Taxes have always been one of the most difficult tasks to complete, whether you’re running a business or not. More so if you don’t have a background in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is full of things to be done. In the event that you do not have enough money to employ an accountant, doing it on your own can be dangerous. If you make a mistake it could mean you have to redo things again!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can help you. Although this is quite a long read, you should be able to assess whether TaxJar is the tool you require in the present.
Prefer watching videos rather than watch them? Watch 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 we’ll dive right into.
What is TaxJar TaxJar Wix
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all of your sales channels to make sure you’re in compliance with your sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to make their business more simple and organized. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. That way, there’s no need to gather data from different channels and then organize it on one platform. All you have to do is connect TaxJar, it will handle all the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to file their sales taxes either manually or via their AutoFile feature. In the purpose of this article, we’ll look into both.
If you opt to go it alone, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing tax returns for income TaxJar will train you on how to handle these. But, it is up to you and your staff to complete everything in time. TaxJar is there to provide guidance on what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales taxes to recording and processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you need, such as the list of transactions, reports, as well as the data.
The most appealing aspect of this option is the fact that it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard can also allow you to fully view the total sales tax for your business. You can also export your data to CSV format. CSV file in case you require it to aid in financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. It means you don’t need to hunt for your paperwork when you’re in the event of a need. Even when you already have your accountant, this feature can make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your money more efficiently. You’ll be aware of the budget you have available for other operational costs.
But what’s even better is that TaxJar provides training and tutorials not only for their platform , but also all things that has to do with sales tax. Check out their webinars, guides, as well as their blog to find more details. Apart from that, their sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They claim that it’s the best plan for those who need assistance with filing requirements and reporting. It comes with the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not have all the features offered by TaxJar, but it has the essentials that you need.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking to get that is more than the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
What is the difference from the basic plan?
Apart from having access to every one of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you run a large business, you might need to go for premium plans instead. It includes all of the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports, API integrationsfor team members, and AutoFiles.
There is also a team dedicated to managing your account. But, they don’t divulge the price of the Premium plan. will cost you. TaxJar Wix
However, they did say that this plan is customized for each user. The cost of the plan will be different in line with what you require for your company.
Luckily, you don’t have to gamble your money just to find out if the platform is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to determine whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a break. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for 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.
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have multiple sales channels and uses numerous platforms. If that sounds like what you do, then you ought to try this.
It’s not just a way to help you track the sales and profits of your business, but it can assist you in meeting the deadlines you set. It is also a great opportunity for accountants since they have a Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep track of every deadline and obligation you have to meet. If you live in an area with complex tax regulations, this will certainly help you to get your mind around it. TaxJar Wix
But if handling your taxes is simple If it isn’t, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure easy to complete, you might be better to do it by yourself.
FAQ TaxJar Wix
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar will calculate your tax.