Taxes are always one of the most difficult things to handle regardless of whether you’re running a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford enough money to engage an accountant performing the task on your own could be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Most people want to skipping this step. But since it’s required, we have no choice.
So , what can we do ?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can help you. While this is lengthy but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? Adding Facebook Marketplace Transactions To TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s look into the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check is that your accounting tax software perfectly integrates along with sales funnels. If you’re selling through multiple channels, you need to ensure that everything is in order. 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. That way, there’s no requirement to collect data in multiple channels and organize it into one platform. All you need to do is connect TaxJar, and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. In our review we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect those sales tools. When it comes time to filing tax returns for income, the team will instruct you on how to handle them. However, it will be up for you and your team to finish the tax returns on time. TaxJar will only guide you on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. With this feature, everything will be automated from calculating sales taxes in order to record and process it. But, it is possible to incur extra fees if not included in the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard through this platform. From there you and your team will have access to everything you need, such as the list of transactions, reports and information.
The best part about this feature is that it allows you to automatically update every day. They not only let you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows you to fully view the total sales tax within your company. You can also export the data in a CSV file if you need it to aid in financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. This means that you don’t have to search for your documents when you need them when you’re in a pinch. Even even if you already have an accounting firm, the feature will help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll know better how much budget you have to cover other operational expenses.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform but for anything related to sales tax. Check out their webinars, guides, or blog posts for additional info. Apart from that their sales tax calculator is beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements or reporting. It comes with sales tax reporting, 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a smaller business manager, the plan should be ideal for you. It may not offer all the features of TaxJar, but it has the essentials that you need.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for something that is more than the standard features, then the Professional plan could be the one for you. It starts at $99, but you can increase it when you add additional features.
So how different is it from the basic plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone, API access, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive enterprise, you may want to go for an upgrade instead. It has all of the features you need to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as Integrations with APIs, teams of members, and AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan is going to cost. Adding Facebook Marketplace Transactions To 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 company.
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to determine whether the software is the right choice for you.
Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To sum it all up Here are the pros and cons of the use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is easy 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
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it help you track your products and revenue however, it will assist you in meeting your deadlines. It’s also an excellent option for accountants as they have a Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Utilizing TaxJar will help you reduce time and keep track of every deadline and requirement you have to fulfill. If you’re living in a place with complicated tax laws, this will surely help you wrap your mind around it. Adding Facebook Marketplace Transactions To TaxJar
If handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the whole process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ Adding Facebook Marketplace Transactions To TaxJar
What areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind 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 will need to convert it to USdollars before TaxJar determines your tax.