Taxes have always been one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have the budget to hire an accountant, doing it on yourself can be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what can we do about it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. Although this is quite an extensive read, you should be able to gauge whether TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, let’s dive right in.
What exactly is TaxJar? Teachers Pay Teachers And TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s explore their features and services.
Services and features
One of the first things you’ll need to ensure is that your accounting tax software is compatible along with sales funnels. If you’re using multiple sales channels, you need to ensure that everything is in order. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar lets you display your key metrics in one place. That way, there’s no need to gather data from different channels and organize it into one platform. All you need to do is connect TaxJar, then the system will handle 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 lets customers submit their sales tax manually or through the AutoFile feature. In our review we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect those sales tools. When it comes time to filing income tax returns TaxJar will train you on how to manage the tax returns. However, it will be up to you and your staff to complete the process within the timeframe. TaxJar will only help you understand what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. With this feature, everything will be automated from calculating sales tax in order to record and process them. But, it is possible to incur extra fees if not included in the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team 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 feature is that it allows you to update automatically every day. Not only will they let to know the amount you’ve collected and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard can also allow you to see the total sales tax in your business. You can also export the information as a CSV file if you need it for your process of financial planning and accounting or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. That means you won’t have to hunt for your paperwork when you need them in a pinch. Even when you already have your accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know better how much budget you have available for other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only on their platform, but all things connected to sales tax. Check out their guides, webinars, and blog for more information. Additionally, their sales tax calculator is beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and what each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It also includes sales tax reporting, 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a smaller company proprietor, then this program could be perfect for you. It may not have all the features of TaxJar but it comes with all the basics you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for different from the standard features, then the Professional plan could be the one for you. The price starts at $99 however, it could go up 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 the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to opt for premium plans instead. It has all of the features that you require to help with your taxes. In addition, they offer unlimited import integrations of data, API integrations, team members and AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan is going to cost. Teachers Pay Teachers And TaxJar
But they did state that the plan is custom-made for every user. The cost of the plan will be different according to what you require to run your business.
Fortunately, you don’t need to gamble your money just to determine if this service is the right one for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to see whether the service is an excellent fit for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of using TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save 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 is possible to integrate it with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything 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 must try TaxJar.
Not only will it aid in tracking your revenue and products however, it will also help you meet the deadlines you set. It is also a great option for accountants as they provide the Tax Advisor program. You can get tips 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 and obligation you have to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your mind around it. Teachers Pay Teachers And TaxJar
If handling taxes is easy, then TaxJar might not be a good expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
FAQ Teachers Pay Teachers And TaxJar
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions are in USdollars. If you’re using a different currency, you will need to convert it to USUSD prior to when TaxJar will calculate your tax.