Taxes have always been among the most difficult things to handle, whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. In the event that you do not have enough money to employ an accountant, doing it on your own can be risky. If you miss one detail, you might need to repeat the process!
Most people want to skip this step. But since it’s required, we have no choice.
What is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and how it can help you. While this is an extensive read, you should be able to assess whether TaxJar is exactly what you need today.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? When Was TaxJar Founded
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even 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 their features and services.
Features and services
One of the first things you’ll need to ensure you have a tax accounting system perfectly integrates with your sales channel. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar lets you display your key metrics in one spot. That way, there’s no need to gather data from different channels and sort it into a single platform. All you need to do is to integrate TaxJar then the system will do the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to make sales tax filings by hand or using their AutoFile feature. In our review we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on managing these. It is up for you and your staff to complete the process on time. TaxJar is only there to help you understand what you should do but not 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 the forms in a manual manner. This feature will ensure that everything is automated, from calculating taxes on sales in order to record and process it. But, it is possible to incur extra fees if not included in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. From there, you and your team can access everything you need, like the list of transactions, reports and the data.
The greatest benefit of this feature is that it lets you to update automatically every day. They not only let you know how much you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard can also allow you to fully view the overall sales taxes in your business. You can also export the information as the form of a CSV file, if you want to use it to aid in accounting and financial planning processes or if you require it for central reporting.
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 hunt for your paperwork when you need them in a pinch. Even even if you already have an accounting firm, the feature will help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have for other operating expenses.
The best part is that TaxJar offers tutorials and training not only on their platform, but everything that has to do with sales tax. You can look through their guides, webinars, as well as their blog to find more information. Additionally, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of those options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small-scale business manager, the plan could be perfect for you. It might not include all the features offered by TaxJar but it comes with 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 and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher if you add custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge business, you might need to go for premium plans instead. It includes all of the features you need to make your tax filing easier. In addition, they offer unlimited data import integrations, API integrationsfor team users and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose how much the Premium plan costs you. When Was TaxJar Founded
But they did state that this plan is tailor-fit for each user. So the costs will vary depending on what you need for your business.
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to determine if the platform is an excellent fit for you.
Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a break. In order to sum up the whole thing, here are the advantages and disadvantages of using TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it 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 applicable to USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then must try TaxJar.
Not only will it help you track the sales and profits of your business It can also help you meet your deadlines. It’s also an excellent opportunity for accountants since they provide the Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Utilizing TaxJar will help you save more time while keeping track of every deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this can certainly help you to get your mind around it. When Was TaxJar Founded
However, if managing taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire process easy to do, you might be better to do it by yourself.
FAQ When Was TaxJar Founded
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it to US$ before TaxJar determines your tax.