Taxes have always been among the most difficult tasks to complete regardless of whether you’re running your own business or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re packed with things to do. If you don’t have enough money to employ an accountant, doing it on your own can be dangerous. If you make a mistake it could mean you need to repeat the process!
Most people want to skipping this step. But , as it’s a requirement, we have no choice.
So what can we do ?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and how it can benefit you. While this is lengthy, you should be able to gauge whether TaxJar is what you need right now.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Tax Exempt
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. Additionally, you can use it in all of your sales channels to ensure compliance with your sales taxes. It streamlines processes that require days to complete and is completed in just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s look into their features and services.
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Services and features
Integration
One of the first things you’ll want to check is your tax-reporting system is compatible with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your critical data in one location. So, there’s no need to gather data from different channels and sort it into one platform. All you need to do is connect TaxJar it will handle all 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:
Filing
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. In our review we’ll take a look into both.
If you opt to go it alone, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income TaxJar will train you on how to manage them. But, it is up to you and your team to finish the tax returns on time. TaxJar is only there to provide guidance on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. Through this feature, everything will be automated, from calculating sales tax to recording and processing it. There could be additional charges if they are not part of the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your team will have access to everything you need, like the list of transactions, reports and the data.
The best part about the feature you’ve chosen is they allow you to update your account automatically each day. Not only can they help to know the amount you’ve accumulated however, they can also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the total sales tax for your business. Additionally, you can export your data to CSV format. CSV file in case you require it in your process of financial planning and accounting or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. This means that you don’t have to search for your documents when you need them in the event of a need. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have available for other operational costs.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform but all things that has to do with sales tax. Check out their webinars, guides and blog for more info. In addition, their sales tax calculator can be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they can be too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and what each of those options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the best plan for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, four autofiles for free each year, and an CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a smaller company manager, the plan will be perfect for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact the support team via their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking to get that is more than the basic features Professional could be the one for you. It’s priced at $99 but you can increase it by adding custom features.
So how different is it from the starter plan?
In addition to having access to every one of Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large company, you may need to choose premium plans instead. It comes with all the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data API integrationsfor team users and AutoFiles.
They also have a team that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Tax Exempt
But they did state that the plan is custom-made for each user. Therefore, the cost will differ in line with what you require to run your business.
Free Trial
Fortunately, you don’t need to gamble your money just to determine if this service is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to determine if the platform is the right choice for you.
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Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of using TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is simple 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
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you should try this.
Not only can it aid in tracking your revenue and products however, it will also help you meet your deadlines. It is also a great option for accountants as they have the Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Using TaxJar can allow you to reduce time and keep on top of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax laws, this will definitely help you get your head around the subject. TaxJar Tax Exempt
But if handling taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you have only one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ TaxJar Tax Exempt
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to US$ before TaxJar will calculate the tax.
