Taxes are always one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have a background 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 enough money to employ an accountant, doing it on your own can be risky. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do ?
We can make our lives easier with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can help you. Even though this is lengthy, you should be able to determine if TaxJar is exactly what you need today.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? Who Is TaxJar Integrated With
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of your sales channels to ensure that you are in compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to make their business more simple and organized. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure you have a tax accounting system is compatible with your sales channel. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one place. So, there’s no need to collect information from multiple sources and organize it into a single platform. All you have to do is connect TaxJar, and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar lets customers file their sales taxes manually or through the AutoFile feature. For the purpose of this article, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns, the team will instruct you on managing the tax returns. But, it is up to you and your staff to finish the tax returns within the timeframe. TaxJar will only help you understand what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. With this feature, everything is automated, from calculating sales taxes in order to record and process them. There could be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there, you and your team will have access to all the information you need, like the list of transactions, reports, and the data.
The most appealing aspect of this option is the fact that it allows you to update automatically every day. Not only will they let you know how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows you to see the overall sales taxes in your business. It is also possible to export your data in a CSV file if you need it to aid in process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of your sales channels. This means that you don’t have to scramble for your documents whenever you’re in the event of a need. Even if you already have your accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your funds better. You’ll know better how much budget you have for other operational expenses.
The best part is that TaxJar offers training and tutorials, not just for their platform but for anything that has to do with sales tax. You can check out their guides, webinars, or blog posts for additional info. Apart from that, their sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they can be too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the best plan for those who need assistance with filing requirements or reporting. It also includes the tax on sales, four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program could be perfect for you. It might not include all of TaxJar’s features, but it has the essentials that you need.
You can also contact their support team with their email support chart. You’ll also have access to their integration tools.
If you’re looking for something that is more than the basics and options, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up by adding custom features.
How different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to choose the Premium plan instead. It includes all of the features you need to make your tax filing easier. Moreover, they allow unlimited data import integrations as well as API integrations, team members, and AutoFiles.
They also have a team that is devoted to managing your account. But, they don’t divulge the amount that the Premium plan will cost you. Who Is TaxJar Integrated With
But they did state that this plan is customized for each user. The cost of the plan will be different depending on what you need for your business.
Fortunately, you don’t need to gamble your money just to see if this platform is the right one for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a break. To summarize, here are the pros and cons of the use of TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has 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.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to businesses with many sales channels and utilizes numerous platforms. If this sounds like the way you do, then you must try TaxJar.
It’s not just a way to assist you in keeping track of the sales and profits of your business, but it can also help you meet your deadlines. It’s also an excellent 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 will help you get more done while keeping the track of each deadline and requirement you have to meet. If you’re living in a region with a lot of tax laws, this will surely help you wrap your head around the subject. Who Is TaxJar Integrated With
If handling your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the entire procedure easy to complete then you’re better to do it on your own.
FAQ Who Is TaxJar Integrated With
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transaction amounts are n US$. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar will calculate the tax.