Taxes have always been one of the hardest things to do regardless of whether you run an enterprise or not. Particularly if you don’t have a degree in accounting or finance. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. When you’re not able to afford enough money to employ an accountant, doing it on yourself can be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
What can we do ?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and how it can help you. Even though this is a long read, you should be able to determine if TaxJar is what you need right now.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Tax Tables
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it across all of your channels of sales to ensure that you are 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 utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to make their business more organized and straightforward. Let’s explore their features and services.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting system seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to maintain everything in line. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar lets you display your most important data in one location. That way, there’s no need to collect data from different channels and then organize it on one platform. All you have to do is to integrate TaxJar, and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers file their sales taxes by hand or using TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income TaxJar will train you on managing them. It is up for you and your team to finish the tax returns on time. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. This feature will ensure that everything will be automated, from calculating sales taxes to recording and processing them. But, it is possible to incur extra fees if not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. From there, you and your team will have access to everything you require, including an inventory of your transactions, reports, as well as data.
The best part about this option is the fact that it lets you to automatically update every day. Not only will they let you know how much you’ve collected and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard also allows you to fully view the total sales tax for your business. It is also possible to export the data as CSV format. CSV file if you need it in your process of financial planning and accounting or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. This means that you don’t have to scramble for your documents whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature 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 funds better. You’ll know exactly how much budget you have for other operational expenses.
What’s more is that TaxJar provides training and tutorials, not just on their platform, but for anything that has to do with sales tax. You can check out their webinars, guides as well as their blog to find more info. Additionally, their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements and reporting. It comes with taxes on sales and sales as well as 4 autofiles for free each year, and a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small business manager, the plan should be perfect for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration features.
If you’re looking for something that is more than the basic features and options, then the Professional plan could be the one for you. The price starts at $99 but it can go higher if you add custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to choose the Premium plan instead. It includes all of the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as API integrations, team users, and AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Tax Tables
However, they did say that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need to run your business.
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still considering various options, they provide 30 days of free trial. This should give you enough time to determine if the platform is a good fit for you.
Pros and Cons
Now that we’ve covered all you need to know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only will it aid in tracking your revenue and products, but it can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they offer tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to save more time while keeping the track of each deadline or requirement you need to meet. If you’re living in a place with complicated tax regulations, this will definitely help you get your mind around it. TaxJar Tax Tables
If handling taxes is easy, then TaxJar might not be a good expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire process easy to do then you’re better off doing it by yourself.
FAQ TaxJar Tax Tables
Which areas does TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar can calculate your tax.