Taxes have always been one of the most difficult tasks to complete, whether you’re running your own business or not. More so if you don’t have any experience in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have enough money to engage an accountant making it yourself can be risky. If you overlook one thing it could mean you have to do it all over again!
Almost everyone wants to avoid this step. But since it’s required and mandatory, there’s no other choice.
So , what can we do about it?
We can make life easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can help you. Although this is quite a long read but you’ll be able to assess whether TaxJar is what you need in the present.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar TaxJar Vs Quickbooks
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it in all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could can take 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 companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is that your accounting tax platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one place. That way, there’s no need to gather data from different channels and sort it into one platform. All you need to do is integrate TaxJar, then the system will handle 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 clients to file their sales taxes by hand or using their AutoFile feature. In our review we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on managing these. It is up for you and your team to complete the process in time. TaxJar is only there to guide you on what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. With this feature, everything will be automated, from calculating sales taxes in order to record and process them. There could be extra fees if not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there you and your staff can access everything you need, such as a list of your transactions, reports, as well as the data.
The best part about this option is the fact that it lets you to update automatically every day. Not only will they let you keep track of how much you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to see the sales tax totals for your business. You can also export the data as a CSV file, if you want to use it for your financial planning and accounting processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to scramble for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this function can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have for other operational expenses.
The best part is that TaxJar offers training and tutorials not only for their platform but everything that has to do with sales tax. You can look through their guides, webinars, or blog posts for additional details. In addition the sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of those plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the most suitable plan for you if you need help in filing and reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as an CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a smaller company proprietor, then this program could be ideal for you. It may not offer all the features offered by TaxJar but it comes with all the basics you require.
Additionally, you can contact their support team with their email support chart. You’ll also have access to their integration tools.
If you’re looking for something a bit more than just the standard features and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher by adding custom features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to choose the Premium plan instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited integrations with data imports as well as API integrations, team members as well as AutoFiles.
They also have a team who are devoted to managing your account. They don’t reveal the amount that the Premium plan costs you. TaxJar Vs Quickbooks
However, they did say that the plan is custom-made for every user. The cost of the plan will be different in line with what you require for your company.
Luckily, you don’t have to bet your life on it to determine if this service is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to determine if the platform is the right choice for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar let’s take a break. In order to sum up the whole thing, here are the advantages and disadvantages of the use of TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies that have multiple sales channels and uses plenty of platforms. If that’s what you do, then you must try TaxJar.
Not only will it aid in tracking your products and revenue, but it can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they have a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
The use of TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to fulfill. If you live in an area with complex tax regulations, this will certainly help you to get your head around it. TaxJar Vs Quickbooks
But if handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary investment. If you have only one or two sales channels, TaxJar won’t be needed to track everything. If you find the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ TaxJar Vs Quickbooks
Which areas does TaxJar offer API support?
TaxJar currently supports countries like those of 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 to TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar can calculate your tax.