Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is packed with things to do. In the event that you do not have the funds to hire an accountant, making it your own could be risky. If you miss one detail 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 to be done, we can’t choose not to.
So , what can we do about it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can benefit you. Although this is quite a long read but you’ll be able to determine if TaxJar is what you need right now.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Unlimited
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of your channels of sales to ensure compliance with sales taxes. It simplifies the processes that can take days to complete, and finish within only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is simple and organized. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure you have a tax accounting platform perfectly integrates with your sales channel. If you’re selling through multiple 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. So, there’s no need to gather data in multiple channels and sort it into a single platform. All you have to do is connect TaxJar and the platform will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes manually or through their AutoFile feature. For the purpose of this article, we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect the sales channels you use. When it comes time to filing tax returns for income TaxJar will train you on how to handle the tax returns. But, it is up to you and your team to finish the tax returns in time. TaxJar will only provide guidance on what you should do but not 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. With this feature, everything will be automated, from calculating taxes on sales through recording, and then processing them. There could be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there you and your staff will have access to everything you need, like a list of your transactions, reports, as well as information.
The greatest benefit of this feature is that they allow you to update automatically every day. They not only let to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow you to fully view the sales tax totals within your company. It is also possible to export your data in a CSV file in case you require it in your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the sales avenues you use. This means that you don’t have to hunt for your paperwork when you’re in the event of a need. Even if you already have your accountant, this feature can make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have for other operating expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform but for anything connected to sales tax. You can check out their webinars, guides as well as their blog to find more info. In addition their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing tiers and what each of those choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements and reporting. It includes sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small business owner, this plan will be ideal for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration tools.
If you’re looking for something a bit more than just the basic features Professional may be the best option for you. It’s priced 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 all of the Starter plan’s options, you also have access to their phone customer support access to APIs, as well as sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to choose premium plans instead. It has all of the features needed to aid in your tax preparation. In addition, they offer unlimited import integrations of data as well as API integrationsfor team users, and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Unlimited
But they did state that this plan is customized to each user. Therefore, the cost will differ depending on what you need for your business.
Fortunately, you don’t need to gamble your money just to find out if the platform is the right one 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 determine whether the service is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then you should try this.
Not only will it help you track your revenue and products It can help you meet your deadlines. It’s also an excellent opportunity for accountants since they offer tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you get more done while keeping track of every deadline and obligation you have to fulfill. If you’re in a place with complicated tax laws, this can certainly help you to get your head around the subject. TaxJar Unlimited
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire procedure easy to complete, you might be better in doing it all by yourself.
FAQ TaxJar Unlimited
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it into US$ prior to when TaxJar will calculate your tax.