Taxes have always been one of the hardest things to do, whether you’re running a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, especially when you’re packed with things to do. In the event that you do not have the budget to hire an accountant, performing the task on your own could be dangerous. If you overlook one thing, you might have to redo things again!
Nearly everyone would prefer to skipping this step. But since it’s required and mandatory, there’s no other choice.
What can we do about it?
We can always simplify our lives with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can benefit you. Although this is quite an extensive read it is possible to assess whether TaxJar is exactly what you need in the present.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar TaxJar What Is Actual Taxed
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it across all of your channels of sales to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by online business owners to ensure that everything is neat and simple. Let’s look into the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting platform is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must keep everything in place. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical data in one location. This means that there is no requirement to collect data in multiple channels and organize it into one platform. All you have to do is connect TaxJar then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to make sales tax filings manually or through their AutoFile feature. For this review, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. Once the time comes for the filing of income tax returns The team will guide you on how to handle these. But, it is up for you and your staff to finish the tax returns in time. TaxJar will only guide you on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing them. There could be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform you and your team will have access to everything you need, such as an inventory of your transactions, reports, and the data.
The most appealing aspect of this option is the fact that it lets you to update automatically every day. They not only let you know how much you’ve collected however, they can also help you track when your following payments are due.
The dashboard allows you to fully view the overall sales taxes within your company. Additionally, you can export the data to a CSV file in case you require it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the sales avenues you use. This means that you don’t have to hunt for your paperwork when you need them when you’re in a pinch. Even when you already have your accounting firm, the feature can make them more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operational costs.
The best part is that TaxJar offers tutorials and training, not just for their platform , but also all things connected to sales tax. You can check out their guides, webinars, as well as their blog to find more details. In addition, their sales tax calculator can be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing structures and what each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small-scale company owner, this plan could be ideal for you. It might not include all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration tools.
If you’re looking to get different from the basics, then the Professional plan could be the one for you. It starts at $99, but it can go higher if you add custom features.
What is the difference from the starter plan?
In addition to having access to all of the Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as advanced CSV import. They also 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 includes all of the features that you require to make your tax filing easier. In addition, they offer unlimited data import integrations API integrations, team users, and AutoFiles.
They also have a team that is devoted for managing the account. They don’t reveal the price of the Premium plan. costs you. TaxJar What Is Actual Taxed
However, they did mention that this plan is customized for each user. So the costs will vary depending on what you need for your company.
Luckily, you don’t have to gamble your money just to see if this platform is right for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to determine whether the service is an excellent fit for you.
Pros and Pros and
We’ve covered everything you need to know about 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 to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated 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 be able to access the API feature.
- Only valid for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then ought to try this.
Not only can it aid in tracking your revenue and products however, it will assist you in meeting your deadlines. It’s also an excellent option for accountants as they have tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep track of every deadline or requirement you need to fulfill. If you live in a region with a lot of tax laws, this can surely help you wrap your head around it. TaxJar What Is Actual Taxed
If handling taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire procedure easy to complete then you’re better in doing it all by yourself.
FAQ TaxJar What Is Actual Taxed
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar determines your tax.