Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have enough money to engage an accountant performing the task on yourself can be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Most people want to avoid this step. However, since it’s mandatory, we have no choice.
What can we do ?
We can make our lives easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. Although this is quite an extensive read but you’ll be able to determine if TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar TaxJar Subscription
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it across all of your sales channels to ensure that you are in compliance with sales tax requirements. It streamlines processes that can take days to complete, and finish within only a few minutes.
TaxJar has been utilized 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 make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting system is compatible along with sales funnels. If you’re selling through multiple channels, you need to ensure that everything is in order. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to show your most important data in one location. This means that there is no requirement to collect data in multiple channels and organize it into a single platform. All you need to do is to integrate TaxJar then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax by hand or using their AutoFile feature. For the purpose of this article, we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income The team will guide you on managing the tax returns. But, it is up for you and your team to complete the process within the timeframe. TaxJar will only guide you on what you should accomplish, but not manage it.
If you would 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 in order to record and process them. There could be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting woes. The orders you place through your online 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, such as the list of transactions, reports and the data.
The best part about this option is the fact that it lets you to update automatically every day. Not only will they let to know the amount you’ve collected 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 sales tax totals in your business. Additionally, you can export the information to a CSV file in case you require it to aid in process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. It means you don’t need to scramble for your documents whenever you’re in the event of a need. Even even if you already have an accounting firm, the feature will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your money more efficiently. You’ll know better how much budget you have available for other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only for their platform , but also everything connected to sales tax. You can check out their webinars, guides as well as their blog to find more info. Apart from that their sales tax calculator should be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It includes sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a small-scale business owner, this plan should be ideal for you. It may not have all the features of TaxJar, but it has the basic features you require.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration features.
If you’re looking for different from the basics, then the Professional plan might be the right one for you. It starts at $99, however, it could go up if you add custom features.
How different is it from the basic plan?
In addition to accessing every one of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you have a massive company, you may need to go for premium plans instead. It has all of the features needed to aid in your tax preparation. Moreover, they allow unlimited import integrations of data, Integrations with APIs, teams of members as well as AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose the price of the Premium plan. is going to cost. TaxJar Subscription
However, they did mention that this plan is tailor-fit for each user. The cost of the plan will be different according to what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to see if this platform is right for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to see whether the service is a good fit for you.
Pros and Pros and
We’ve covered everything you must be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- Allows you to track 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 applicable to USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies that have multiple sales channels and uses many platforms. If that’s what you do, then you should try this.
It’s not just a way to aid in tracking your revenue and products however, it will also help you meet your deadlines. It’s also an excellent platform for an accountant since they offer a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Using TaxJar can help you reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this will surely help you wrap your head around it. TaxJar Subscription
If handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire procedure easy to complete then you’re better off doing it on your own.
FAQ TaxJar Subscription
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to US$ prior to when TaxJar will calculate your tax.