Taxes are always one of the most difficult tasks to complete, whether you’re running an enterprise or not. Particularly if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the funds to hire an accountant, making it your own can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. But , as it’s a requirement, we have no choice.
What can we do ?
We can 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 a long read, you should be able to assess whether TaxJar is exactly what you need in the present.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Student
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with your sales taxes. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to make their business more organized and straightforward. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure is your tax-reporting platform perfectly integrates 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 not paying attention to a minor thing.
TaxJar lets you display your most important data in one location. That way, there’s no need to gather data in multiple channels and then organize it on a single platform. All you need to do is connect TaxJar, and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. For the purpose of this article, we’ll look into both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns TaxJar will train you on how to manage these. But, it is up for you and your team members to finish the tax returns within the timeframe. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. This feature will ensure that everything is automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur extra fees if not included in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. From there, you and your team can access everything you require, including the list of transactions, reports, and the data.
The most appealing aspect of this feature is that they allow you to update your account automatically each day. Not only can they help to know the amount you’ve collected however, they can also help you keep track of when the next payments are due.
Their dashboard also allows you to fully view the sales tax totals for your business. It is also possible to export your data as the form of a CSV file in case you require it for your process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents when you’re when you’re in a pinch. Even if you already have your accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have for other operational expenses.
What’s more is that TaxJar offers training and tutorials, not just for their platform but all things connected to sales tax. You can look through their guides, webinars, as well as their blog to find more information. Additionally, their sales tax calculator can be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the most suitable plan for you if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small-scale company proprietor, then this program will be ideal for you. It may not offer all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get different from the basics Professional may be the best option for you. It’s priced at $99 however, it could go up by adding custom features.
How different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to opt for the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Additionally, they permit unlimited import integrations of data API integrationsfor team members, and AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Student
But they did state that this plan is tailor-fit for every user. So the costs will vary depending on what you need for your company.
Free Trial
It’s a good thing that you don’t have to risk your money to see if this platform is right for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should be enough time to see whether the service is a good fit for you.
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Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a break. To summarize we’ll go over the pros and cons of making use of TaxJar for your company.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- 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.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes many platforms. If that’s what you’re doing, then you ought to try this.
Not only can it aid in tracking your products and revenue It can also help you meet your deadlines. It is also a great opportunity for accountants since they provide tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can allow you to save more time while keeping track of every deadline or requirement you need to meet. If you’re in a place with complicated tax regulations, this will surely help you wrap your head around it. TaxJar Student
If handling your taxes is straightforward and straightforward, then TaxJar could be a waste of expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. If you find the entire procedure simple to follow then you’re better to do it by yourself.
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FAQ TaxJar Student
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you will need to convert it into US$ before TaxJar can calculate your tax.
