Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have a background in finance or accounting. Tax-related issues 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 employ an accountant, making it yourself can be risky. If you overlook one thing and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory, we have no choice.
So what can we do ?
It is always possible to simplify our lives with tools such as TaxJar.
We’ll look at this well-known life-saving tool and how it can assist you. Although this is quite a long read, you should be able to gauge whether TaxJar is the tool you require right now.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar TaxJar Vat Tax
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all your channels of sales to ensure that you are in compliance with sales tax requirements. It streamlines processes that take days to complete and finish within minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to make their business more simple and organized. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to ensure is your tax-reporting system perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your critical data in one location. This means that there is no need to collect data from different channels and sort it into a single platform. All you need to do is integrate TaxJar, it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes by hand or using TaxJar’s AutoFile feature. In the purpose of this article, we’ll look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing income tax returns TaxJar will train you on how to handle them. 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 to 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. This feature will ensure that everything will be automated, from calculating sales tax through recording, and then processing them. However, there might be extra fees if not part of the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you need, such as an inventory of your transactions, reports, as well as the data.
The greatest benefit of the feature you’ve chosen is it allows you to update automatically every day. Not only will they let to know the amount you’ve collected, but they also help you keep track of when the next payment is due.
The dashboard allows you to fully view the sales tax totals in your business. Additionally, you can export the information in the form of a CSV file in case you require it to aid in process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you’re when you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds better. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform , but also all things related to sales tax. Check out their webinars, guides, as well as their blog to find more details. Apart from that, their sales tax calculator can 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 set your budget. Certain platforms have amazing features, but they can be too costly for your business. For this reason, we’ll look into TaxJar’s pricing levels and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It comes with the tax on sales, four free yearly AutoFiles, and a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a small business manager, the plan will be ideal for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration features.
If you’re looking for something a bit more than just the basics Professional might be the right one for you. It starts at $99, however, it could go up by adding 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 their support via phone access to APIs, as well as sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge business, you might need to choose the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations, API integrations, team members and AutoFiles.
They also have a staff that is devoted for managing the account. They don’t reveal the price of the Premium plan. is going to cost. TaxJar Vat Tax
However, they did mention that the plan is custom-made for each user. Therefore, the cost will differ depending on what you need to run your business.
Fortunately, you don’t need to gamble your money just to determine if this service is for you. If you’re still looking into various options, they provide a 30-day free trial. It should give you enough time to determine whether the software is a good fit for you.
Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. To sum it all up Here are the pros and cons of making use of TaxJar for your company.
- Has a 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
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only will it help you track the sales and profits of your business however, it will also help you meet the deadlines you set. It’s also an excellent option for accountants as they offer a Tax Advisor program. You can find tips and learn from their sessions about taxes through it.
The use of TaxJar can help you save more time 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 mind around it. TaxJar Vat Tax
However, if managing taxes is easy and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the whole procedure simple to follow then you’re better to do it by yourself.
FAQ TaxJar Vat Tax
Which areas does TaxJar offer 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 with 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 using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to US$ before TaxJar determines your tax.