Taxes have always been among the most difficult tasks to complete regardless of whether you’re running an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have the budget to hire an accountant, making it your own could be risky. If you make a mistake and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do about it?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can benefit you. Although this is quite an extensive read it is possible to gauge whether TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar TaxJar With Stripe
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your sales channels to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and is completed in just a few just a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by online business owners to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax system seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to be penalized for missing a single minor point.
TaxJar allows you to show your key metrics in one spot. That way, there’s no requirement to collect data from different channels and sort it into one platform. All you need to do is to integrate TaxJar, and the platform will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to make sales tax filings by hand or using their AutoFile feature. For this review, we’ll take a look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns, the team will instruct you on managing these. However, it will be up for you and your staff to complete everything on time. TaxJar will only provide guidance on what you need to do but not handle it.
If you would 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. This feature will ensure that everything will be automated, from calculating sales taxes to recording and processing it. However, there might be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform you and your staff can access everything you require, including an inventory of your transactions, reports, as well as the data.
The best part about the feature you’ve chosen is it lets you to automatically update every day. They not only let to know the amount you’ve collected, but they also help you track when your following payments are due.
The dashboard allows you to fully view the total sales tax within your company. You can also export your data to the form of a CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. It means you don’t need to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know better how much budget you have available for other operational expenses.
The best part is that TaxJar offers training and tutorials, not just for their platform but all things connected to sales tax. You can look through their guides, webinars, and blog for more details. In addition, their sales tax calculator is useful if you’re planning to 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 offer superb features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small company proprietor, then this program could be perfect for you. It might not include all the features offered by TaxJar, but it has all the basics you require.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for something that is more than the basic features Professional might be the right one for you. The price starts at $99 but you can increase it when you add additional features.
How different is it from the basic plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to go for an upgrade instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations as well as API integrations, team users and AutoFiles.
There is also a team who are devoted to managing your account. However, they don’t disclose how much the Premium plan is going to cost. TaxJar With Stripe
However, they did mention that the plan is custom-made to each user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the service is the right choice for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of using TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then should try this.
Not only will it assist you in keeping track of the sales and profits of your business however, it will help you meet your deadlines. It is also a great platform for an accountant since they provide the Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can allow you to reduce time and keep track of every deadline and obligation you have to fulfill. If you’re in a region with a lot of tax laws, this will surely help you wrap your head around the subject. TaxJar With Stripe
If handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you find the whole procedure simple to follow, you might be better to do it by yourself.
FAQ TaxJar With Stripe
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars before TaxJar determines the tax.