Taxes have always been among the most difficult tasks to complete regardless of whether you run an enterprise or not. Even more so if you do not have a background in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is packed with things to do. If you don’t have enough money to hire an accountant, making it your own could be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Most people want to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So what is the best way to deal with it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can assist you. Even though this is a long read but you’ll be able to assess whether TaxJar is the tool you require right now.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What is TaxJar? Where Is TaxJar Located
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it in all of your sales channels to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and is completed in just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to make their business more organized and straightforward. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to make sure you have a tax accounting software is compatible with your sales channel. If you’re using multiple sales channels, you must maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one spot. So, there’s no need to gather information from multiple sources and then organize it on one platform. All you need to do is to integrate TaxJar, it will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows clients to file their sales taxes manually or through their AutoFile feature. For the purpose of this article, we’ll look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to filing income tax returns TaxJar will train you on how to handle these. However, it will be up to you and your team to complete everything within the timeframe. TaxJar is there to guide you on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing it. There could be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be combined 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 information.
The most appealing aspect of this feature is that they allow you to automatically update every day. They not only let you keep track of how much you’ve collected and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard also allows you to fully view the sales tax totals for your business. It is also possible to export the data to a CSV file, if you want to use it in your financial planning and accounting processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. This means that you don’t have to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll know exactly how much budget you have available for other operating expenses.
The best part is that TaxJar provides training and tutorials not only for their platform but all things connected to sales tax. You can check out their webinars, guides and blog for more info. In addition their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and the features that each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They say it’s the best plan to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small company owner, this plan should be perfect for you. It might not include all the features of TaxJar however, it does include the basic features you require.
In addition, you can reach the support team via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking to get different from the basics, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher 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, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to choose premium plans instead. It includes all of the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports, API integrationsfor team users as well as AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal the amount that the Premium plan is going to cost. Where Is TaxJar Located
However, they did say that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require to run your business.
Free Trial
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 looking into different options, they offer a 30-day free trial. This should give you enough time to gauge whether the service is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Has 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
Cons
- AutoFile limit is 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 review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then ought to try this.
It’s not just a way to aid in tracking the sales and profits of your business, but it can assist you in meeting your deadlines. It is also a great platform for an accountant since they have tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
The use of TaxJar can help you reduce time and keep the track of each deadline or requirement you need to meet. If you live in a place with complicated tax laws, this can definitely help you get your mind around it. Where Is TaxJar Located
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure simple to follow then you’re better off doing it by yourself.
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FAQ Where Is TaxJar Located
Which areas does TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it to USUSD prior to when TaxJar determines your tax.
