Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is filled with tasks to complete. If you don’t have enough money to hire an accountant, performing the task on your own could be risky. If you make a mistake, you might have to redo things again!
Nearly everyone would prefer to avoid this step. But since it’s required, we have no choice.
So , what is the best way to deal with it?
We can make life easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can assist you. Although this is quite a long read, you should be able to determine if TaxJar is exactly what you need right now.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What exactly is TaxJar? Usong TaxJar With Stripe
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it across all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It streamlines processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by online business owners to ensure that everything is 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 ensure you have a tax accounting platform is compatible in conjunction with the sales channels you use. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one place. So, there’s no need to gather data in multiple channels and then organize it on one platform. All you have to do is integrate TaxJar and the platform will do the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to submit their sales tax either manually or via TaxJar’s AutoFile feature. For this review, we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect all those sales tools. When it comes time to filing income tax returns TaxJar will train you on managing these. It is up for you and your team to complete the process within the timeframe. TaxJar is only there to provide guidance on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. With this feature, everything is automated, from calculating sales taxes to recording and processing them. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. From there, you and your team will have access to everything you require, including a list of your transactions, reports, as well as the data.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only will they let to know the amount you’ve earned and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the sales tax totals within your company. It is also possible to export the information as CSV format. CSV file in case you require it for your process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to scramble for your documents when you need them in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have for other operational costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform but everything connected to sales tax. Check out their guides, webinars, and blog for more information. In addition the sales tax calculator should be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason, we’ll look into TaxJar’s pricing levels and the features that each of these choices can provide you. Currently, 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 includes sales tax reporting, four autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small company proprietor, then this program could be perfect for you. It may not offer all the features of TaxJar but it comes with 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 a bit more than just the basics and options, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s features, you also have their phone customer support access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you have a massive business, you might need to opt for an upgrade instead. It comes with all the features that you require to aid in your tax preparation. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of members as well as AutoFiles.
There is also a team that is devoted to managing your account. However, they don’t disclose the price of the Premium plan. costs you. Usong TaxJar With Stripe
But they did state that this plan is customized to each user. So the costs will vary according to what you require for your business.
Fortunately, you don’t need to gamble your money just to determine if this service is right for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of making use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you should try this.
Not only can it assist you in keeping track of your products and revenue It can help you meet the deadlines you set. It is also a great platform for an accountant since they provide tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you reduce time and keep track of every deadline and requirement you have to fulfill. If you’re living in an area with complex tax regulations, this will definitely help you get your head around the subject. Usong TaxJar With Stripe
But if handling taxes is easy, then TaxJar might not be a good 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 whole process easy to do and you’re comfortable with it, you may be better in doing it all on your own.
FAQ Usong TaxJar With Stripe
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar determines the tax.