Taxes are always one of the hardest things to do regardless of whether you’re running your own business 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 the budget to employ an accountant, doing it on your own can be risky. If you overlook one thing, you might have to do it all over again!
Nearly everyone would prefer to skipping this step. But since it’s required and mandatory, there’s no other choice.
So , what can we do about it?
We can always simplify our lives by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can benefit you. Even though this is a long read it is possible to assess whether TaxJar is what you need in the present.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What is TaxJar TaxJar Upload Format
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all your sales channels to make sure you’re in compliance with your sales taxes. It streamlines processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by online business owners to keep everything simple and organized. Let’s look into their features and services.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting system is compatible along with sales funnels. If you’re using multiple sales channels, you must ensure that everything is in order. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar lets you display your key metrics in one spot. So, there’s no requirement to collect information from multiple sources and sort it into one platform. All you have to do is integrate TaxJar then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers file their sales taxes either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When the time is right for the filing of income tax returns, the team will instruct you on managing them. It is up to you and your staff to complete everything in time. TaxJar will only help you understand what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. Through this feature, everything will be automated, from calculating sales tax in order to record and process them. But, it is possible to incur extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting problems. The orders you place through your online channels can be put together into one dashboard using 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 feature is that it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payment is due.
The dashboard allows you to see the total sales tax in your business. Additionally, you can export the data in a CSV file in case you require it in your financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all your sales channels. That means you won’t have to scramble for your documents when you’re in a pinch. Even if you already have your accountant, this function can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform but everything that has to do with sales tax. You can check out their webinars, guides, or blog posts for additional info. Additionally the sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they’re sometimes 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 plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you to help you with filing requirements and reporting. It also 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 small company proprietor, then this program should be perfect for you. It might not include all of TaxJar’s features but it comes with the essentials that you need.
In addition, you can reach their support team with 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 standard 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 starter plan?
In addition to accessing each of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to choose premium plans instead. It comes with all the features you need to make your tax filing easier. In addition, they offer unlimited data import integrations as well as API integrationsfor team members as well as AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the price of the Premium plan. costs you. TaxJar Upload Format
However, they did mention that this plan is customized to each user. Therefore, the cost will differ according to what you require for your business.
Luckily, you don’t have to risk your money to see if this platform is 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 software is the right choice for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the advantages and disadvantages of the use of TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is easy 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 on AutoFile are determined by 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 review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then should try this.
Not only can it help you track your products and revenue It can help you meet your deadlines. It’s also an excellent platform for an accountant since they have a Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to get more done while keeping the track of each deadline or requirement you need to fulfill. If you’re in an area with complex tax regulations, this will surely help you wrap your head around it. TaxJar Upload Format
If handling your taxes is simple, 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 keep track of all of it. In addition, if you find the whole process easy to do, you might be better to do it on your own.
FAQ TaxJar Upload Format
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it into USdollars prior to when TaxJar determines your tax.