Taxes have always been among the most difficult tasks to complete regardless of 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, especially when your whole day is 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 risky. If you make a mistake and you don’t know it, you may have to do it all over again!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
So what is the best way to deal with it?
We can make our lives easier with tools such as TaxJar.
We’ll look at this life-saving device and how it can assist you. Although this is quite an extensive read it is possible to determine if TaxJar is exactly what you need today.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, let’s dive right in.
What is TaxJar? TaxJar Stripe Acquisition
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with sales taxes. It makes the process simpler that could can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to make their business more organized and straightforward. 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 make sure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you have multiple sales channels, you need to ensure that everything is in order. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key metrics in one place. This means that there is no need to collect data in multiple channels and then organize it on one platform. All you need to do is to integrate TaxJar, it will do all the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar lets customers submit their sales tax either manually or via the AutoFile feature. In the purpose of this article, we’ll look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income, the team will instruct you on managing them. But, it is up for you and your team to finish the tax returns in time. TaxJar will only provide guidance on what you need to do but not handle 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. With this feature, everything is automated, from calculating sales taxes to recording and processing it. There could be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you require, including an inventory of your transactions, reports, as well as data.
The greatest benefit of this feature is that it lets you to automatically update every day. Not only will they let you know how much you’ve collected however, they can also help you keep track of when the next payments are due.
Their dashboard also allows users to view in detail the sales tax totals within your company. It is also possible to export your data as the form of a CSV file, if you want to use it in your process of financial planning and accounting or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the channels you sell through. This means that you don’t have to hunt for your paperwork when you’re when you’re in a pinch. Even when you already have your accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds better. You’ll know better how much budget you have to cover other operational costs.
The best part is that TaxJar provides training and tutorials not only for their platform , but also all things that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional details. Apart from that the sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they can be too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the most effective plan to help you in filing and reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small company manager, the plan should be perfect for you. It may not have all of TaxJar’s features, but it has the basic features 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 for something a bit more than just the basics, then the Professional plan might be the right one for you. It starts at $99, but it can go higher by adding custom features.
So how different is it from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to the support of their customer service via phone, API access, and advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you have a massive enterprise, you may want to choose premium plans instead. It includes all of the features you need to make your tax filing easier. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of users, and AutoFiles.
They also have a team dedicated to managing your account. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar Stripe Acquisition
But they did state that this plan is customized to each user. So the costs will vary in line with what you require for your company.
Fortunately, you don’t need to gamble your money just 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 see whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of making use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
Not only will it assist you in keeping track of your products and revenue, but it can also help you meet your deadlines. It’s also an excellent option for accountants as they provide tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax laws, this can definitely help you get your mind around it. TaxJar Stripe Acquisition
However, if managing your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ TaxJar Stripe Acquisition
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to USUSD before TaxJar can calculate the tax.