Taxes have always been one of the most difficult things to handle, whether you’re running your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is packed with things to do. If you don’t have the funds to engage an accountant making it yourself can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
So , what can we do about it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can help you. Although this is quite an extensive read but you’ll be able to assess whether TaxJar is the tool you require right now.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What exactly is TaxJar? What Size Companies Use TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. In addition, you can apply it in all of the sales channels you use to ensure that you are in compliance with sales taxes. It makes the process simpler that could require days to complete and is completed in just a few only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by online business owners to keep everything simple and organized. Let’s explore the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to ensure is your tax-reporting software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your most important data in one location. That way, there’s no need to gather data in multiple channels and organize it into a single platform. All you need to do is integrate TaxJar it will do all the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. For our review we’ll take a look at both.
If you opt to go it alone, TaxJar will allow you to connect all of your sales platforms. When it comes time to the filing of income tax returns TaxJar will train you on how to handle them. But, it is up for you and your team members to complete everything on time. TaxJar will only help you understand what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. With this feature, everything is automated, from calculating sales taxes in order to record and process it. However, there might be extra fees if not included in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there you and your team can access everything you need, such as the list of transactions, reports, and the data.
The greatest benefit of this feature is that it lets you to update automatically every day. Not only will they let you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow you to fully view the total sales tax for your business. Additionally, you can export your data to a CSV file if you need it for your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to hunt for your paperwork when you need them in a pinch. Even if you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have available for other operating expenses.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform but for anything related to sales tax. You can check out their guides, webinars, and blog for more details. 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 know how crucial it is to determine your budget. Some platforms offer superb features, but they can be too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing structures and the features that each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the best plan for those who need assistance with filing requirements and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and the option of a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small-scale company manager, the plan could be ideal for you. It might not include all the features of TaxJar but it comes with all the basics you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get different from the basics Professional may be the best option for you. The price starts at $99 but it can go higher by adding custom features.
How different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to choose the Premium plan instead. It comes with all the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of members and AutoFiles.
They also have a team who are devoted in managing your accounts. They don’t reveal how much the Premium plan costs you. What Size Companies Use TaxJar
However, they did mention that this plan is tailor-fit for every user. Therefore, the cost will differ depending on what you need for your business.
Fortunately, you don’t need to gamble your money just to determine if this service is the right one for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to see whether the software is a good fit for you.
Pros and Pros and
We’ve covered everything you must be aware of TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online 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.
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you do, then you should try this.
Not only can it assist you in keeping track of the sales and profits of your business It can help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they have the Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
The use of TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to meet. If you live in a place with complicated tax laws, this will definitely help you get your head around the subject. What Size Companies Use TaxJar
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. If you find the entire process easy to do, you might be better to do it by yourself.
FAQ What Size Companies Use TaxJar
Which areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n US$. If you’re using another currency, you’ll need to convert it to USdollars before TaxJar determines the tax.