Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re full of things to be done. If you don’t have enough money to engage an accountant performing the task on your own can be risky. If you miss one detail, you might need to repeat the process!
Almost everyone wants to avoid this step. But since it’s required and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can always make our lives easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can benefit you. Although this is quite an extensive read but you’ll be able to determine if TaxJar is exactly what you need in the present.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Vs
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your sales channels to ensure compliance with sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by online business owners to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
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 final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. This means that there is no need to collect data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar, and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. In this review, we’ll look into both.
If you opt to do it manually, TaxJar will allow you to connect those sales tools. Once the time comes for filing tax returns for income The team will guide you on how to handle them. But, it is up to you and your team members to complete everything within the timeframe. TaxJar is only there to guide you on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating sales tax in order to record and process them. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to all the information you need, such as an inventory of your transactions, reports and information.
The best part about this option is the fact that it lets you to update automatically every day. Not only can they help you keep track of how much you’ve accumulated however, they can also help you keep track of when the next payments are due.
The dashboard allows you to fully view the overall sales taxes within your company. You can also export the data to the form of a CSV file if you need it to aid in financial planning and accounting processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of 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 even if you already have an accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have for other operational 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 and blog for more details. In addition the sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll examine TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan to help you with filing requirements and reporting. It includes sales tax reporting, 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-scale business manager, the plan should be perfect for you. It might not include all the features offered by TaxJar however, it does include the essentials that you need.
Additionally, you can contact the support team via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking to get that is more than the basics, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the original plan?
In addition to 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 advanced CSV import. You can also get 12 AutoFiles for free each year.
If you run a large business, you might need to opt for an upgrade instead. It has all of the features you need to make your tax filing easier. In addition, they offer unlimited integrations with data imports as well as API integrationsfor team users as well as AutoFiles.
There is also a team that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. is going to cost. TaxJar Vs
But they did state that the plan is custom-made for every user. The cost of the plan will be different depending on what you need for your business.
Luckily, you don’t have to bet your life on it to determine if this service is for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to gauge whether the software is the right choice for you.
Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of using TaxJar for your company.
- There is the 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
- Offers a 30-day free trial
- 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
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes numerous platforms. If that sounds like what you do, then you should try this.
It’s not just a way to aid in tracking your revenue and products, but it can assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they provide the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
The use of TaxJar can allow you to get more done while keeping track of every deadline or requirement you need to meet. If you’re in a place with complicated tax laws, this can certainly help you to get your mind around it. TaxJar Vs
But if handling your taxes is straightforward, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar Vs
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it to US$ before TaxJar can calculate the tax.