Taxes have always been among the most difficult tasks to complete, whether you’re running an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is full of things to be done. When you’re not able to afford enough money to hire an accountant, making it your own can be risky. If you miss one detail it could mean you need to repeat the process!
Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.
So , what can we do about it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can assist you. While this is an extensive read it is possible to determine if TaxJar is what you need right now.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? Why Tax The Rich More
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. In addition, you can apply it across all your channels of sales to ensure that you are in compliance with your sales taxes. It makes the process simpler that could require days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, 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 neat and simple. Let’s look into their features and services.
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Services and features
Integration
One of the most important things you’ll need to make sure is your tax-reporting software seamlessly works well with your sales channel. If you have multiple sales channels, you need to ensure that everything is in order. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key metrics in one place. So, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you need to do is connect TaxJar and the platform will do all the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through the AutoFile feature. In this review, we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income TaxJar will train you on managing them. But, it is up for you and your team to complete everything within the timeframe. TaxJar will only help you understand what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. With this feature, everything will be automated, from calculating sales taxes in order to record and process them. There could be additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your staff will have access to all the information you require, including an inventory of your transactions, reports, and information.
The greatest benefit of the feature you’ve chosen is it allows you to update automatically every day. Not only can they help you know how much you’ve collected however, they can also help you track when your following payment is due.
The dashboard allows you to see the sales tax totals in your business. You can also export the data in CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the sales avenues you use. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds more effectively. You’ll know better how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also for anything that has to do with sales tax. You can check out their guides, webinars, or blog posts for additional details. Apart from that their sales tax calculator should 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 establish your budget. Certain platforms have amazing features, but they can be too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most effective plan to help you with filing requirements and reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and an CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small business owner, this plan should be perfect for you. It may not have all of TaxJar’s features but it comes with the basic features you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration features.
Professional
If you’re looking to get that is more than the basics Professional could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
So how different is it from the starter plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you run a large business, you might need to go for the Premium plan instead. It has all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data, API integrationsfor team members, and AutoFiles.
There is also a team that is devoted to managing your account. But, they don’t divulge the amount that the Premium plan is going to cost. Why Tax The Rich More
But they did state that this plan is tailor-fit for every user. The cost of the plan will be different depending on what you need to run your business.
Free Trial
Fortunately, you don’t need to bet your life on it to find out if the platform is right for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to see if the platform is an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of using TaxJar to run your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are 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 check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with many sales channels and utilizes many platforms. If that’s what you’re doing, then ought to try this.
Not only can 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 a Tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
The use of TaxJar will help you reduce time and keep on top of each deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this will definitely help you get your head around it. Why Tax The Rich More
If handling your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire process easy to do and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ Why Tax The Rich More
Which areas does TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync 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 doesn’t convert currencies. All transactions are in US$. If you’re using another currency, you’ll need to convert it to US$ before TaxJar determines the tax.
