Taxes have always been one of the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the budget to engage an accountant making it yourself can be risky. If you overlook one thing, you might have to do it all over again!
Most people want to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
What is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
This article will take a look at this life-saving device and how it can benefit you. Even though this is an extensive read it is possible to gauge whether TaxJar is the tool you require today.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Stock
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all the sales channels you use to ensure that you are in compliance with your sales taxes. It streamlines processes that require days to complete and can be completed in a matter of minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to make their business more neat and simple. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to ensure you have a tax accounting software seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your most important data in one location. That way, there’s no need to collect data in multiple channels and then organize it on one platform. All you need to do is to integrate TaxJar and the platform will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to make sales tax filings either manually or via TaxJar’s AutoFile feature. For our review we’ll look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for the filing of income tax returns TaxJar will train you on managing them. However, it will be up to you and your team members to finish the tax returns within the timeframe. TaxJar is there to guide you on what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales taxes in order to record and process them. However, there might be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there you and your staff can access everything you require, including a list of your transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. Not only can they help you know how much you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the overall sales taxes for your business. You can also export the data to the form of a CSV file if you need it for your process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep on top of all the channels you sell through. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds better. You’ll know better how much budget you have available for other operating expenses.
The best part is that TaxJar provides training and tutorials not only for their platform but for anything connected to sales tax. You can check out their guides, webinars, or blog posts for additional details. In addition the sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small company owner, this plan will be perfect for you. It might not include all the features offered by TaxJar, but it has the essentials that you need.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration features.
If you’re looking for a bit more than just the standard features, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it if you add custom features.
So how different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge company, you may need to choose an upgrade instead. It has all of the features that you require to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as Integrations with APIs, teams of members, and AutoFiles.
There is also a team dedicated to managing your account. But, they don’t divulge the price of the Premium plan. is going to cost. TaxJar Stock
But they did state that the plan is custom-made for every user. Therefore, the cost will differ according to what you require for your business.
Fortunately, you don’t need to risk your money to determine if this service is right for you. If you’re still considering various options, they provide 30 days of free trial. This should give you enough time to determine whether the software is a good fit for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a break. To sum it all up we’ll go over the advantages and disadvantages of the use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you 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 able to be integrated with other platforms.
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then ought to try this.
It’s not just a way to help you track your products and revenue however, it will assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they have a Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Using TaxJar will help you reduce time and keep on top of each deadline and requirement you have to meet. If you’re in an area with complex tax regulations, this will definitely help you get your mind around it. TaxJar Stock
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ TaxJar Stock
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 into TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions are in US$. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar determines the tax.