Taxes have always been one of the most difficult things to handle regardless of whether you run a business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the budget to employ an accountant, performing the task on your own can be risky. If you make a mistake and you don’t know it, you may have to do it all over again!
Most people want to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do ?
We can make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. While this is an extensive read but you’ll be able to gauge whether TaxJar is the tool you require today.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar TaxJar 179Mlundentechcrunch
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all of the sales channels you use to make sure you’re in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and is completed in just a few just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check you have a tax accounting system is compatible with your sales channel. If you have multiple sales channels, you need to keep everything in place. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one place. This means that there is no requirement to collect information from multiple sources and sort it into one platform. All you have to do is to integrate TaxJar it will do the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to submit their sales tax by hand or using TaxJar’s AutoFile feature. In this review, we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. When it comes time to the filing of income tax returns The team will guide you on managing them. However, it will be up for you and your team to finish the tax returns in time. TaxJar will only help you understand what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. With this feature, everything will be automated, from calculating taxes on sales to recording and processing them. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you need, such as a list of your transactions, reports, and the data.
The most appealing aspect of this option is the fact that they allow you to update automatically every day. Not only will they let you keep track of how much you’ve collected, but they also help you determine when your next payments are due.
The dashboard allows you to fully view the overall sales taxes in your business. Additionally, you can export the information in a CSV file, if you want to use it for your accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the sales avenues you use. That means you won’t have to scramble for your documents whenever you’re in a pinch. Even when you already have your accountant, this 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 for other operating costs.
The best part is that TaxJar offers training and tutorials, not just for their platform but for anything related to sales tax. You can look through their webinars, guides, as well as their blog to find more information. Additionally their sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of those choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most effective plan if you need help with filing requirements or reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and an CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small-scale business owner, this plan could be perfect for you. It may not offer all of TaxJar’s features however, it does include the essentials that you need.
In addition, you can reach their customer support via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking to get different from the standard features, then the Professional plan might be the right one for you. It starts at $99, but you can increase it by adding custom features.
How different is it from the basic plan?
In addition to accessing each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to choose premium plans instead. It has all of the features you need to make your tax filing easier. In addition, they offer unlimited integrations with data imports, Integrations with APIs, teams of members as well as AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge how much the Premium plan will cost you. TaxJar TaxJar 179Mlundentechcrunch
However, they did mention that this plan is customized to each user. Therefore, the cost will differ in line with what you require to run your business.
Fortunately, you don’t need to gamble your money just to see if this platform is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to gauge whether the software is the right choice for you.
Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a break. To summarize we’ll go over the pros and cons of the use of TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then should try this.
Not only can it aid in tracking your products and revenue however, it will help you meet the deadlines you set. It is also a great opportunity for accountants since they provide tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
The use of TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to meet. If you’re in a region with a lot of tax regulations, this will surely help you wrap your head around it. TaxJar TaxJar 179Mlundentechcrunch
If handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure easy to complete then you’re better to do it by yourself.
FAQ TaxJar TaxJar 179Mlundentechcrunch
Which areas does TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it into USUSD before TaxJar determines your tax.