Taxes are always one of the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford the funds to hire an accountant, performing the task on your own could be risky. If you miss one detail, you might have to redo things again!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can help you. Even though this is a long read but you’ll be able to determine if TaxJar is exactly what you need today.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar? Using And Canceling TaxJar Quarterly Taxes
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure that you are in compliance with sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is neat and simple. Let’s look into their features and services.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting software seamlessly works well along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar allows you to show your key metrics in one place. So, there’s no need to gather data from different channels and then organize it on a single platform. All you have to do is connect TaxJar, and the platform will handle the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar lets customers make sales tax filings either manually or via TaxJar’s AutoFile feature. For our review we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect all those sales tools. Once the time comes for filing income tax returns, the team will instruct you on how to handle the tax returns. It is up to you and your team to finish the tax returns within the timeframe. TaxJar is there to help you understand what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales taxes to recording and processing it. There could be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be compiled into a single dashboard via this platform. From there you and your team will have access to all the information you need, like a list of your transactions, reports, and information.
The greatest benefit of this option is the fact that they allow you to update your account automatically each day. Not only can they help to know the amount you’ve accumulated however, they can also help you track when your following payment is due.
The dashboard allows users to view in detail the total sales tax in your business. It is also possible to export your data in a CSV file in case you require it to aid in accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to search for your documents when you need them in a pinch. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have for other operational expenses.
The best part is that TaxJar provides training and tutorials not only for their platform , but also everything related to sales tax. You can look through their webinars, guides, or blog posts for additional information. Apart from that the sales tax calculator should 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 establish your budget. Some platforms provide amazing features, but they can be too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. The company claims that it’s the best plan to help you in filing and reporting. It comes with the tax on sales, 4 autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a smaller company proprietor, then this program should be perfect for you. It may not offer all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration features.
If you’re looking for different from the basic features, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it when you add additional features.
What is the difference from the starter plan?
In addition to having access to each of Starter plan’s features, you also have their support via phone access to APIs, as well as sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to opt for an upgrade instead. It has all of the features that you require to help with your taxes. Additionally, they permit unlimited data import integrations as well as API integrationsfor team members as well as AutoFiles.
They also have a team who are devoted in managing your accounts. They don’t reveal the price of the Premium plan. is going to cost. Using And Canceling TaxJar Quarterly Taxes
However, they did say that this plan is customized for every user. The cost of the plan will be different in line with what you require to run your business.
Fortunately, you don’t need to bet your life on it to find out if the platform is right for you. If you’re still looking into other options, they have a 30-day free trial. This should be enough time to see whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a break. In order to sum up the whole thing, here are the advantages and disadvantages of using TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features 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 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 review local laws
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies with multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your revenue and products however, it will also help you meet the deadlines you set. It is also a great platform for an accountant since they have tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re in an area with complex tax laws, this can surely help you wrap your mind around it. Using And Canceling TaxJar Quarterly Taxes
However, if managing your taxes is simple, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you find the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ Using And Canceling TaxJar Quarterly Taxes
Which areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar can calculate your tax.