Taxes are always one of the hardest things to do regardless of whether you run an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the funds to employ an accountant, performing the task on your own could be dangerous. If you make a mistake it could mean you have to redo things again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do ?
We can make our lives easier with tools such as TaxJar.
We’ll look at this popular life-saving device and how it can assist you. Even though this is a long read but you’ll be able to gauge whether TaxJar is what you need today.
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.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? When Does TaxJar Update Tax Tables
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it in all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to make their business more neat and simple. Let’s explore their features and services.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting software is compatible along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar allows you to show your key metrics in one place. This means that there is no requirement to collect information from multiple sources and organize it into a single platform. All you have to do is connect TaxJar, then the system will do all the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers file their sales taxes manually or through their AutoFile feature. In this review, we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for filing tax returns for income The team will guide you on managing these. It is up for you and your staff to complete the process on time. TaxJar is only there to provide guidance on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. Through this feature, everything is automated, from calculating sales taxes in order to record and process it. However, there might be extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. From there, you and your team can access everything you need, such as the list of transactions, reports, and data.
The most appealing aspect of the feature you’ve chosen is it lets you to update automatically 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 determine when your next payments are due.
Their dashboard also allows you to see the sales tax totals within your company. It is also possible to export your data as the form of a CSV file in case you require it in your accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to scramble for your documents whenever you’re in the event of a need. Even if you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds better. You’ll know exactly how much budget you have for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also all things connected to sales tax. You can look through their webinars, guides, and blog for more info. Apart from that, their sales tax calculator should be useful if you’re planning to do everything on your own.
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. For this reason, we’ll look into TaxJar’s pricing levels and the features that each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements or 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 can access their AI tax recommendations.
If you’re a small business owner, this plan should be perfect for you. It may not have all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for different from the basics, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive enterprise, you may want to choose the Premium plan instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited data import integrations API integrations, team members, and AutoFiles.
They also have a team who are devoted in managing your accounts. They don’t reveal the amount that the Premium plan will cost you. When Does TaxJar Update Tax Tables
But they did state that this plan is tailor-fit for every user. So the costs will vary in line with what you require to run your business.
Luckily, you don’t have to risk your money to determine if this service is right for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This 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 should know about TaxJar Let’s relax. In order to sum up the whole thing Here are the pros and cons of using TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
Not only will it help you track your revenue and products It can assist you in meeting your deadlines. This is also an excellent option for accountants as they have a Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you get more done while keeping track of every deadline and requirement you have to fulfill. If you’re living in a place with complicated tax laws, this will definitely help you get your mind around it. When Does TaxJar Update Tax Tables
However, if managing your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you find the entire procedure simple to follow then you’re better to do it by yourself.
FAQ When Does TaxJar Update Tax Tables
Which areas does TaxJar provide API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar determines the tax.