Taxes have always been among the most difficult things to handle regardless of whether you run a business or not. Particularly if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have the funds to employ an accountant, making it your own can be dangerous. 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 since it’s required, we have no choice.
So what is the best way to deal with it?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain 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 today.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar TaxJar Wrong
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to ensure compliance with sales tax requirements. It simplifies the processes that require days to complete and finish within just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to make their business more neat and simple. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll want to check is that your accounting tax software seamlessly works well with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar lets you display your most important metrics in one place. This means that there is no need to gather information from multiple sources and organize it into a single platform. All you have to do is to integrate TaxJar, and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows customers to submit their sales tax by hand or using TaxJar’s AutoFile feature. In this review, we’ll dig at both.
If you decide to go it alone, TaxJar will allow you to connect the sales channels you use. When the time is right for the filing of income tax returns The team will guide you on how to manage them. However, it will be up to you and your staff to complete the process in time. TaxJar is only there to help you understand what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. Through this feature, everything is automated, from calculating sales tax in order to record and process 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, you can use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you need, like an inventory of your transactions, reports, as well as data.
The best part about this option is the fact that it lets you to automatically update every day. Not only can they help you know how much you’ve collected however, they can also help you keep track of when the next payments are due.
The dashboard allows users to view in detail the overall sales taxes in your business. Additionally, you can export the data as CSV format. CSV file if you need it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep the track of all the sales avenues you use. That means you won’t have to search for your documents whenever you’re when you’re in a pinch. Even when you already have your accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have available for other operational costs.
The best part is that TaxJar offers tutorials and training not only for their platform , but also everything related to sales tax. You can check out their webinars, guides, as well as their blog to find more info. Additionally their sales tax calculator should be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to establish 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 take a look at TaxJar’s pricing levels and the features that each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It includes the tax on sales, four annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small company manager, the plan could be perfect for you. It might not include all of TaxJar’s features but it comes with the essentials that you need.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for different from the standard features Professional may be the best option for you. The price starts at $99 but you can increase it when you add additional features.
So how different is it from the basic plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you own a huge business, you might need to go for the Premium plan instead. It comes with all the features needed to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as API integrationsfor team users and AutoFiles.
They also have a staff that is devoted for managing the account. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Wrong
But they did state that the plan is custom-made to each user. So the costs will vary in line with what you require for your company.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still looking into different options, they offer a 30-day free trial. It should give you enough time to determine if the platform is a good fit for you.
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Pros and Pros and
We’ve covered everything you need to be aware of TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you do, then you should try this.
Not only can it assist you in keeping track of your revenue and products It can help you meet the deadlines you set. It is also a great platform for an accountant since they provide a Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar will help you get more done while keeping on top of each deadline or requirement you need to meet. If you’re in an area with complex tax laws, this can surely help you wrap your head around it. TaxJar Wrong
But if handling your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire process easy to do then you’re better to do it on your own.
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FAQ TaxJar Wrong
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it into US$ before TaxJar determines the tax.
