Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. In the event that you do not have the funds to employ an accountant, doing it on your own can be dangerous. If you make a mistake, you might have to redo things again!
Almost everyone wants to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do ?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. Although this is quite a long read but you’ll be able to determine if TaxJar is exactly what you need right now.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What is TaxJar? What Is Actual Taxed TaxJar
Founded in 2013, TaxJar is an application that automatizes 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 your sales channels to ensure compliance with your sales taxes. It makes the process simpler that could require days to complete and is completed in just a few 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 extensively used by online business owners to ensure that everything is organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll want to check is that your accounting tax software is compatible along with sales funnels. If you’re using multiple sales channels, you need to keep everything in place. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your critical metrics in one spot. So, there’s no need to collect data from different channels and organize it into a single platform. All you need to do is connect TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar lets customers file their sales taxes manually or through TaxJar’s AutoFile feature. For our review we’ll take a look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns, the team will instruct you on how to manage them. It is up for you and your team members to finish the tax returns on time. TaxJar is only there to guide you on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. With this feature, everything is automated, from calculating sales tax through recording, and then processing them. There could be additional charges if they are not part of the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your team will have access to everything you require, including a list of your transactions, reports, and information.
The best part about this option is the fact that it allows you to automatically update every day. Not only can they help to know the amount you’ve accumulated, but they also help you determine when your next payment is due.
Their dashboard also allows users to view in detail the total sales tax in your business. You can also export your data in a CSV file in case you require it to aid in accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. This means that you don’t have to search for your documents whenever you’re in a pinch. Even if you already have your accounting firm, the feature will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds better. You’ll know exactly how much budget you have to cover other operational expenses.
What’s more is that TaxJar provides training and tutorials, not just for their platform , but also everything that has to do with sales tax. You can look through their webinars, guides as well as their blog to find more info. In addition their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you to help you with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company proprietor, then this program should be ideal for you. It may not offer all of TaxJar’s features however, it does include 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 capabilities.
Professional
If you’re looking for something a bit more than just the standard features, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher if you add custom 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 the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you own a huge enterprise, you may want to choose the Premium plan instead. It has all of the features needed to aid in your tax preparation. Moreover, they allow unlimited import integrations of data, API integrations, team members, and AutoFiles.
There is also a team that is devoted to managing your account. But, they don’t divulge the price of the Premium plan. costs you. What Is Actual Taxed TaxJar
But they did state that the plan is custom-made for each user. So the costs will vary depending on what you need for your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to determine if this service is right for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to see whether the software is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the advantages and disadvantages of the use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is easy 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
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then must try TaxJar.
It’s not just a way to help you track your revenue and products however, it will assist you in meeting the deadlines you set. It is also a great platform for an accountant since they have a Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you get more done while keeping track of every deadline and obligation you have to meet. If you’re living in a place with complicated tax laws, this can definitely help you get your head around it. What Is Actual Taxed TaxJar
However, if managing taxes is easy and straightforward, then TaxJar might not be a good investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ What Is Actual Taxed TaxJar
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it to US$ before TaxJar can calculate the tax.
