Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. More so if you don’t have a background in finance or accounting. Tax-related issues aren’t easy, particularly when you’re full of things to be done. In the event that you do not have the budget to engage an accountant doing it on your own can be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Most people want to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do ?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can help you. Although this is quite an extensive read it is possible to gauge whether TaxJar is what you need in the present.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, let’s get right into it.
What exactly is TaxJar? TaxJar Tax Amensty
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all the sales channels you use to make sure you’re in compliance with your sales taxes. It simplifies the processes that take days to complete and is completed in just a few only a few minutes.
TaxJar has been used in different industries such as 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 simple and organized. Let’s look into the benefits and features of TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting system seamlessly works well along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your critical 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 have to do is integrate TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to make sales tax filings by hand or using the AutoFile feature. For our review we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect your sales platforms. Once the time comes for the filing of income tax returns The team will guide you on managing these. It is up for you and your staff to complete everything in time. TaxJar will only guide you on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. With this feature, everything will be automated from calculating taxes on sales in order to record and process them. However, there might be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you require, including an inventory of your transactions, reports, as well as data.
The most appealing aspect of this option is the fact that it allows you to automatically update every day. They not only let you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow you to see the overall sales taxes for your business. Additionally, you can export the data as the form of a CSV file if you need it in your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. This means that you don’t have to scramble for your documents when you’re when you’re in a pinch. Even even if you already have an accountant, this function can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds more effectively. You’ll be aware of the budget you have available for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but all things that has to do with sales tax. Check out their webinars, guides or blog posts for additional details. Additionally the sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing levels and what each of these options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They claim that it’s the most suitable plan for you to help you with filing requirements or reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small-scale business owner, this plan will be perfect for you. It may not offer all of TaxJar’s features but it comes with the basic features you require.
You can also contact their support team with their email support chart. You’ll also have access to their integration capabilities.
If you’re looking for a bit more than just the standard features Professional could be the one for you. The price starts at $99 but it can go higher by adding custom features.
What is the difference from the starter plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone, API access, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive company, you may need to choose an upgrade instead. It has all of the features needed to make your tax filing easier. In addition, they offer unlimited data import integrations API integrationsfor team users as well as AutoFiles.
They also have a team who are devoted to managing your account. But, they don’t divulge how much the Premium plan will cost you. TaxJar Tax Amensty
However, they did mention that this plan is tailor-fit for each user. The cost of the plan will be different depending on what you need for your company.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to gauge whether the software is the right choice for you.
Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a breather. To summarize, here are the advantages and disadvantages of the use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with many sales channels and utilizes plenty of platforms. If that’s what you do, then you should try this.
It’s not just a way to assist you in keeping track of your products and revenue however, it will assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this will certainly help you to get your mind around it. TaxJar Tax Amensty
But if handling your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. If you find the whole process easy to do, you might be better off doing it by yourself.
FAQ TaxJar Tax Amensty
What areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in US$. If you’re using another currency, you will need to convert it into USUSD before TaxJar determines the tax.