Taxes are always one of the hardest things to do, whether you’re running your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to engage an accountant making it your own can be risky. If you miss one detail, you might have to do it all over again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can benefit you. Although this is quite a long read, you should be able to assess whether TaxJar is what you need right now.
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, we’ll dive right into.
What is TaxJar TaxJar Stripe
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to ensure that you are in compliance with sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure you have a tax accounting platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to keep everything in place. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your key data in one location. This means that there is no requirement to collect data in multiple channels and then organize it on a single platform. All you have to do is to integrate TaxJar it will do the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax manually or through the AutoFile feature. For our review we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing tax returns for income TaxJar will train you on how to manage the tax returns. It is up for you and your staff to complete the process on time. TaxJar is only there to provide guidance on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. Through this feature, everything will be automated from calculating sales taxes through recording, and then processing it. But, it is possible to incur additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. From there you and your team will have access to all the information you need, like a list of your transactions, reports, and information.
The greatest benefit of this feature is that they allow you to automatically update every day. They not only let you keep track of how much you’ve earned and how much you’ve earned, but they also let you track when your following payments are due.
The dashboard allows users to view in detail the total sales tax within your company. Additionally, you can export your data in the form of a CSV file in case you require it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. It means you don’t need to scramble 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 your sales tax ahead of time can help you allocate your funds more effectively. You’ll know exactly how much budget you have available for other operating costs.
But what’s even better is that TaxJar provides training and tutorials not only on their platform, but everything connected to sales tax. You can look through their webinars, guides and blog for more details. Additionally the sales tax calculator is helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of those choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most effective plan if you need help with filing requirements or reporting. It also includes sales tax reporting, 4 autofiles for free each year, and a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small business owner, this plan will be ideal for you. It may not have all of TaxJar’s features 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.
Professional
If you’re looking for something that is more than the standard features and options, then the Professional plan might be the right one for you. It’s priced 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 their phone customer support Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to opt for premium plans instead. It comes with all the features that you require to make your tax filing easier. Moreover, they allow unlimited import integrations of data API integrationsfor team members as well as AutoFiles.
There is also a team who are devoted to managing your account. But, they don’t divulge the amount that the Premium plan is going to cost. TaxJar Stripe
However, they did say that this plan is customized for every user. Therefore, the cost will differ depending on what you need for your company.
Free Trial
Luckily, you don’t have to bet your life on it to determine if this service is right for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to see whether the service is the right choice for you.
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Pros and Cons
We’ve covered everything you need to know about TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by 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 is an excellent platform for companies that have multiple sales channels and uses numerous platforms. If that sounds like what you do, then you should try this.
Not only will it assist you in keeping track of your revenue and products It can also help you meet your deadlines. It’s also an excellent opportunity for accountants since they provide a Tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to get more done while keeping the track of each deadline and requirement you have to meet. If you’re in an area with complex tax regulations, this will certainly help you to get your head around it. TaxJar Stripe
If handling your taxes is simple, then TaxJar might not be a good expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you find the whole process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ TaxJar Stripe
What areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into 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 currencies. All of the transactions are in US$. If you’re using another currency, you’ll have to convert it into USUSD prior to when TaxJar will calculate the tax.
