Taxes are always one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to employ an accountant, doing it on your own can be dangerous. If you overlook one thing and you don’t know it, you may have to redo things again!
Almost everyone wants to avoid this step. But since it’s required and mandatory, there’s no other choice.
So , what can we do ?
It is always possible to simplify our lives with tools such as TaxJar.
Here we’ll take a look at this popular life-saving device and how it can assist you. Even though this is lengthy it is possible to determine if TaxJar is the tool you require in the present.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar? TaxJar Stripe Integration
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all the sales channels you use 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 minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is neat and simple. Let’s explore their features and services.
Features and services
One of the first things you’ll need to make sure you have a tax accounting platform is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must keep everything in place. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. This means that there is no need to collect information from multiple sources and then organize it on a single platform. All you need to do is to integrate TaxJar, then the system will do the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers make sales tax filings by hand or using the AutoFile feature. In this review, we’ll look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing tax returns for income The team will guide you on how to handle these. But, it is up to you and your staff to complete the process within the timeframe. TaxJar will only guide you on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. Through this feature, everything will be automated, from calculating sales tax 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 chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform, you and your team will have access to all the information you require, including the list of transactions, reports, and the data.
The best part about the feature you’ve chosen is it allows you to update automatically every day. Not only will they let you know how much you’ve accumulated, but they also help you determine when your next payments are due.
Their dashboard also allows you to see the total sales tax for your business. It is also possible to export the information in a CSV file if you need it for your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. This means that you don’t have to scramble for your documents whenever you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know exactly how much budget you have for other operational costs.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform , but also all things related to sales tax. You can check out their webinars, guides and blog for more information. Additionally their sales tax calculator should be helpful if you’re planning on complete everything 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 your business. For this reason we’ll examine TaxJar’s pricing tiers and the features that each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a smaller company manager, the plan could be ideal for you. It might not include all the features offered by TaxJar but it comes with the basic features you require.
In addition, you can reach their customer support via their email support chart. You’ll also be able to use their integration tools.
If you’re looking for something a bit more than just the basics and options, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.
How different is it from the original plan?
In addition to having access to every one of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and 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 go for the Premium plan instead. It has all of the features needed to make your tax filing easier. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of members as well as AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Stripe Integration
However, they did mention that this plan is customized for each user. The cost of the plan will be different according to what you require for your business.
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to see whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a break. To summarize Here are the pros and cons of making use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it 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.
- Owners and accountants should review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then you should try this.
It’s not just a way to aid in tracking your revenue and products however, it will help you meet the deadlines you set. It’s also an excellent option for accountants as they offer a 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 or requirement you need to fulfill. If you live in an area with complex tax regulations, this will surely help you wrap your mind around it. TaxJar Stripe Integration
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire process easy to do, you might be better to do it by yourself.
FAQ TaxJar Stripe Integration
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in USdollars. If you’re using another currency, you will need to convert it to US$ prior to when TaxJar determines your tax.