Taxes have always been one of the hardest things to do regardless of whether you’re running an enterprise or not. More so if you don’t have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the budget to employ an accountant, doing it on yourself can be dangerous. If you overlook one thing it could mean you have to redo things again!
Most people want to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do about it?
We can simplify our lives with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. Even though this is lengthy it is possible to determine if TaxJar is what you need today.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Terms Of Service
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it in all of your sales channels 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 a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to keep everything neat and simple. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to make sure is that your accounting tax system seamlessly works well with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for missing a single minor point.
TaxJar allows you to display your key data in one location. This means that there is no need to collect data in multiple channels and then organize it on a single platform. All you need to do is connect TaxJar, then the system will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to file their sales taxes manually or through TaxJar’s AutoFile feature. In this review, we’ll look at both.
If you decide to do it manually, TaxJar will allow you to connect those sales tools. Once the time comes for the filing of income tax returns The team will guide you on how to manage the tax returns. It is up to you and your team to complete the process on time. TaxJar is only there to help you understand what you need to 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 the forms in a manual manner. With this feature, everything will be automated from calculating sales taxes to recording and processing them. However, there might be additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there, you and your team can access everything you need, like an inventory of your transactions, reports and information.
The most appealing aspect of the feature you’ve chosen is they allow you to update automatically every day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. Additionally, you can export your data in the form of a CSV file, if you want to use it in your financial planning and accounting processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. That means you won’t have to scramble for your documents whenever you’re in the event of a need. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have for other operational expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just on their platform, but for anything related to sales tax. You can look through their webinars, guides and blog for more info. In addition, their sales tax calculator should be beneficial when 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 your business. For this reason, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. The company claims that it’s the most suitable plan for you to help you in filing and reporting. It comes with the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a smaller company manager, the plan should be ideal for you. It may not have all of TaxJar’s features, but it has the essentials that you need.
You can also contact the support team via their support chart for email. You’ll also have access to their integration tools.
If you’re looking to get that is more than the standard features Professional might be the right one for you. The price starts at $99 but you can increase it if you add custom features.
So how different is it 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 sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge business, you might need to choose an upgrade instead. It comes with all the features needed to aid in your tax preparation. Moreover, they allow unlimited import integrations of data, API integrations, team users and AutoFiles.
There is also a team who are devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar Terms Of Service
However, they did say that the plan is custom-made for each user. So the costs will vary depending on what you need for your company.
It’s a good thing that you don’t have to gamble your money just to see if this platform is the right one for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to gauge whether the service is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Has 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.
- 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 to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies with many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to help you track the sales and profits of your business however, it will also help you meet your deadlines. It is also a great platform for an accountant since they offer the Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you save more time while keeping track of every deadline and obligation you have to meet. If you’re living in an area with complex tax laws, this will surely help you wrap your head around the subject. TaxJar Terms Of Service
However, if managing your taxes is straightforward, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire process easy to do then you’re better to do it by yourself.
FAQ TaxJar Terms Of Service
What are the areas in which TaxJar provide API assistance?
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 facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into US$ before TaxJar can calculate the tax.