Taxes have always been one of the hardest things to do regardless of whether you run your own business or not. Particularly if you don’t have a background in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford enough money to employ an accountant, performing the task on your own can be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to skip this step. But since it’s required, we have no choice.
So , what can we do ?
It is always possible to make our lives easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can benefit you. Even though this is a long read it is possible to gauge whether TaxJar is what you need in the present.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Tax Table
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll want to check is that your accounting tax system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to keep everything in place. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one place. So, there’s no need to gather information from multiple sources and sort it into a single platform. All you need to do is connect TaxJar, and the platform will handle all the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms that they can connect with:
Filing
TaxJar lets customers make sales tax filings by hand or using TaxJar’s AutoFile feature. In this review, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing tax returns for income, the team will instruct you on how to manage them. It is up to you and your team to complete everything within the timeframe. TaxJar is only there to guide you on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. However, there might be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, like an inventory of your transactions, reports, as well as information.
The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each day. They not only let you know how much you’ve earned and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard also allows you to see the overall sales taxes for your business. It is also possible to export the data as CSV format. CSV file if you need it to aid in process of financial planning and accounting or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. It means you don’t need to scramble for your documents when you need them in a pinch. Even if you already have your accountant, this 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 know exactly how much budget you have available for other operating costs.
The best part is that TaxJar offers training and tutorials, not just on their platform, but for anything connected to sales tax. You can check out their webinars, guides, as well as their blog to find more info. In addition, their sales tax calculator should be helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and the features that each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small company manager, the plan will be ideal for you. It might not include all the features offered by TaxJar but it comes with the basic features you require.
Additionally, you can contact their support team with their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking for that is more than the basic features and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher if you add custom features.
What is the difference from the starter plan?
In addition to having access to every one of Starter plan’s features, you also get access to their support via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large business, you might need to opt for the Premium plan instead. It has all of the features that you require to aid in your tax preparation. Additionally, they permit unlimited import integrations of data API integrationsfor team members, and AutoFiles.
They also have a team dedicated to managing your account. But, they don’t divulge how much the Premium plan costs you. TaxJar Tax Table
But they did state that this plan is customized for every user. So the costs will vary in line with what you require for your business.
Free Trial
Fortunately, you don’t need to gamble your money just to see if this platform is for you. If you’re still considering other options, they have 30 days of free trial. It should give you enough time to determine if the platform is the right choice for you.
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Pros and Cons
Now that we’ve covered all you must be aware of TaxJar let’s take a break. To summarize Here are the pros and cons of using TaxJar for your company.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then you should try this.
Not only can it aid in tracking your products and revenue It can also help you meet the deadlines you set. It is also a great platform for an accountant since they offer the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
The use of TaxJar will help you save more time while keeping on top of each deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this can certainly help you to get your head around the subject. TaxJar Tax Table
However, if managing your taxes is straightforward, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure simple to follow, you might be better off doing it by yourself.
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FAQ TaxJar Tax Table
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions are in US$. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar determines your tax.
