Taxes have always been among the most difficult things to handle regardless of whether you run a business or not. Even more so if you do not have a background in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have the budget to employ an accountant, making it your own can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Most people want to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what is the best way to deal with it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can assist you. Even though this is an extensive read it is possible to gauge whether TaxJar is exactly what you need in the present.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar Wiki
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with sales tax requirements. It streamlines processes that can take days to complete, and is completed in just a few only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s look into the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure you have a tax accounting system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to ensure that everything is in order. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to display your key 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, it will do the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms that they can connect with:
TaxJar allows customers to make sales tax filings by hand or using their AutoFile feature. In this review, we’ll look at both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for filing tax returns for income, the team will instruct you on how to manage the tax returns. It is up for you and your team to complete the process on time. TaxJar is only there to help you understand what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales taxes through recording, and then processing it. However, there might be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting woes. The orders you place through your online channels can be put together into one dashboard using this platform. Once you’re on the platform, you and your team can access everything you need, such as the list of transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. Not only will they let you know how much you’ve collected and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows you to see the total sales tax within your company. You can also export the data in a CSV file if you need it for your accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to hunt for your paperwork when you need them in the event of a need. Even if you already have your accountant, this feature can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have for other operating costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just on their platform, but all things that has to do with sales tax. You can check out their webinars, guides, or blog posts for additional details. In addition, their sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often 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. Presently, 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 if you need help with filing requirements or reporting. It includes the tax on sales, four annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small company proprietor, then this program should be perfect for you. It might not include all the features offered by TaxJar however, it does include the basic features you require.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for a bit more than just the basics Professional might be the right one for you. The price starts at $99 but you can increase it by adding custom features.
So how different is it from the starter plan?
In addition to having access to each of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and the ability to do 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 premium plans instead. It includes all of the features you need to aid in your tax preparation. Moreover, they allow unlimited import integrations of data API integrations, team members as well as AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Wiki
But they did state that this plan is tailor-fit for every user. The cost of the plan will be different according to what you require to run your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is right for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the software is a good fit for you.
Pros and Pros and
We’ve covered everything you need to be aware of TaxJar let’s take a break. To summarize, here are the pros and cons of making use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- 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
- Certain countries will not have access to the API feature.
- Only applicable to USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have multiple sales channels and uses plenty of platforms. If that’s what you’re doing, then you ought to try this.
Not only can it aid in tracking your products and revenue, but it can also help you meet your deadlines. This is also an excellent option for accountants as they offer the Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can allow you to get more done while keeping track of every deadline or requirement you need to fulfill. If you’re living in a place with complicated tax laws, this can surely help you wrap your head around it. TaxJar Wiki
If handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire process easy to do then you’re better to do it by yourself.
FAQ TaxJar Wiki
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in USdollars. If you’re using another currency, you’ll need to convert it into US$ prior to when TaxJar determines the tax.