Taxes have always been 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 degree in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re packed with things to do. In the event that you do not have enough money to engage an accountant doing it on yourself can be risky. If you make a mistake and you don’t know it, you may have to do it all over again!
Most people want to skipping this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can always make life easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can benefit you. Although this is quite lengthy but you’ll be able to determine if TaxJar is the tool you require in the present.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar Amazon Fba TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by owners of online businesses to keep everything neat and simple. Let’s look into 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 perfectly integrates with your sales channel. If you’re using multiple sales channels, you need to keep everything in place. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one place. So, there’s no need to collect data from different channels and then organize it on a single platform. All you need to do is connect TaxJar, then the system will do the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to make sales tax filings by hand or using their AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income TaxJar will train you on how to manage these. However, it will be up to you and your team to finish the tax returns within the timeframe. TaxJar is there to help you understand what you have to accomplish, but not manage it.
If you’d 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 taxes on sales in order to record and process them. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help 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 a list of your transactions, reports, and the data.
The most appealing aspect of this option is the fact that it lets you to update automatically every day. Not only will they let you keep track of how much you’ve earned, but they also help you determine when your next payments are due.
Their dashboard can also allow you to fully view the overall sales taxes for your business. Additionally, you can export the data as CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all your sales channels. It means you don’t need to hunt for your paperwork when you need them when you’re in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have for other operating costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also everything connected to sales tax. You can check out their guides, webinars, and blog for more information. Apart from that their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They say it’s the most effective plan for those who need assistance in filing and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and an CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company manager, the plan should be ideal for you. It may not offer all of TaxJar’s features, but it has the basic features you require.
Additionally, you can contact the support team via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking to get that is more than the basic features Professional may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
How different is it from the starter plan?
Apart from having access to every one of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge enterprise, you may want to opt for the Premium plan instead. It has all of the features needed to help with your taxes. Moreover, they allow unlimited data import integrations, API integrations, team users and AutoFiles.
There is also a team that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan costs you. Amazon Fba TaxJar
However, they did say that this plan is customized for each user. Therefore, the cost will differ according to what you require to run your business.
Fortunately, you don’t need to gamble your money just to find out if the platform is right for you. If you’re still considering various options, they provide 30 days of free trial. This should be enough time to see whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the advantages and disadvantages of making use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers 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 possible to integrate it 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 for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses plenty of platforms. If that’s what you do, then you ought to try this.
Not only can it help you track your products and revenue however, it will help you meet the deadlines you set. It’s also an excellent platform for an accountant since they have a Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you save more time while keeping the track of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your head around it. Amazon Fba TaxJar
However, if managing your taxes is straightforward and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you’re finding the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ Amazon Fba TaxJar
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.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you will need to convert it to USdollars prior to when TaxJar determines the tax.