Taxes have always been one of the most difficult things to handle regardless of whether you’re running an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is filled with tasks to complete. If you don’t have the budget to hire an accountant, performing the task on yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Most people want to avoid this step. However, since it’s mandatory, we have no choice.
What is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can help you. Although this is quite a long read, you should be able to determine if TaxJar is what you need in the present.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar You Have 0 Linked Accounts
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with your sales taxes. It streamlines processes that take days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to make their business more 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 you have a tax accounting software is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to keep everything in place. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar lets you display your critical metrics in one place. That way, there’s no requirement to collect data in multiple channels and sort it into one platform. All you have to do is connect TaxJar it will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to make sales tax filings by hand or using TaxJar’s AutoFile feature. In our review we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When it comes time to the filing of income tax returns TaxJar will train you on how to handle these. It is up to you and your team to finish the tax returns in time. TaxJar is there to guide you on what you should do , but not to 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 all forms by hand. With this feature, everything will be automated from calculating sales taxes 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 mentioned earlier it is possible to use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. From there, you and your team can access everything you require, including the list of transactions, reports, as well as the data.
The best part about this feature is that it allows you to update automatically every day. Not only can they help you know how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
The dashboard allows you to fully view the total sales tax in your business. It is also possible to export the data in CSV format. CSV file, if you want to use it to aid in financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. This means that you don’t have to search for your documents whenever you’re in the event of a need. Even even if you already have an accounting firm, the feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform , but also everything related to sales tax. Check out their webinars, guides as well as their blog to find more details. Additionally, their sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing features, but they can be too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They say 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 annual AutoFiles for free, as well as a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small business owner, this plan should be ideal for you. It may not offer all the features offered by TaxJar but it comes with all the basics you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for something different from the basics and options, then the Professional plan could be the one for you. It’s priced at $99 however, it could go up when you add additional features.
So how different is it from the basic plan?
In addition to having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge business, you might need to choose the Premium plan instead. It comes with all the features needed to aid in your tax preparation. In addition, they offer unlimited import integrations of data, API integrationsfor team members, and AutoFiles.
They also have a staff that is devoted to managing your account. But, they don’t divulge the amount that the Premium plan costs you. TaxJar You Have 0 Linked Accounts
However, they did mention that this plan is customized to each user. So the costs will vary depending on what you need for your company.
It’s a good thing that you don’t have to gamble your money just to see if this platform is for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to determine whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar Let’s relax. In order to sum up the whole thing Here are the pros and cons of making use of TaxJar for your business.
- Has the 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
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by 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 check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then you ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue It can help you meet the deadlines you set. This is also an excellent option for accountants as they have a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can allow you to save more time while keeping the track of each deadline and requirement you have to meet. If you’re in a region with a lot of tax laws, this can surely help you wrap your mind around it. TaxJar You Have 0 Linked Accounts
However, if managing taxes is easy and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole process easy to do and you’re comfortable with it, you may be better to do it by yourself.
FAQ TaxJar You Have 0 Linked Accounts
Which areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind 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’ll have to convert it into US$ before TaxJar will calculate the tax.