Taxes are always one of the most difficult tasks to complete, whether you’re running an enterprise or not. Even more so if you do not have a background in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford enough money to engage an accountant doing it on yourself can be dangerous. If you overlook one thing and you don’t know it, you may have to redo things again!
Almost everyone wants to skip this step. But since it’s required, we have no choice.
So what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can assist you. While this is an extensive read but you’ll be able to assess whether TaxJar is what you need in the present.
Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, let’s get right into it.
What is TaxJar TaxJar Training
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that require days to complete and is completed in just a few only a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to keep everything neat and simple. Let’s explore their features and services.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax system perfectly integrates with your sales channel. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar allows you to show your most important data in one location. That way, there’s no requirement to collect information from multiple sources and organize it into one platform. All you need to do is to integrate TaxJar, it will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to file their sales taxes either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing income tax returns TaxJar will train you on managing these. However, it will be up to you and your staff to complete the process in time. TaxJar is only there to provide guidance on what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. With this feature, everything will be automated, from calculating sales taxes to recording and processing it. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there, you and your team will have access to everything you need, such as an inventory of your transactions, reports and data.
The greatest benefit of this feature is that it allows you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated, but they also help you keep track of when the next payments are due.
Their dashboard also allows users to view in detail the sales tax totals in your business. You can also export your data in a CSV file if you need it for your accounting and financial planning processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to search for your documents when you’re in a pinch. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds better. You’ll know better how much budget you have available for other operational costs.
What’s more is that TaxJar provides training and tutorials and tutorials, not just on their platform, but all things related to sales tax. You can check out their webinars, guides and blog for more details. Apart from that, their sales tax calculator can be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the best plan if you need help with filing requirements and reporting. It includes taxes on sales and sales as well as four annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a smaller company manager, the plan could be perfect for you. It may not have all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking for something that is more than the standard features, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to opt for premium plans instead. It comes with all the features needed to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as API integrationsfor team users and AutoFiles.
There is also a team dedicated for managing the account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Training
But they did state that this plan is customized for every user. Therefore, the cost will differ according to what you require for your business.
Luckily, you don’t have to bet your life on it to find out if the platform is right for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to determine whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a break. To summarize, here are the advantages and disadvantages of using TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can 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 applicable to USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
Not only can it aid in tracking your products and revenue, but it can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they offer tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Using TaxJar can allow you to get more done while keeping the track of each deadline or requirement you need to fulfill. If you live in an area with complex tax regulations, this will definitely help you get your mind around it. TaxJar Training
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the whole process easy to do then you’re better off doing it by yourself.
FAQ TaxJar Training
What are the areas in which TaxJar offer 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 sync your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into US$ before TaxJar determines the tax.