Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a background in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. In the event that you do not have the budget to engage an accountant making it your own could be dangerous. If you overlook one thing, you might have to redo things again!
Most people want to avoid this step. But since it’s required, we have no choice.
So what can we do about it?
It is always possible to make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can benefit you. Even though this is an extensive read but you’ll be able to assess whether TaxJar is what you need today.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Types
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure compliance with sales taxes. It makes the process simpler that could can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting platform is compatible with your sales channel. If you’re using multiple sales channels, you must ensure that everything is in order. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your critical metrics in one spot. That way, there’s no need to collect data from different channels and sort it into one platform. All you need to do is to integrate TaxJar it will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to make sales tax filings by hand or using their AutoFile feature. In our review we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns, the team will instruct you on how to manage them. However, it will be up to you and your team members to complete everything within the timeframe. TaxJar is there to provide guidance on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. Through this feature, everything will be automated from calculating taxes on sales to recording and processing it. However, there might be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you need, like the list of transactions, reports and data.
The best part about this option is the fact that it lets you to update your account automatically each day. Not only will they let you know how much you’ve accumulated however, they can also help you determine when your next payments are due.
Their dashboard also allows you to see the sales tax totals within your company. It is also possible to export the information in a CSV file if you need it to aid in financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to search for your documents when you need them when you’re in a pinch. Even when you already have your accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds better. You’ll be aware of the budget you have to cover other operational costs.
The best part is that TaxJar offers tutorials and training not only for their platform but all things connected to sales tax. You can check out their webinars, guides, and blog for more information. Apart from that the sales tax calculator should be helpful if you’re planning on complete everything yourself.
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 expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of those plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. The company claims that it’s the most effective plan to help you with filing requirements and reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and an CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a smaller company owner, this plan could be ideal for you. It may not have all the features of TaxJar, but it has the essentials that you need.
Additionally, you can contact 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 basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher if you add custom features.
What is the difference from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to the support of their customer service 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 opt for an upgrade instead. It includes all of the features needed to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as API integrationsfor team members as well as AutoFiles.
They also have a staff that is devoted for managing the account. But, they don’t divulge the price of the Premium plan. will cost you. TaxJar Types
However, they did mention that this plan is customized to each user. The cost of the plan will be different in line with 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 for you. If you’re still considering different options, they offer 30 days of free trial. 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 need to be aware of TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator.
- 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 be able to access the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only will it help you track the sales and profits of your business however, it will help you meet your deadlines. This is also an excellent platform for an accountant since they have tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar will help you save more time while keeping on top of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax regulations, this will certainly help you to get your head around it. TaxJar Types
But if handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire process easy to do and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Types
Which areas does TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it into USUSD prior to when TaxJar can calculate the tax.