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 degree in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford enough money to engage an accountant performing the task on your own could be risky. If you make a mistake and you don’t know it, you may need to repeat the process!
Almost everyone wants to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can benefit you. Even though this is a long read but you’ll be able to assess whether TaxJar is exactly what you need today.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Worth It?
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it in all of the sales channels you use to ensure compliance with your sales taxes. It streamlines processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to keep everything neat and simple. Let’s look into their features and services.
Features and services
One of the first things you’ll want to check is that your accounting tax system perfectly integrates along with sales funnels. If you’re using multiple sales channels, it is essential to maintain everything in line. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your key metrics in one spot. This means that there is no need to gather data in multiple channels and then organize it on one platform. All you need to do is connect TaxJar then the system will take care of the rest.
Other than 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 file their sales taxes manually or through their AutoFile feature. For this review, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect those sales tools. When it comes time to filing tax returns for income The team will guide you on how to manage the tax returns. However, it will be up to you and your team to complete the process within the timeframe. TaxJar will only help you understand what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing them. However, there might be additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be combined into one dashboard using this platform. From there you and your team will have access to all the information you require, including the list of transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is they allow you to update your account automatically each day. They not only let to know the amount you’ve earned and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to fully view the sales tax totals within your company. Additionally, you can export the data as a CSV file, if you want to use it for your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the channels you sell through. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even when you already have your accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds better. You’ll be aware of the budget you have available for other operational costs.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also all things that has to do with sales tax. You can check out their webinars, guides and blog for more info. Additionally their sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements or reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller business owner, this plan should be ideal for you. It might not include all of TaxJar’s features, but it has the basic features you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for something different from the basics, then the Professional plan could be the one for you. It starts at $99, but you can increase it when you add additional features.
How different is it from the starter plan?
In addition to accessing all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to opt for an upgrade instead. It includes all of the features that you require to help with your taxes. Additionally, they permit unlimited import integrations of data, Integrations with APIs, teams of members as well as 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 Worth It?
But they did state that the plan is custom-made for every user. Therefore, the cost will differ depending on what you need to run your business.
Fortunately, you don’t need to risk your money 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 be enough time to see if the platform is the right choice for you.
Pros and Pros and
We’ve covered everything you need to know about TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- Allows you to track 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.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you do, then you ought to try this.
Not only can it help you track your products and revenue It can help you meet your deadlines. It’s also an excellent opportunity for accountants since they provide tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this can surely help you wrap your head around the subject. TaxJar Worth It?
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire process easy to do then you’re better in doing it all by yourself.
FAQ TaxJar Worth It?
Which areas does TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it into USdollars prior to when TaxJar will calculate your tax.