Taxes are always one of the most difficult tasks to complete, whether you’re running your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford enough money to engage an accountant performing the task on your own could be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can assist you. Even though this is an extensive read but you’ll be able to assess whether TaxJar is exactly what you need today.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar TaxJar Tax Code
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it in all of your channels of sales to ensure that you are in compliance with your sales taxes. It streamlines processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
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 take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll want to check is your tax-reporting platform is compatible with your sales channel. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one spot. That way, there’s no need to collect data from different channels and sort it into a single platform. All you have to do is to integrate TaxJar, and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to submit their sales tax either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect those sales tools. When the time is right for the filing of income tax returns, the team will instruct you on how to handle the tax returns. But, it is up to you and your team to complete the process on time. TaxJar will only guide you on what you should do , but not to handle 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. With this feature, everything will be automated from calculating sales taxes through recording, and then processing it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard through 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. They not only let to know the amount you’ve accumulated, but they also help you track when your following payment is due.
Their dashboard can also allow you to fully view the overall sales taxes within your company. Additionally, you can export the data to CSV format. CSV file in case you require it to aid in process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. This means that you don’t have to search for your documents when you need them in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have to cover other operating expenses.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform , but also for anything that has to do with sales tax. You can check out their guides, webinars, and blog for more info. In addition their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They claim that it’s the most effective plan to help you with filing requirements and reporting. It includes sales tax reporting, 4 free yearly AutoFiles, 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 perfect for you. It may not have all of TaxJar’s features however, it does include all the basics 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 to get that is more than the basics and options, then the Professional plan may be the best option for you. It starts at $99, but you can increase it if you add custom features.
So how different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to opt for an upgrade instead. It comes with all the features that you require to make your tax filing easier. Additionally, they permit unlimited data import integrations, Integrations with APIs, teams of users as well as AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal how much the Premium plan will cost you. TaxJar Tax Code
But they did state that the plan is custom-made for every user. Therefore, the cost will differ depending on what you need for your company.
Fortunately, you don’t need to bet your life on it to find out if the platform is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the service is the right choice for you.
Pros and Pros and
After we’ve gone over everything you should know about TaxJar let’s take a break. In order to sum up the whole thing Here are the pros and cons of the use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated 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 be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes many platforms. If that’s what you’re doing, then should try this.
Not only can it assist you in keeping track of the sales and profits of your business however, it will help you meet the deadlines you set. It’s also an excellent platform for an accountant since they provide the Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar will help you get more done while keeping track of every deadline and obligation you have to meet. If you’re in an area with complex tax laws, this can surely help you wrap your head around it. TaxJar Tax Code
But if handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete, you might be better in doing it all by yourself.
FAQ TaxJar Tax Code
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions are in USdollars. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar will calculate the tax.