Taxes are always one of the most difficult tasks to complete, whether you’re running your own business or not. More so if you don’t have a background in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford enough money to hire an accountant, performing the task on your own could be risky. If you make a mistake, you might have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do about it?
We can always make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. Even though this is lengthy, you should be able to determine if TaxJar is exactly what you need today.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? Wholesale Tax Exempt TaxJar
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure compliance with sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s explore their features and services.
Features and services
One of the most important things you’ll want to check is your tax-reporting platform is compatible along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your critical metrics in one spot. This means that there is no need to collect data in multiple channels and then organize it on a single platform. All you need to do is to integrate TaxJar then the system will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers submit their sales tax by hand or using their AutoFile feature. In this review, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing tax returns for income TaxJar will train you on how to manage these. But, it is up to you and your team to complete the process within the timeframe. TaxJar is only there to guide you on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. With this feature, everything is automated, from calculating sales taxes to recording and processing it. However, there might be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. From there you and your staff can access everything you need, like an inventory of your transactions, reports, and data.
The greatest benefit of this option is the fact that they allow you to automatically update every day. Not only will they let you keep track of how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payments are due.
The dashboard allows you to fully view the overall sales taxes within your company. Additionally, you can export the information to CSV format. CSV file if you need it to aid in financial planning and accounting processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents when you need them in the event of a need. Even when you already have your accountant, this function can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your funds better. You’ll know exactly how much budget you have for other operational costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just on their platform, but for anything connected to sales tax. You can check out their webinars, guides or blog posts for additional info. Additionally their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. For this reason, we’ll look into TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the most effective plan if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small company proprietor, then this program will be perfect for you. It may not offer all the features offered by TaxJar but it comes with the essentials that you need.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something a bit more than just the basic features, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
So how different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also have their support via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to opt for an upgrade instead. It includes all of the features needed to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as API integrations, team users and AutoFiles.
They also have a team who are devoted to managing your account. However, they don’t disclose the amount that the Premium plan costs you. Wholesale Tax Exempt TaxJar
But they did state that this plan is tailor-fit for each user. Therefore, the cost will differ in line with what you require to run your business.
Luckily, you don’t have to gamble your money just to see if this platform is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a break. To sum it all up Here are the pros and cons of the use of TaxJar to run your business.
- 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
- 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.
- Allows you to track multiple 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 valid for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
Not only will it aid in tracking the sales and profits of your business, but it can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they have the Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
The use of TaxJar can allow you to save more time while keeping the track of each deadline or requirement you need to fulfill. If you live in a region with a lot of tax laws, this will surely help you wrap your head around the subject. Wholesale Tax Exempt TaxJar
However, if managing taxes is easy and straightforward, then TaxJar might not be a good investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the entire process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
FAQ Wholesale Tax Exempt TaxJar
Which areas does TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in US$. If you’re using another currency, you will need to convert it to US$ before TaxJar can calculate your tax.