Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford the budget to engage an accountant performing the task on your own can be dangerous. If you overlook one thing, you might need to repeat the process!
Most people want to skip this step. But since it’s required 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 by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can help you. Although this is quite a long read but you’ll be able to assess whether TaxJar is what you need in the present.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? Using TaxJar With Stripe
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales taxes. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check you have a tax accounting platform perfectly integrates with your sales channel. If you have multiple sales channels, you must maintain everything in line. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your key data in one location. This means that there is no need to gather information from multiple sources and organize it into one platform. All you have to do is integrate TaxJar, then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to file their sales taxes by hand or using the AutoFile feature. For this review, we’ll look at both.
If you decide to do it manually, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing tax returns for income, the team will instruct you on how to handle the tax returns. But, it is up to you and your team to complete the process in time. TaxJar will only help you understand what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything will be automated, from calculating taxes on sales to recording and processing it. However, there might be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform, you and your team will have access to all the information you require, including the list of transactions, reports, and information.
The most appealing aspect of the feature you’ve chosen is it allows you to automatically update every day. Not only can they help you keep track of how much you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard can also allow you to see the sales tax totals in your business. It is also possible to export the information to CSV format. CSV file if you need it for your process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. That means you won’t have to scramble for your documents when you need them in a pinch. Even if you already have your accounting firm, the feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds better. You’ll be aware of the budget you have available for other operational expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also all things connected to sales tax. You can check out their guides, webinars, as well as their blog to find more information. Additionally their sales tax calculator is useful if you’re planning to do everything on your own.
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. This is why in this section, we’ll look into TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It comes with the tax on sales, four autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale business manager, the plan will be perfect for you. It might not include all of TaxJar’s features however, it does include the basic features you require.
You can also contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something different from the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
What is the difference from the basic plan?
In addition to accessing all of the Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to choose the Premium plan instead. It has all of the features that you require to help with your taxes. In addition, they offer unlimited import integrations of data, API integrations, team users, and AutoFiles.
They also have a team who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan is going to cost. Using TaxJar With Stripe
However, they did mention that this plan is customized to each user. So the costs will vary depending on what you need to run your business.
It’s a good thing that you don’t have to risk your money to see if this platform is right for you. If you’re still looking into other options, they have 30 days of free trial. It should give you enough time to gauge whether the software is the right choice for you.
Pros and Pros and
We’ve covered everything you should be aware of TaxJar let’s take a break. To summarize, here are the pros and cons of using TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If this sounds like the way you’re doing, then you ought to try this.
It’s not just a way to aid in tracking your products and revenue however, it will help you meet your deadlines. It’s also an excellent platform for an accountant since they provide tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax regulations, this will surely help you wrap your head around it. Using TaxJar With Stripe
However, if managing your taxes is straightforward If it isn’t, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire procedure simple to follow, you might be better in doing it all on your own.
FAQ Using TaxJar With Stripe
Which areas does TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions are in US$. If you’re using another currency, you’ll need to convert it to US$ prior to when TaxJar determines the tax.