Taxes are always one of the most difficult things to handle regardless of whether you’re running a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. If you don’t have the budget to employ an accountant, performing the task on yourself can be risky. If you overlook one thing, you might need to repeat the process!
Most people want to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do about it?
We can always simplify our lives 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 an extensive read it is possible to gauge whether TaxJar is what you need today.
Do you prefer to watch videos instead? Watch 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 get right into it.
What is TaxJar What Is Going On With TaxJar?
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by online business owners to keep everything neat and simple. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting software seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to maintain everything in line. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. This means that there is no need to collect information from multiple sources and then organize it on one platform. All you need to do is integrate TaxJar, it will handle the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers file their sales taxes either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. Once the time comes for filing tax returns for income The team will guide you on managing them. It is up to you and your team members to complete the process on time. TaxJar is only there to help you understand what you have to do , but not to handle it.
If you 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. Through this feature, everything will be automated, from calculating sales tax through recording, and then processing them. There could be extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. 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 everything you need, such as the list of transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically 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 can also allow you to fully view the total sales tax in your business. Additionally, you can export the data in CSV format. CSV file, if you want to use it to aid in process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. It means you don’t need to search for your documents when you need them in the event of a need. Even if you already have your accounting firm, the feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds better. You’ll be aware of the budget you have for other operating costs.
But what’s even better is that TaxJar provides training and tutorials not only for their platform but for anything related to sales tax. You can look through their webinars, guides or blog posts for additional info. Apart from that, their sales tax calculator should be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of those plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the most effective plan if you need help with filing requirements or reporting. It includes the tax on sales, 4 free yearly AutoFiles, and an CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small business proprietor, then this program will be ideal 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 their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for a bit more than just the standard features Professional could be the one for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support, API access, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you run a large company, you may need to choose an upgrade instead. It has all of the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as API integrationsfor team users, and AutoFiles.
They also have a staff dedicated in managing your accounts. However, they don’t disclose the amount that the Premium plan is going to cost. What Is Going On With 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 for your business.
Luckily, you don’t have to risk your money to find out if the platform is the right one for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to determine whether the software is a good fit for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. To sum it all up Here are the pros and cons of the use of TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then you ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue It can help you meet your deadlines. This is also an excellent option for accountants as they have tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re in a region with a lot of tax regulations, this will certainly help you to get your head around the subject. What Is Going On With TaxJar?
If handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the entire procedure easy to complete then you’re better in doing it all by yourself.
FAQ What Is Going On With TaxJar?
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions are in US$. If you’re using another currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate the tax.