Taxes are always one of the most difficult tasks to complete regardless of whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to engage an accountant performing the task on yourself can be dangerous. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to avoid this step. However, since it’s mandatory, we have no choice.
What is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. While this is lengthy, you should be able to assess whether TaxJar is what you need today.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Tools
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it in all of your channels of sales to make sure you’re in compliance with sales taxes. It makes the process simpler that could can take days to complete, and is completed in just a few minutes.
TaxJar has been 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 extensively used by owners of online businesses to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is that your accounting tax system perfectly integrates along with sales funnels. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one place. This means that there is no need to gather data from different channels and sort it into one platform. All you have to do is to integrate TaxJar it will do all the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers make sales tax filings by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to filing tax returns for income, the team will instruct you on how to manage the tax returns. It is up for you and your staff to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. But, it is possible to incur additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your team will have access to all the information you need, such as an inventory of your transactions, reports, as well as the data.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve earned, but they also help you determine when your next payments are due.
The dashboard allows you to fully view the total sales tax for your business. Additionally, you can export the data to CSV format. CSV file in case you require it to aid in accounting and financial planning processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents whenever you’re in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have to cover other operating expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform but all things that has to do with sales tax. You can check out their webinars, guides, and blog for more info. Apart from that their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
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 the business you run. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of those choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most effective plan if you need help with filing requirements and reporting. It comes with the tax on sales, four autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company proprietor, then this program should be perfect for you. It might not include all the features offered by TaxJar, but it has the essentials that you need.
In addition, you can reach their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking for different from the basic features and options, then the Professional plan could be the one for you. It starts at $99, but you can increase it if you add custom features.
So how different is it from the basic plan?
In addition to accessing each of Starter plan’s options, you also have access to their phone customer support, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge company, you may need to go for premium plans instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations, API integrationsfor team users, and AutoFiles.
They also have a staff that is devoted in managing your accounts. They don’t reveal the price of the Premium plan. will cost you. TaxJar Tools
But they did state that this plan is customized for every user. Therefore, the cost will differ depending on what you need for your company.
Luckily, you don’t have to gamble your money just to find out if the platform is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to gauge if the platform is a good fit for you.
Pros and Pros and
We’ve covered everything you should know about TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of using TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple 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.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then you must try TaxJar.
Not only will it assist you in keeping track of your revenue and products however, it will assist you in meeting the deadlines you set. It’s also an excellent platform for an accountant since they provide the Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
The use of TaxJar can allow you to reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re living in a place with complicated tax laws, this can certainly help you to get your head around the subject. TaxJar Tools
However, if managing taxes is easy and straightforward, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure easy to complete, you might be better to do it by yourself.
FAQ TaxJar Tools
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to USdollars prior to when TaxJar can calculate your tax.