.
What’s more is that TaxJar offers training and tutorials, not just on their platform, but everything related to sales tax. Check out their webinars, guides, as well as their blog to find more details. In addition, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They say it’s the best plan to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small-scale company proprietor, then this program could be perfect for you. It may not have all the features offered by TaxJar but it comes with the basic features you require.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for something a bit more than just the standard features and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
What is the difference from the basic plan?
Apart from having access to each of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to 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 that you require to help with your taxes. In addition, they offer unlimited integrations with data imports as well as Integrations with APIs, teams of members and AutoFiles.
There is also a team dedicated for managing the account. But, they don’t divulge how much the Premium plan costs you. TaxJar Stock Share Price
However, they did say that this plan is customized to each user. The cost of the plan will be different in line with what you require for your business.
It’s a good thing that you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to gauge whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of making use of TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides an online sales tax 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
- You can track several 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 applicable to USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses numerous platforms. If that’s what you do, then you must try TaxJar.
Not only can it aid in tracking the sales and profits of your business It can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they offer tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar will help you get more done while keeping track of every deadline or requirement you need to fulfill. If you live in a place with complicated tax laws, this can surely help you wrap your mind around it. TaxJar Stock Share Price
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you find the entire process easy to do then you’re better in doing it all by yourself.
FAQ TaxJar Stock Share Price
Which areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transaction amounts are n US$. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar determines your tax.