Taxes have always been one of the most difficult tasks to complete, whether you’re running your own business or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford the budget to employ an accountant, doing it on your own can be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skip this step. But since it’s required, we have no choice.
So , what can we do ?
It is always possible to make life easier with tools such as TaxJar.
This article will take a look at this popular life-saving device and how it can benefit you. Although this is quite lengthy but you’ll be able to gauge whether TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, let’s get right into it.
What exactly is TaxJar? TaxJar Tax Calculator
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all the sales channels you use to ensure compliance with sales tax requirements. It simplifies the processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can this 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 ensure you have a tax accounting platform seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to be penalized for missing a single minor point.
TaxJar lets you display your most important data in one location. So, there’s no need to collect data in multiple channels and organize it into a single platform. All you have to do is to integrate TaxJar, it will do the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers file their sales taxes by hand or using the AutoFile feature. In the purpose of this article, we’ll dig into both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns TaxJar will train you on how to handle the tax returns. It is up to you and your staff to finish the tax returns within the timeframe. TaxJar is only there to provide guidance on what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. This feature will ensure that everything will be automated from calculating sales taxes to recording and processing them. But, it is possible to incur additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting problems. All orders made through your e-commerce 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, as well as information.
The most appealing aspect of this feature is that it allows you to update automatically every day. Not only can they help you keep track of how much you’ve collected, but they also help you track when your following payments are due.
Their dashboard also allows you to fully view the overall sales taxes within your company. Additionally, you can export your data as a CSV file, if you want to use it in your financial planning and accounting processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the sales avenues you use. It means you don’t need to hunt for your paperwork when you’re in the event of a need. Even even if you already have an accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds more effectively. You’ll be aware of the budget you have available for other operational costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just on their platform, but for anything connected to sales tax. Check out their webinars, guides, and blog for more details. Additionally the sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing structures and the features that each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale company manager, the plan will be ideal for you. It may not have all the features of TaxJar however, it does include the essentials that you need.
You can also contact their customer support via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for a bit more than just the basics, then the Professional plan could be the one for you. It starts at $99, but you can increase it if you add custom features.
How different is it from the basic plan?
In addition to having access to every one of Starter plan’s features, you also have their support via phone access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive company, you may need to go for premium plans instead. It has all of the features needed to help with your taxes. Moreover, they allow unlimited data import integrations as well as API integrationsfor team users and AutoFiles.
They also have a staff who are devoted to managing your account. They don’t reveal the price of the Premium plan. costs you. TaxJar Tax Calculator
But they did state that the plan is custom-made to each user. So the costs will vary depending on what you need for your company.
Fortunately, you don’t need to risk your money to find out if the platform is for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- Allows you to track multiple 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 applicable for USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you should try this.
Not only can it help you track your products and revenue however, it will help you meet your deadlines. It is also a great platform for an accountant since they offer tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar can allow you to reduce time and keep the track of each deadline or requirement you need to meet. If you’re living in a region with a lot of tax regulations, this will definitely help you get your mind around it. TaxJar Tax Calculator
If handling your taxes is simple, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire process easy to do then you’re better to do it by yourself.
FAQ TaxJar Tax Calculator
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transaction amounts are n US$. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar will calculate the tax.