Taxes are always one of the most difficult tasks to complete regardless of whether you’re running a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have the funds to employ an accountant, performing the task on your own could be risky. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
We can 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 help you. Although this is quite an extensive read but you’ll be able to assess whether TaxJar is exactly what you need in the present.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What exactly is TaxJar? TaxJar Tax Rate Incorrect
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it across all your channels of sales to ensure compliance with your sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by online business owners to keep everything simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to ensure is that your accounting tax system is compatible along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one place. That way, there’s no need to collect data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar it will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms that they can connect with:
TaxJar allows customers to file their sales taxes either manually or via the AutoFile feature. In our review we’ll look at both.
If you decide to go it alone, TaxJar will allow you to connect those sales tools. When the time is right for filing tax returns for income TaxJar will train you on how to handle these. However, it will be up for you and your team members to finish the tax returns on time. TaxJar will only guide you on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. Through this feature, everything will be automated, from calculating sales tax to recording and processing it. There could be extra fees if not included in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. All orders made through 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 require, including a list of your transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. Not only can they help you keep track of how much you’ve collected, but they also help you keep track of when the next payments are due.
The dashboard allows you to fully view the sales tax totals within your company. It is also possible to export the data in CSV format. CSV file, if you want to use it for your process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the sales avenues you use. That means you won’t have to scramble for your documents when you need them in the event of a need. Even if you already have your accounting firm, the feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your funds better. You’ll be aware of the budget you have for other operating expenses.
The best part 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 information. Apart from that their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing features, but they can be too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you if you need help with filing requirements or reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small-scale business owner, this plan could be perfect for you. It may not have all of TaxJar’s features, but it has the basic features 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.
If you’re looking for something a bit more than just the basic features and options, then the Professional plan may be the best option for you. It starts at $99, but you can increase it when you add additional features.
What is the difference from the original plan?
In addition to accessing each of Starter plan’s features, you also have their phone customer support access to APIs, as well as advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive company, you may need to opt for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. In addition, they offer unlimited integrations with data imports, API integrations, team members as well as AutoFiles.
They also have a staff that is devoted to managing your account. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar Tax Rate Incorrect
However, they did say that the plan is custom-made to each user. So the costs will vary in line with what you require to run your business.
Luckily, you don’t have to gamble your money just to determine if this service is for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to gauge whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a breather. To summarize 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 save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- It allows you to monitor 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 to USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If that sounds like what you’re doing, then ought to try this.
Not only can it assist you in keeping track of your products and revenue It can help you meet the deadlines you set. This is also an excellent opportunity for accountants since they provide the Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to meet. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around the subject. TaxJar Tax Rate Incorrect
If handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to track everything. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar Tax Rate Incorrect
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in US$. If you’re using a different currency, you will need to convert it into US$ prior to when TaxJar determines the tax.