Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. More so if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford the budget to hire an accountant, doing it on your own can be dangerous. If you make a mistake, you might need to repeat the process!
Almost everyone wants to skip this step. But since it’s required and mandatory, there’s no other choice.
So what can we do ?
We can always make life easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can benefit you. Even though this is lengthy, you should be able to gauge whether TaxJar is what you need right now.
Prefer video streaming 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, let’s dive right in.
What exactly is TaxJar? Theamazingseller TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all the sales channels you use to ensure compliance with your sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to make their business more organized and straightforward. Let’s look into 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 platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, you must keep everything in place. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your key data in one location. So, there’s no requirement to collect data from different channels and organize it into one platform. All you need to do is connect TaxJar, and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to submit their sales tax either manually or via TaxJar’s AutoFile feature. For our review we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for filing income tax returns, the team will instruct you on managing the tax returns. It is up for you and your team to complete everything within the timeframe. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. With this feature, everything will be automated from calculating taxes on sales to recording and processing it. However, there might be extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there you and your team can access everything you need, like a list of your transactions, reports, and the data.
The most appealing aspect of this option is the fact that it lets you to automatically update every day. Not only can they help you keep track of how much you’ve collected however, they can also help you track when your following payments are due.
Their dashboard also allows users to view in detail the overall sales taxes for your business. It is also possible to export the information to CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep on top of all the channels you sell through. That means you won’t have to search for your documents when you’re in a pinch. Even when you already have your accountant, this feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have for other operational costs.
The best part is that TaxJar offers tutorials and training not only for their platform but everything that has to do with sales tax. You can look through their webinars, guides and blog for more information. In addition the sales tax calculator is beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a smaller company owner, this plan will be perfect 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 email support chart. You’ll also be able to use their integration features.
If you’re looking for different from the basics and options, then the Professional plan might be the right one for you. It starts at $99, but you can increase it when you add additional features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to go for an upgrade instead. It includes all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data as well as API integrations, team members and AutoFiles.
They also have a staff that is devoted to managing your account. However, they don’t disclose how much the Premium plan will cost you. Theamazingseller TaxJar
But they did state that the plan is custom-made for every user. The cost of the plan will be different in line with what you require for your business.
It’s a good thing that you don’t have to risk your money to determine if this service is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to see if the platform is the right choice for you.
Pros and Pros and
We’ve covered everything you must be aware of TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated 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 valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only can it help you track the sales and profits of your business however, it will assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they offer the Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Using TaxJar can allow you to reduce time and keep track of every deadline and obligation you have to meet. If you’re living in a place with complicated tax regulations, this will definitely help you get your mind around it. Theamazingseller TaxJar
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire process easy to do, you might be better off doing it by yourself.
FAQ Theamazingseller TaxJar
What areas does TaxJar offer API support?
TaxJar currently works with countries like 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 with TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into USdollars before TaxJar determines your tax.