Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related work aren’t easy, particularly when you’re packed with things to do. If you don’t have enough money to hire an accountant, making it your own could be risky. If you make a mistake it could mean you need to repeat the process!
Most people want 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 always make our lives easier with tools such as TaxJar.
This article will take a look at this life-saving device and how it can benefit you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is what you need in the present.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar With Shopify
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all of the sales channels you use to ensure that you are in compliance with sales taxes. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything neat and simple. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll want to check you have a tax accounting platform is compatible with your sales channel. If you’re selling through multiple channels, you need to ensure that everything is in order. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical 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 to integrate TaxJar, then the system will do all the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. In our review we’ll dig at both.
If you opt to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income TaxJar will train you on how to handle the tax returns. But, it is up to you and your team members to finish the tax returns within the timeframe. TaxJar will only guide you on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. But, it is possible to incur additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting woes. The orders you place through your online channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team can access everything you need, like an inventory of your transactions, reports, and data.
The greatest benefit of this option is the fact that it allows you to update automatically every day. They not only let you keep track of how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard can also allow you to see the sales tax totals in your business. Additionally, you can export the data to CSV format. CSV file if you need it in your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. This means that you don’t have to scramble for your documents when you need them when you’re in a pinch. Even when you already have your accounting firm, the feature will help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds better. You’ll be aware of the budget you have for other operating expenses.
The best part is that TaxJar offers training and tutorials, not just for their platform but for anything related to sales tax. Check out their guides, webinars, and blog for more details. Additionally the sales tax calculator is beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they can be too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing tiers and what each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a smaller business manager, the plan could be ideal for you. It may not offer all of TaxJar’s features but it comes with the essentials that you need.
In addition, you can reach their support team with their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for something different from the standard features, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
What is the difference from the original plan?
In addition to having access to each of Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to choose the Premium plan instead. It has all of the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrations, team members and AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan is going to cost. TaxJar With Shopify
But they did state that this plan is tailor-fit to each user. Therefore, the cost will differ according to what you require to run your business.
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to see if the platform is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To sum it all up Here are the pros and cons of the 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 simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- Allows you to track 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
- 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 numerous platforms. If this sounds like the way you do, then you should try this.
Not only can it aid in tracking your revenue and products, but it can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they provide tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to fulfill. If you live in an area with complex tax regulations, this will surely help you wrap your head around it. TaxJar With Shopify
If handling taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure simple to follow, you might be better to do it on your own.
FAQ TaxJar With Shopify
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate 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 cannot convert currency values. All of the transactions are in USdollars. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar determines your tax.