Taxes have always been one of the most difficult tasks to complete regardless of whether you run a business or not. More so if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. In the event that you do not have the funds to employ an accountant, performing the task on your own could be risky. If you overlook one thing, you might have to do it all over again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do ?
We can always make life easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can help you. Although this is quite an extensive read it is possible to assess whether TaxJar is the tool you require today.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then let’s get right into it.
What is TaxJar Wix TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could 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 businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is simple and organized. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check is that your accounting tax software seamlessly works well along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your key data in one location. So, there’s no requirement to collect data in multiple channels and sort it into one platform. All you need to do is connect TaxJar, then the system will take care of 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 the platforms they can integrate with:
TaxJar lets customers file their sales taxes manually or through TaxJar’s AutoFile feature. In this review, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing tax returns for income, the team will instruct you on how to manage these. It is up to you and your team to complete everything on time. TaxJar will only guide you on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing them. There could be additional charges if they are not included in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your staff can access everything you require, including an inventory of your transactions, reports and the data.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. Not only will they let you know how much you’ve collected however, they can also help you keep track of when the next payment is due.
The dashboard allows you to fully view the overall sales taxes within your company. It is also possible to export the information as the form of a CSV file, if you want to use it to aid in process of financial planning and accounting or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to scramble for your documents when you need them in the event of a need. Even when you already have your accountant, this feature can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only on their platform, but for anything that has to do with sales tax. Check out their webinars, guides, or blog posts for additional info. Apart from that the sales tax calculator is beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most suitable plan for you to help you in filing and reporting. It comes with sales tax reporting, four free yearly AutoFiles, and an CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale company owner, this plan should be ideal for you. It may not offer all of TaxJar’s features, but it has the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something different from the standard features Professional might be the right one for you. It starts at $99, however, it could go up if you add custom features.
So how different is it from the basic plan?
In addition to having access to every one of Starter plan’s features, you also have their support via phone access to APIs, as well as sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you run a large enterprise, you may want to go for an upgrade instead. It comes with all the features needed to help with your taxes. In addition, they offer unlimited data import integrations as well as API integrations, team members, and AutoFiles.
There is also a team that is devoted for managing the account. However, they don’t disclose the price of the Premium plan. costs you. Wix TaxJar
However, they did say that the plan is custom-made for each user. Therefore, the cost will differ according to what you require for your company.
Fortunately, you don’t need to bet your life on it to find out if the platform is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to gauge whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of making use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then you ought to try this.
Not only can it aid in tracking your products and revenue It can also help you meet your deadlines. This is also an excellent option for accountants as they have the Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping the track of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax regulations, this will certainly help you to get your head around it. Wix TaxJar
If handling your taxes is simple and 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. In addition, if you find the whole procedure simple to follow, you might be better off doing it on your own.
FAQ Wix TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it into US$ before TaxJar will calculate the tax.