Taxes have always been one of the hardest things to do regardless of whether you run a business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to hire an accountant, doing it on your own can be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Almost everyone wants to skipping this step. However, since it’s mandatory, we have no choice.
So what can we do about it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. Even though this is an extensive read, you should be able to gauge whether TaxJar is what you need in the present.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar? Would Taxing The Rich Work
In 2013, TaxJar was established. 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. In addition, you can apply it across all of your channels of sales to ensure that you are in compliance with sales taxes. It makes the process simpler that could can take days to complete, and finish within just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting platform seamlessly works well with your sales channel. If you’re selling through multiple channels, you must keep everything in place. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar lets you display your key metrics in one place. So, there’s no need to collect data in multiple channels and organize it into a single platform. All you need to do is integrate TaxJar, and the platform will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers make sales tax filings by hand or using TaxJar’s AutoFile feature. In our review we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for the filing of income tax returns, the team will instruct you on managing these. But, it is up to you and your staff to finish the tax returns in time. TaxJar will only provide guidance on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. Through this feature, everything will be automated from calculating taxes on sales through recording, and then processing it. But, it is possible to incur extra fees if not included in the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your staff can access everything you require, including the list of transactions, reports, and the data.
The most appealing aspect of this feature is that they allow you to update automatically every day. Not only will they let you know how much you’ve earned, but they also help you determine when your next payments are due.
The dashboard allows you to see the sales tax totals within your company. You can also export the information to CSV format. CSV file if you need it for your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accountant, this function can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds better. You’ll be aware of the budget you have for other operational expenses.
What’s more is that TaxJar provides training and tutorials, not just for their platform but for anything related to sales tax. You can look through their webinars, guides, and blog for more 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 determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing structures and the features that each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. The company claims 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 a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small company proprietor, then this program should be perfect for you. It might not include all of TaxJar’s features, but it has the essentials that you need.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something that is more than the basics Professional might be the right one for you. It starts at $99, however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to accessing every one of Starter plan’s features, you also have their support via phone, API access, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive business, you might need to opt for premium plans instead. It includes all of the features that you require to make your tax filing easier. Moreover, they allow unlimited integrations with data imports, API integrations, team users and AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal the amount that the Premium plan is going to cost. Would Taxing The Rich Work
But they did state that this plan is customized for every user. The cost of the plan will be different depending on what you need to run your business.
Luckily, you don’t have to gamble your money just to see if this platform is for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to see whether the service is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you must 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 business.
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- 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 be able to access the API feature.
- Only applicable to USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for businesses with multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it help you track the sales and profits of your business however, it will assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar will help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you live in an area with complex tax laws, this can certainly help you to get your head around it. Would Taxing The Rich Work
But if handling your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you’re finding the entire process easy to do, you might be better in doing it all on your own.
FAQ Would Taxing The Rich Work
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it into US$ before TaxJar determines your tax.