Taxes have always been among 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 accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the funds to engage an accountant doing it on your own could be risky. If you make a mistake, you might have to do it all over again!
Nearly everyone would prefer to skip this step. But since it’s required, we have no choice.
So what is the best way to deal with it?
We can always make life easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can benefit you. Even though this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need right now.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Transactions Api
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it across all of your channels of sales to ensure that you are in compliance with your sales taxes. It streamlines processes that take days to complete and is completed in just a few only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to make their business more neat and simple. Let’s look into their features and services.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting platform seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you need to maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your key metrics in one spot. This means that there is no requirement to collect data in multiple channels and sort it into one platform. All you need to do is connect TaxJar then the system will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax manually or through the AutoFile feature. For the purpose of this article, we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns TaxJar will train you on how to manage them. But, it is up for you and your team to complete everything within the timeframe. TaxJar is there to help you understand what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. With this feature, everything will be automated, from calculating sales tax to recording and processing it. However, there might be additional charges if they are not part of the plan you select.
Sales Tax Reports
As 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 a single dashboard through this platform. Once you’re on the platform you and your staff can access everything you need, such as the list of transactions, reports, and information.
The best part about this option is the fact that they allow you to automatically update every day. Not only can they help you keep track of how much you’ve earned however, they can also help you determine when your next payments are due.
Their dashboard also allows you to fully view the total sales tax for your business. It is also possible to export the information as the form of a CSV file if you need it in your accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep on top of all your sales channels. That means you won’t have to search for your documents whenever you’re in a pinch. Even if you already have your accounting firm, the feature will 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 funds more effectively. You’ll know better how much budget you have for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform , but also for anything connected to sales tax. Check out their webinars, guides as well as their blog to find more information. In addition their sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It comes with sales tax reporting, four autofiles for free each year, and an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not have all the features of TaxJar but it comes with the essentials that you need.
You can also contact their customer support via their support chart for email. You’ll also be able to use their integration features.
If you’re looking to get different from the basic features and options, then the Professional plan may be the best option for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the basic plan?
Apart from having access to each of Starter plan’s features, you also have their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large company, you may need to go for premium plans instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data, API integrationsfor team users, and AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Transactions Api
However, they did mention that this plan is tailor-fit for each user. So the costs will vary in line with what you require for your company.
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to see if the platform is the right choice for you.
Pros and Pros and
After we’ve gone over everything you must know about TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of the use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features save 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 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 have access to the API feature.
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes numerous platforms. If that sounds like what you do, then you ought to try this.
Not only can it assist you in keeping track of your products and revenue It can also help you meet the deadlines you set. It is also a great option for accountants as they offer a Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can help you get more done while keeping track of every deadline and requirement you have to fulfill. If you live in a place with complicated tax regulations, this will surely help you wrap your mind around it. TaxJar Transactions Api
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you find the whole process easy to do and you’re comfortable with it, you may be better to do it by yourself.
FAQ TaxJar Transactions Api
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it to USUSD prior to when TaxJar determines your tax.