Taxes have always been one of the hardest things to do regardless of whether you run an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related work aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford enough money to employ an accountant, doing it on your own can be dangerous. If you overlook one thing, you might have to redo things again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory, we have no choice.
So what is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can assist you. Even though this is lengthy, you should be able to assess whether 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 review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? Why Taxes
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all the sales channels you use to ensure compliance with sales tax requirements. 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 used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by online business owners 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 seamlessly works well along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. That way, there’s no need to collect data from different channels and then organize it on a single platform. All you have to do is to integrate TaxJar then the system will do all the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar allows customers to submit their sales tax manually or through their AutoFile feature. In our review we’ll dig into both.
If you choose to go it alone, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns, the team will instruct you on managing the tax returns. However, it will be up for you and your team to complete the process in time. TaxJar is only there to guide you on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. Through this feature, everything is automated, from calculating sales taxes to recording and processing it. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there you and your team will have access to everything you need, like a list of your transactions, reports and the data.
The greatest benefit of this feature is that they allow you to update automatically every day. Not only can they help you keep track of how much you’ve earned and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows users to view in detail the total sales tax within your company. You can also export the data in the form of a CSV file in case you require it to aid in process of financial planning and accounting or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to search for your documents when you’re in the event of a need. Even when you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your money more efficiently. You’ll know better how much budget you have to cover other operating expenses.
What’s more is that TaxJar offers training and tutorials, not just for their platform but for anything that has to do with sales tax. Check out their webinars, guides and blog for more information. In addition the sales tax calculator can be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing levels and the features that each of these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the best plan to help you in filing and reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small business manager, the plan could be perfect for you. It may not have all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking to get different from the basics and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to having access to all of the Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to choose premium plans instead. It includes all of the features that you require to aid in your tax preparation. Additionally, they permit unlimited import integrations of data, Integrations with APIs, teams of users as well as AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan is going to cost. Why Taxes
However, they did mention that this plan is tailor-fit for every user. Therefore, the cost will differ according to what you require for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to determine if this service is for you. If you’re still looking into other options, they have 30 days of free trial. It should give you enough time to see whether the service is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of making use of TaxJar for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- Allows you to track multiple 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 valid for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that sounds like what you’re doing, then ought to try this.
Not only can it assist you in keeping track of your products and revenue however, it will assist you in meeting the deadlines you set. It’s also an excellent platform for an accountant since they provide tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you get more done while keeping the track of each deadline and requirement you have to fulfill. If you’re in a region with a lot of tax laws, this will certainly help you to get your head around it. Why Taxes
But if handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the entire procedure simple to follow then you’re better to do it on your own.
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FAQ Why Taxes
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transaction amounts are n US$. If you’re using another currency, you will need to convert it into US$ prior to when TaxJar can calculate the tax.
