Taxes have always been one of the most difficult things to handle regardless of whether you’re running a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the funds to employ an accountant, performing the task on yourself can be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this life-saving device and how it can benefit you. Even though this is an extensive read but you’ll be able to assess 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.
If you prefer to read, we’ll dive right into.
What is TaxJar Amazon Inventory Center TaxJar
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with sales tax requirements. It simplifies the processes that take days to complete and is completed in 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 it help you?
TaxJar is widely used by owners of online businesses to make their business more neat and simple. Let’s look into their features and services.
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Features and services
Integration
One of the most important things you’ll need to ensure you have a tax accounting system is compatible along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. So, there’s no need to gather data in multiple channels and then organize it on a single platform. All you have to do is to integrate TaxJar and the platform will do all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows clients to file their sales taxes either manually or via TaxJar’s AutoFile feature. In this review, we’ll look at both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns The team will guide you on managing the tax returns. But, it is up for you and your team to complete everything within the timeframe. TaxJar is there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. Through this feature, everything is automated, from calculating sales taxes to recording and processing it. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you require, including the list of transactions, reports and data.
The most appealing aspect of this feature is that they allow you to automatically update every day. They not only let you keep track of how much you’ve earned however, they can also help you track when your following payment is due.
The dashboard allows you to see the sales tax totals in your business. It is also possible to export your data to CSV format. CSV file if you need it to aid in accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the channels you sell through. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even if you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have for other operating costs.
What’s more is that TaxJar provides training and tutorials not only for their platform but all things that has to do with sales tax. Check out their webinars, guides as well as their blog to find more info. Apart from that their sales tax calculator can be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance in filing and reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a smaller company manager, the plan could be perfect for you. It may not have all the features offered by TaxJar however, it does include the essentials that you need.
In addition, you can reach the support team via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for something different from the basic features and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
How different is it from the basic plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you have a massive business, you might need to opt for the Premium plan instead. It comes with all the features needed to help with your taxes. Moreover, they allow unlimited data import integrations as well as API integrations, team members, and AutoFiles.
They also have a team who are devoted to managing your account. But, they don’t divulge the amount that the Premium plan is going to cost. Amazon Inventory Center TaxJar
But they did state that the plan is custom-made for each user. So the costs will vary depending on what you need for your business.
Free Trial
It’s a good thing that you don’t have 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 the opportunity to try a free trial for 30 days. This should be enough time to determine whether the software is an excellent fit for you.
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Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online 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
Cons
- Limits on AutoFile are determined by 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 review local laws
The Final Verdict
With everything laid out TaxJar can be a great platform businesses with many sales channels and utilizes numerous platforms. If that sounds like what you do, then you must try TaxJar.
It’s not just a way to help you track your revenue and products however, it will help you meet the deadlines you set. It’s also an excellent option for accountants as they provide a Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax regulations, this will surely help you wrap your mind around it. Amazon Inventory Center TaxJar
But 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 all of it. In addition, if you find the entire 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 Amazon Inventory Center TaxJar
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in US$. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar can calculate your tax.
