Taxes have always been one of the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have enough money to hire an accountant, performing the task on your own could be risky. If you miss one detail it could mean you have to do it all over again!
Most people want to avoid this step. But , as it’s a requirement 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.
We’ll look at this well-known life-saving tool and explain how it can help you. Even though this is lengthy but you’ll be able to determine if TaxJar is exactly 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 provide a comprehensive review of the features offered by TaxJar.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Supplements Exemption
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It streamlines processes that take days to complete and finish within just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to make their business more simple and organized. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to ensure is your tax-reporting software perfectly integrates along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to be penalized for missing a single minor point.
TaxJar allows you to show your most important metrics in one spot. That way, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you have to do is integrate TaxJar and the platform 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 can integrate with:
TaxJar allows customers to submit their sales tax manually or through TaxJar’s AutoFile feature. For our review we’ll take a look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When it comes time to filing tax returns for income, the team will instruct you on how to manage the tax returns. But, it is up for you and your team members to complete the process in time. TaxJar is there to provide guidance on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing them. 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. The orders you place through your online channels can be combined into a single dashboard via this platform. From there, you and your team will have access to all the information you require, including an inventory of your transactions, reports and information.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. Not only can they help to know the amount you’ve collected, but they also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. It is also possible to export the information in CSV format. CSV file if you need it in your accounting and financial planning processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. It means you don’t need to search for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have 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 check out their webinars, guides or blog posts for additional information. Apart from that the sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of those plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They say it’s the most effective plan to help you with filing requirements or reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a smaller company manager, the plan should be ideal for you. It might not include all the features of TaxJar, but it has the basic features you require.
You can also contact the support team 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 Professional could be the one for you. The price starts at $99 however, it could go up when you add additional features.
So how different is it from the starter plan?
In addition to having access to all of the Starter plan’s options, you also have access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
If you have a massive business, you might need to choose an upgrade instead. It includes all of the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports Integrations with APIs, teams of members as well as AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Supplements Exemption
However, they did mention that the plan is custom-made for every user. So the costs will vary in line with what you require for your company.
Fortunately, you don’t need to bet your life on it to see if this platform is the right one for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should be enough time to determine if the platform is an excellent fit for you.
Pros and Pros and
We’ve covered everything you need to be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of the use of TaxJar for your company.
- There is 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 easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with many sales channels and utilizes numerous platforms. If that’s what you do, then you ought to try this.
Not only can it assist you in keeping track of your products and revenue, but it can also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they offer a Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep track of every deadline and obligation you have to meet. If you’re living in a region with a lot of tax regulations, this will certainly help you to get your head around it. TaxJar Supplements Exemption
However, if managing your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. If you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Supplements Exemption
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar determines the tax.