Taxes have always been among the hardest things to do, whether you’re running a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford the funds to employ an accountant, performing the task on your own can be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
It is always possible to 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, you should be able to assess whether TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar When Tax
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to keep everything neat and simple. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check you have a tax accounting system seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you must maintain everything in line. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one spot. This means that there is no need to collect data from different channels and then organize it on a single platform. All you have to do is connect TaxJar, and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings by hand or using TaxJar’s AutoFile feature. For this review, we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect all those sales tools. When the time is right for filing tax returns for income, the team will instruct you on how to manage these. It is up to you and your team members to complete everything in time. TaxJar is only there to help you understand what you have to 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 any forms manually. With this feature, everything is automated, from calculating sales tax through recording, and then processing it. There could be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform, you and your team can access everything you need, such as an inventory of your transactions, reports and the data.
The best part about the feature you’ve chosen is they allow you to automatically update every day. They not only let to know the amount you’ve earned however, they can also help you track when your following payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. Additionally, you can export the data in the form of a CSV file, if you want to use it in your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. This means that you don’t have to scramble for your documents when you need them when you’re in a pinch. Even if you already have your accountant, this feature can make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have available for other operational expenses.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform but everything that has to do with sales tax. Check out their guides, webinars, and blog for more information. In addition their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms offer superb features, but they can be too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. They claim that it’s the most effective plan if you need help with filing requirements or reporting. It comes with sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small-scale company proprietor, then this program should be ideal for you. It might not include 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 have access to their integration tools.
Professional
If you’re looking to get that is more than the basic features and options, then the Professional plan could be the one for you. It starts at $99, however, it could go up when you add additional features.
What is the difference from the original plan?
In addition to having access to every one of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to go for premium plans instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited data import integrations as well as API integrationsfor team members as well as AutoFiles.
They also have a staff dedicated for managing the account. But, they don’t divulge the amount that the Premium plan costs you. When Tax
However, they did mention that this plan is customized to each user. Therefore, the cost will differ in line with what you require to run your business.
Free Trial
It’s a good thing that you don’t have to risk your money to see if this platform is the right one for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to gauge whether the software is the right choice for you.
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Pros and Cons
After we’ve gone over everything you should be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If that’s what you’re doing, then you should try this.
Not only will it aid in tracking your revenue and products It can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they provide tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can help you save more time while keeping track of every deadline and obligation 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. When Tax
If handling taxes is easy If it isn’t, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. If you’re finding the entire procedure easy to complete, you might be better to do it on your own.
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FAQ When Tax
Which areas does TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it to US$ before TaxJar can calculate your tax.
