Taxes are always one of the most difficult tasks to complete, whether you’re running an enterprise or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re packed with things to do. If you don’t have the budget to engage an accountant performing the task on your own can be dangerous. If you miss one detail, you might have to redo things again!
Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can benefit you. While this is lengthy, you should be able to determine if TaxJar is what you need right now.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar? Yourstorewizards TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure is that your accounting tax platform seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one spot. That way, there’s no need to collect data from different channels and organize it into one platform. All you have to do is to integrate TaxJar then the system will do all the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. For this review, we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect all the sales channels you use. 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 team to finish the tax returns on time. TaxJar is there to guide you on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. Through this feature, everything will be automated, from calculating sales taxes in order to record and process it. There could be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting issues. The orders you place through your online channels can be put together into one dashboard using this platform. From there you and your team can access everything you require, including an inventory of your transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each day. Not only will they let to know the amount you’ve earned, but they also help you track when your following payments are due.
Their dashboard also allows you to fully view the total sales tax in your business. Additionally, you can export the information in the form of a CSV file if you need it to aid in accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the sales avenues you use. That means you won’t have to hunt for your paperwork when you’re in a pinch. Even if you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have available for other operating expenses.
The best part 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, as well as their blog to find more info. Additionally the sales tax calculator can be helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It includes the tax on sales, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small-scale company proprietor, then this program will be perfect for you. It might not include all of TaxJar’s features, but it has the basic features you require.
You can also contact their support team with their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking for that is more than the basics, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it by adding custom features.
What is the difference from the basic plan?
In addition to accessing all of the Starter plan’s features, you also get access to their phone customer support access to APIs, as well as sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive business, you might need to choose the Premium plan instead. It comes with all the features needed to make your tax filing easier. Additionally, they permit unlimited integrations with data imports Integrations with APIs, teams of members and AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the price of the Premium plan. will cost you. Yourstorewizards TaxJar
However, they did mention that the plan is custom-made to each user. So the costs will vary depending on what you need for your business.
Free Trial
Luckily, you don’t have to risk your money to find out if the platform is 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 gauge whether the service is the right choice for you.
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Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a breather. To sum it all up, here are the advantages and disadvantages of using TaxJar for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides an online sales tax 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.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers
- Needs accountants and owners to review local laws
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 sounds like what you do, then you must try TaxJar.
It’s not just a way to aid in tracking the sales and profits of your business It can assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they provide a Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar will help you reduce time and keep track of every deadline and requirement you have to fulfill. If you live in a region with a lot of tax regulations, this will definitely help you get your mind around it. Yourstorewizards TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better off doing it on your own.
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FAQ Yourstorewizards TaxJar
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions are in US$. If you’re using a different currency, you’ll have to convert it to USdollars before TaxJar determines your tax.
