Taxes have always been among the most difficult things to handle, whether you’re running a business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the funds to engage an accountant making it your own can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skipping 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 simplify our lives by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can benefit you. While this is a long read but you’ll be able to assess whether TaxJar is the tool you require today.
Are you looking video streaming instead? 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, we’ll dive right into.
What exactly is TaxJar? TaxJar Valuation
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it in all of your sales channels to make sure you’re in compliance with sales tax requirements. It streamlines processes that require days to complete and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to make their business more organized and straightforward. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure you have a tax accounting platform is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one place. This means that there is no need to collect information from multiple sources and organize it into a single 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 to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows clients to file their sales taxes by hand or using the AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing tax returns for income, the team will instruct you on how to manage them. But, it is up for you and your team to complete everything in time. TaxJar is only there to provide guidance on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. With this feature, everything will be automated, from calculating taxes on sales through recording, and then processing them. However, there might be extra fees if not included in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there, you and your team can access everything you need, such as an inventory of your transactions, reports, as well as the data.
The greatest benefit of this feature is that it allows you to update automatically every day. They not only let you know how much you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to see the sales tax totals for your business. Additionally, you can export the data as a CSV file if you need it to aid in accounting and financial planning processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. That means you won’t have to scramble for your documents whenever you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your funds more effectively. You’ll be aware of the 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 also all things connected to sales tax. You can check out their webinars, guides as well as their blog to find more details. In addition, their sales tax calculator is useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and what each of those plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the best plan to help you with filing requirements and reporting. It comes with taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small-scale company proprietor, then this program should be ideal for you. It might not include all the features offered by TaxJar, but it has the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basics and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
What is the difference from the basic plan?
In addition to having access to all of the Starter plan’s features, you also have their support via phone, API access, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you run a large company, you may need to choose premium plans instead. It has all of the features needed to make your tax filing easier. In addition, they offer unlimited integrations with data imports API integrationsfor team users, and AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge the price of the Premium plan. is going to cost. TaxJar Valuation
However, they did say that this plan is tailor-fit for each user. Therefore, the cost will differ according to what you require to run your business.
Free Trial
Luckily, you don’t have to gamble your money just to see if this platform is the right one for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to see whether the software is the right choice for you.
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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 using TaxJar for your company.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers 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
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes many platforms. If that sounds like what you do, then you must try TaxJar.
It’s not just a way to help you track the sales and profits of your business however, it will also help you meet your deadlines. It is also a great opportunity for accountants since they have a Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar can help you reduce time and keep the track of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax laws, this can surely help you wrap your mind around it. TaxJar Valuation
If handling your taxes is straightforward, then TaxJar might not be a good investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. In addition, if you find the whole procedure easy to complete, you might be better to do it by yourself.
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FAQ TaxJar Valuation
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar can calculate the tax.
