Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. In the event that you do not have enough money to hire an accountant, doing it on your own could be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Most people want to skipping this step. But , as it’s a requirement, we have no choice.
What can we do about it?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can help you. Although this is quite a long read but you’ll be able to gauge whether TaxJar is the tool you require in the present.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What is TaxJar TaxJar Stripe Fee
The company was 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. Additionally, you can use it across all of your channels of sales to ensure compliance with your sales taxes. It streamlines processes that require days to complete and finish within minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check is your tax-reporting system is compatible along with sales funnels. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for missing a single minor point.
TaxJar allows you to show your critical data in one location. This means that there is no requirement to collect data from different channels and then organize it on one platform. All you have to do is connect TaxJar, it will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers file their sales taxes manually or through TaxJar’s AutoFile feature. For this review, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all those sales tools. Once the time comes for filing income tax returns TaxJar will train you on managing them. But, it is up for you and your staff to complete the process on time. TaxJar is there to guide you on what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales taxes through recording, and then processing them. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. The orders you place through your online channels can be combined into one dashboard using this platform. From there, you and your team can access everything you need, like the list of transactions, reports, as well as data.
The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each day. Not only will they let you know how much you’ve collected, but they also help you track when your following payments are due.
Their dashboard also allows you to see the overall sales taxes in your business. You can also export the information as the form of a CSV file in case you require it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all your sales channels. This means that you don’t have to search for your documents whenever you’re in a pinch. Even when you already have your accountant, this function will help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have available for other operational expenses.
The best part is that TaxJar offers tutorials and training not only on their platform, but everything connected to sales tax. Check out their guides, webinars, and blog for more info. Additionally the sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing levels and what each of those choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you to help you in filing and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a smaller company manager, the plan could be perfect for you. It might not include all the features of TaxJar but it comes with the basic features you require.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration features.
If you’re looking to get a bit more than just the standard features Professional might be the right one for you. It starts at $99, but it can go higher if you add custom features.
So how different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to choose the Premium plan instead. It has all of the features you need to help with your taxes. In addition, they offer unlimited data import integrations as well as API integrationsfor team members as well as AutoFiles.
They also have a staff dedicated to managing your account. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar Stripe Fee
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need for your business.
Fortunately, you don’t need to risk your money to determine if this service is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. It should give you enough time to gauge if the platform is the right choice for you.
Pros and Cons
After we’ve gone over everything you must know about TaxJar let’s take a breather. To summarize Here are the pros and cons of the use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to 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 applicable for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly 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 should try this.
Not only can it aid in tracking your revenue and products however, it will assist you in meeting your deadlines. This is also an excellent option for accountants as they provide tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar will help you reduce time and keep the track of each deadline or requirement you need to meet. If you’re in an area with complex tax laws, this will surely help you wrap your head around the subject. TaxJar Stripe Fee
However, if managing your taxes is straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ TaxJar Stripe Fee
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, 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 facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transaction amounts are n US$. If you’re using a different currency, you will need to convert it to USUSD prior to when TaxJar will calculate your tax.