Taxes have always been among the hardest things to do regardless of whether you’re running a business or not. More so if you don’t have a degree in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. In the event that you do not have the budget to employ an accountant, doing it on your own could be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required, we have no choice.
So what can we do about it?
We can always make life easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can assist you. While this is lengthy but you’ll be able to determine if TaxJar is exactly what you need right now.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Ticker Symbol
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all the sales channels you use to make sure you’re in compliance with your sales taxes. It makes the process simpler that could require days to complete and is completed in just a few only a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything neat and simple. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar lets you display your critical data in one location. That way, there’s no requirement to collect information from multiple sources and organize it into a single platform. All you have to do is connect TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar lets customers make sales tax filings either manually or via the AutoFile feature. In this review, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to manage these. But, it is up to you and your team to complete everything on time. TaxJar will only provide guidance on what you should do but not handle 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 the forms in a manual manner. This feature will ensure that everything will be automated, from calculating sales taxes in order to record and process them. There could be additional charges if they are not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform you and your staff can access everything you need, such as a list of your transactions, reports and information.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. Not only can they help to know the amount you’ve earned, but they also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the total sales tax for your business. You can also export the information as CSV format. CSV file in case you require it for your financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the sales avenues you use. That means you won’t have to search for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this feature can make them more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have available for other operating costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also everything related to sales tax. You can check out their guides, webinars, and blog for more info. Additionally the sales tax calculator is useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they can be too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements and reporting. It comes with sales tax reporting, 4 autofiles for free each year, and an CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not offer all the features of TaxJar but it comes with the basic features you require.
In addition, you can reach their customer support via their email support chart. You’ll also have access to their integration tools.
If you’re looking for something that is more than the basics Professional might be the right one for you. The price starts at $99 but it can go higher by adding custom features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to go for premium plans instead. It has all of the features that you require to help with your taxes. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of members and AutoFiles.
They also have a team that is devoted for managing the account. They don’t reveal the price of the Premium plan. costs you. TaxJar Ticker Symbol
However, they did say that the plan is custom-made to each user. Therefore, the cost will differ according to what you require for your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to gauge whether the service is the right choice for you.
Pros and Pros and
We’ve covered everything you need to be aware of TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of using TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has 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
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then must try TaxJar.
It’s not just a way to help you track your revenue and products It can assist you in meeting the deadlines you set. It’s also an excellent option for accountants as they offer the Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline and obligation you have to meet. If you live in a region with a lot of tax laws, this will definitely help you get your head around the subject. TaxJar Ticker Symbol
However, if managing taxes is easy, then TaxJar might not be a good expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire process easy to do and you’re comfortable with it, you may be better to do it by yourself.
FAQ TaxJar Ticker Symbol
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can connect 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 transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate your tax.