Taxes have always been among the most difficult tasks to complete regardless of whether you run your own business or not. More so if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. If you don’t have the budget to employ an accountant, making it your own can be risky. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
So , what can we do about it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. Even though this is an extensive read it is possible to determine if TaxJar is exactly what you need today.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What is TaxJar The Selling Family Inventory Lab Godaddy TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it across all of your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could require days to complete and finish within only a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to make their business more organized and straightforward. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for missing a single minor point.
TaxJar allows you to display your critical metrics in one place. So, there’s no requirement to collect data in multiple channels and organize it into one platform. All you need to do is connect TaxJar, and the platform will handle all the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms they can integrate with:
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 do it manually, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income, the team will instruct you on managing these. However, it will be up to you and your staff to complete the process within the timeframe. 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, which means you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating sales tax through recording, and then processing them. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you need, like an inventory of your transactions, reports and the data.
The most appealing aspect of this feature is that it lets you to update automatically every day. Not only will they let to know the amount you’ve collected however, they can also help you track when your following payment is due.
The dashboard allows you to fully view the total sales tax in your business. Additionally, you can export your data in a CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. It means you don’t need to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just on their platform, but all things that has to do with sales tax. Check out their webinars, guides as well as their blog to find more details. Apart from that their sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. For this reason, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most effective plan for those who need assistance with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company owner, this plan will be perfect for you. It might not include all the features of TaxJar however, it does include the basic features you require.
You can also contact their support team with their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking to get a bit more than just the standard features, then the Professional plan might be the right one for you. The price 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 all of the 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. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to choose premium plans instead. It comes with all the features that you require to help with your taxes. Additionally, they permit unlimited data import integrations, API integrations, team users and AutoFiles.
They also have a staff dedicated to managing your account. But, they don’t divulge the price of the Premium plan. will cost you. The Selling Family Inventory Lab Godaddy TaxJar
But they did state that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need to run your business.
Luckily, you don’t have to risk your money to see if this platform is for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the service is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of the use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If that’s what you do, then you ought to try this.
Not only can it help you track your revenue and products It can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they provide tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to fulfill. If you live in a place with complicated tax laws, this will surely help you wrap your head around it. The Selling Family Inventory Lab Godaddy TaxJar
However, if managing your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you find the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ The Selling Family Inventory Lab Godaddy TaxJar
What areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar will calculate your tax.