Taxes are always one of the most difficult things to handle, whether you’re running an enterprise or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly 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 your own could be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do ?
We can make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving device and how it can assist you. While this is a long read but you’ll be able 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 give a complete review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What is TaxJar? TaxJar Wikipedia
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your sales channels to make sure you’re in compliance with sales tax requirements. It simplifies the processes that require days to complete and finish within minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure is your tax-reporting platform is compatible with your sales channel. If you have multiple sales channels, it is essential to maintain everything in line. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key metrics in one spot. This means that there is no requirement to collect information from multiple sources and sort it into one platform. All you need to do is connect TaxJar, it will do the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes by hand or using their AutoFile feature. For this review, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns, the team will instruct you on managing the tax returns. It is up for you and your team to complete the process within the timeframe. TaxJar is only there to provide guidance on what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. With this feature, everything will be automated, from calculating sales tax through recording, and then processing them. But, it is possible to incur extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard via 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 information.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. Not only can they help 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 users to view in detail the total sales tax within your company. It is also possible to export the data as the form of a CSV file, if you want to use it for your financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. This means that you don’t have to search for your documents whenever you’re in a pinch. Even if you already have your accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have for other operating costs.
The best part is that TaxJar offers training and tutorials, not just for their platform , but also all things related to sales tax. You can look through their webinars, guides, and blog for more information. Additionally their sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you for those who need assistance in filing and reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a smaller company proprietor, then this program could be perfect for you. It may not have all the features of TaxJar however, it does include the essentials that you need.
In addition, you can reach their customer support via their email support chart. You’ll also have access to their integration features.
If you’re looking to get different from the standard features Professional could be the one for you. It’s priced at $99 but you can increase it when you add additional features.
What is the difference from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone, API access, and the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for the Premium plan instead. It includes all of the features you need to help with your taxes. Moreover, they allow unlimited import integrations of data, Integrations with APIs, teams of members and AutoFiles.
There is also a team who are devoted for managing the account. They don’t reveal the price of the Premium plan. is going to cost. TaxJar Wikipedia
But they did state that this plan is customized to each user. The cost of the plan will be different depending on what you need for your business.
It’s a good thing that you don’t have to bet your life on it to determine if this service 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 gauge whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with multiple sales channels and uses many platforms. If that’s what you’re doing, then must try TaxJar.
It’s not just a way to aid in tracking your products and revenue however, it will assist you in meeting your deadlines. This is also an excellent platform for an accountant since they have tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to meet. If you’re in a region with a lot of tax regulations, this will certainly help you to get your mind around it. TaxJar Wikipedia
But if handling taxes is easy, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ TaxJar Wikipedia
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions are in USdollars. If you’re using another currency, you will need to convert it to USdollars prior to when TaxJar determines your tax.