Taxes have always been one of the most difficult tasks to complete regardless of whether you run an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re packed with things to do. If you don’t have the budget to engage an accountant doing it on your own can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
It is always possible to simplify our lives with tools such as TaxJar.
This article will take a look at this life-saving tool and how it can assist you. Although this is quite a long read but you’ll be able to gauge whether TaxJar is what you need today.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Tax Questions
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to ensure compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to make their business more simple and organized. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check is your tax-reporting software is compatible along with sales funnels. If you’re selling through multiple channels, you must ensure that everything is in order. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your key metrics in one place. This means that there is no requirement to collect data from different channels and organize it into a single platform. All you have to do is connect TaxJar, and the platform will do the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows clients to submit their sales tax manually or through their AutoFile feature. In this review, we’ll look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When it comes time to filing income tax returns, the team will instruct you on how to manage the tax returns. But, it is up for you and your team to finish the tax returns within the timeframe. TaxJar is only there to 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 – that means you don’t have to submit all forms by hand. Through this feature, everything will be automated, from calculating sales taxes through recording, and then processing it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform you and your team will have access to everything you require, including an inventory of your transactions, reports, as well as information.
The best part about this option is the fact that it lets you to update your account automatically each day. They not only let you know how much you’ve accumulated however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to see the sales tax totals within your company. You can also export your data to a CSV file in case you require it for your financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to scramble for your documents when you’re in a pinch. Even when you already have your accountant, this function will aid them in being more efficient.
Moreover, knowing the estimates 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 for other operating expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just on their platform, but all things that has to do with sales tax. You can check out their guides, webinars, and blog for more information. Apart from that, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you to help you in filing and reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small company owner, this plan should be ideal for you. It may not offer all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach 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 a bit more than just the standard features Professional could be the one for you. The price starts at $99 but you can increase it when you add additional features.
What is the difference from the original 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 the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to opt for the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. Additionally, they permit unlimited import integrations of data, API integrationsfor team members as well as AutoFiles.
They also have a staff who are devoted to managing your account. But, they don’t divulge the price of the Premium plan. is going to cost. TaxJar Tax Questions
But they did state that this plan is tailor-fit to each user. The cost of the plan will be different in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to gamble your money just to find out if the platform is for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to see whether the software is a good fit for you.
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Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a break. To sum it all up we’ll go over the advantages and disadvantages of making use of TaxJar for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way 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 assist you in meeting the deadlines you set. It is also a great platform for an accountant since they have the Tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline or requirement you need to meet. If you’re living in a region with a lot of tax laws, this will certainly help you to get your head around the subject. TaxJar Tax Questions
But if handling your taxes is straightforward, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. If you’re finding the entire process easy to do then you’re better in doing it all by yourself.
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FAQ TaxJar Tax Questions
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can link 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 does not convert currency values. All of the transactions are in US$. If you’re using a different currency, you will need to convert it to US$ prior to when TaxJar determines your tax.
