Taxes have always been among the most difficult tasks to complete regardless of 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 filled with tasks to complete. When you’re not able to afford the budget to employ an accountant, performing the task on yourself can be risky. If you miss one detail it could mean you need to repeat the process!
Almost everyone wants to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
We can make life easier by using tools like TaxJar.
We’ll look at this life-saving device and how it can benefit you. Even though this is an extensive read, you should be able to assess whether TaxJar is the tool you require right now.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? Update Already Filed Return In TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with your sales taxes. It makes the process simpler that could require days to complete and finish within minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to keep everything simple and organized. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to make sure is your tax-reporting software seamlessly works well with your sales channel. If you’re selling through multiple channels, it is essential to 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 key metrics in one spot. So, there’s no requirement to collect data in multiple channels and then organize it on a single platform. All you need to do is connect TaxJar it will take care of all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers make sales tax filings by hand or using TaxJar’s AutoFile feature. For this review, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing tax returns for income TaxJar will train you on how to manage them. It is up to you and your team to finish the tax returns on time. TaxJar will only guide you on what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing it. However, there might be extra fees if not included in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there you and your team will have access to all the information you need, such as a list of your transactions, reports, as well as the data.
The best part about this feature is that they allow you to automatically update every day. They not only let you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows you to see the overall sales taxes for your business. Additionally, you can export the information as CSV format. CSV file if you need it in your accounting and financial planning processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. It means you don’t need to search for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds better. You’ll know exactly how much budget you have to cover other operational costs.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also for anything related to sales tax. You can check out their webinars, guides, as well as their blog to find more info. Additionally the sales tax calculator can be 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 provide amazing capabilities, but they’re often too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing structures and what each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It also includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small company proprietor, then this program will be ideal for you. It may not have all of TaxJar’s features, but it has the essentials that you need.
In addition, you can reach the support team via their email support chart. You’ll also be able to use their integration features.
If you’re looking for something different from the basics, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it by adding custom features.
So how different is it from the basic plan?
In addition to 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. You can also receive 12 free AutoFiles every year.
If you own a huge company, you may need to go for the Premium plan instead. It has all of the features that you require to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as API integrations, team members, and AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. Update Already Filed Return In TaxJar
But they did state that this plan is tailor-fit for every user. The cost of the plan will be different depending on what you need to run your business.
Luckily, you don’t have to risk your money to find out if the platform is right for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to see whether the software is the right choice for you.
Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a breather. To sum it all up Here are the pros and cons of using TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- It allows you to monitor multiple 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 check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to aid in tracking your products and revenue, but it can help you meet your deadlines. It is also a great option for accountants as they have a Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar will help you get more done while keeping track of every 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. Update Already Filed Return In TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. In addition, if you find the whole procedure simple to follow then you’re better in doing it all by yourself.
FAQ Update Already Filed Return In TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar determines your tax.