Taxes are always one of the hardest things to do regardless of whether you’re running an enterprise or not. More so if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the funds 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 need to repeat the process!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can assist you. While this is an extensive read but you’ll be able to gauge whether TaxJar is what you need today.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Stripe For Accounts
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. In addition, you can apply it across all your channels of sales to ensure that you are in compliance with sales taxes. It makes the process simpler that could take days to complete and is completed in just a few only a few 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 business owners who run online businesses to ensure that everything is neat and simple. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll want to check you have a tax accounting system seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you need to maintain everything in line. The last thing you want is to get a penalty for missing a single minor point.
TaxJar lets you display your most important data in one location. That way, there’s no need to gather information from multiple sources and then organize it on one platform. All you have to do is to integrate TaxJar, and the platform will do all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax manually or through the AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing income tax returns TaxJar will train you on how to manage these. It is up for you and your team members to complete everything on time. TaxJar is only there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing it. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into a single dashboard via this platform. Once you’re on the platform, you and your team can access everything you require, including the list of transactions, reports, and information.
The most appealing aspect of this option is the fact that it allows you to update your account automatically each day. Not only can they help to know the amount you’ve collected, but they also help you keep track of when the next payments are due.
Their dashboard also allows users to view in detail the overall sales taxes in your business. It is also possible to export your data to 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.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. That means you won’t have to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll know better how much budget you have available for other operating expenses.
What’s more is that TaxJar offers tutorials and training not only on their platform, but everything connected to sales tax. You can check out their webinars, guides or blog posts for additional information. In addition the sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they can be too costly for your business. This is why in this section we’ll examine TaxJar’s pricing tiers 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. The company claims that it’s the most suitable plan for you if you need help in filing and reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small-scale company owner, this plan could be ideal for you. It might not include all the features of TaxJar however, it does include the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration capabilities.
If you’re looking for a bit more than just the basics, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it by adding custom features.
What is the difference from the starter plan?
Apart from having access to all of the Starter plan’s features, you also have their support via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to choose premium plans instead. It includes all of the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations, API integrationsfor team users and AutoFiles.
They also have a staff dedicated in managing your accounts. They don’t reveal the price of the Premium plan. will cost you. TaxJar Stripe For Accounts
However, they did mention that the plan is custom-made for every user. Therefore, the cost will differ according to what you require to run your business.
Luckily, you don’t have to bet your life on it to determine if this service is the right one for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to see whether the software is a good fit for you.
Pros and Pros and
Now that we’ve covered all you need to know about TaxJar Let’s relax. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to 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 down, TaxJar can be a great platform businesses with multiple sales channels and uses many platforms. If that’s what you do, then you must try TaxJar.
Not only can it assist you in keeping track of your products and revenue, but it can help you meet the deadlines you set. This is also an excellent option for accountants as they offer tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar can allow you to get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re in a region with a lot of tax regulations, this will surely help you wrap your mind around it. TaxJar Stripe For Accounts
But if handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary investment. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you’re finding the entire procedure easy to complete, you might be better to do it on your own.
FAQ TaxJar Stripe For Accounts
What areas does TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can link your Shopify account to 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. The transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar determines your tax.