Taxes are always one of the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. In the event that you do not have enough money to engage an accountant doing it on your own could be dangerous. If you make a mistake and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So what is the best way to deal with it?
It is always possible to make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can benefit you. Although this is quite lengthy, you should be able to determine if TaxJar is what you need in the present.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? Technical Support Engineer At TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is neat and simple. Let’s look into the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting software perfectly integrates with your sales channel. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. That way, there’s no requirement to collect information from multiple sources and organize it into one platform. All you need to do is to integrate TaxJar, it will handle all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax either manually or via the AutoFile feature. For our review we’ll take a look at both.
If you opt to do it manually, TaxJar will allow you to connect your sales platforms. When it comes time to the filing of income tax returns TaxJar will train you on managing them. But, it is up to you and your team to complete everything on time. TaxJar will only provide guidance on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. Through this feature, everything will be automated from calculating sales tax in order to record and process it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your staff will have access to all the information you need, like the list of transactions, reports, as well as the data.
The most appealing aspect of the feature you’ve chosen is it allows you to automatically update every day. They not only let you know how much you’ve earned, but they also help you track when your following payments are due.
The dashboard allows you to fully view the total sales tax within your company. You can also export your data as the form of a CSV file, if you want to use it to aid in accounting and financial planning processes or if your team needs it to run centralized reports.
Streamlining and Training
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’re when you’re in a pinch. Even when you already have your accountant, this feature can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have for other operational costs.
What’s more is that TaxJar provides training and tutorials not only for their platform but all things related to sales tax. You can check out their webinars, guides and blog for more information. Apart from that, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and an CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program could be ideal for you. It might not include all of TaxJar’s features, but it has all the basics you require.
In addition, you can reach their customer support via their email support chart. You’ll also have access to their integration features.
If you’re looking to get a bit more than just the standard features Professional might be the right one for you. It starts at $99, but it can go higher when you add additional features.
How different is it from the basic plan?
In addition to having access to every one of Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive company, you may need to opt for the Premium plan instead. It includes all of the features you need to help with your taxes. Moreover, they allow unlimited integrations with data imports Integrations with APIs, teams of users and AutoFiles.
There is also a team who are devoted for managing the account. But, they don’t divulge how much the Premium plan is going to cost. Technical Support Engineer At TaxJar
However, they did say that this plan is customized to each user. Therefore, the cost will differ in line with what you require for your company.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is right for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to see whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a break. To sum it all up, here are the advantages and disadvantages of making use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- 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
- Certain countries will not be able to access the API feature
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes many platforms. If that’s what you do, then you must try TaxJar.
Not only can it help you track your revenue and products however, it will also help you meet your deadlines. This is also an excellent option for accountants as they offer a Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
The use of TaxJar will help you save more time 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 laws, this will definitely help you get your head around the subject. Technical Support Engineer At TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete, you might be better off doing it on your own.
FAQ Technical Support Engineer At TaxJar
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar determines your tax.