Taxes have always been one of the most difficult things to handle, whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the budget to hire an accountant, doing it on yourself can be dangerous. 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. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do ?
It is always possible to simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can help you. Although this is quite lengthy, you should be able to assess whether TaxJar is exactly what you need right now.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? Amazon Invertery Center TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within only a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to make their business more organized and straightforward. Let’s look into the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure is that your accounting tax system seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your key data in one location. This means that there is no need to gather data from different channels and then organize it on a single platform. All you need to do is to integrate TaxJar, and the platform will handle 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 they can integrate with:
TaxJar lets customers make sales tax filings manually or through their AutoFile feature. For this review, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. When it comes time to filing income tax returns The team will guide you on how to handle these. But, it is up to you and your team to finish the tax returns on time. TaxJar will only guide you on what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing them. But, it is possible to incur additional charges if they are not part of the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there you and your team will have access to everything you need, such as a list of your transactions, reports, and information.
The greatest benefit of this feature is that they allow you to automatically update every day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
The dashboard allows you to fully view the total sales tax for your business. Additionally, you can export the data in CSV format. CSV file, if you want to use it for your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all your sales channels. It means you don’t need to search for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds more effectively. You’ll know exactly how much budget you have for other operating expenses.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also for anything related to sales tax. You can check out their webinars, guides, or blog posts for additional details. Apart from that, their 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 set your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you if you need help in filing and reporting. It also includes sales tax reporting, four autofiles for free each year, and an CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a small-scale company proprietor, then this program could be ideal for you. It may not have all of TaxJar’s features, but it has the basic features you require.
You can also contact their customer support via their support chart for email. You’ll also be able to use their integration features.
If you’re looking for that is more than the basics Professional could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
How different is it from the basic 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, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge company, you may need to go for the Premium plan instead. It has all of the features that you require to help with your taxes. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of users, and AutoFiles.
There is also a team that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. Amazon Invertery Center TaxJar
However, they did mention that this plan is tailor-fit for each user. So the costs will vary according to what you require to run your business.
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine if the platform is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of using TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then you should try this.
Not only can it assist you in keeping track of your products and revenue, but it can help you meet the deadlines you set. It’s also an excellent platform for an accountant since they have a Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this can certainly help you to get your head around it. Amazon Invertery Center TaxJar
If handling your taxes is straightforward and straightforward, then TaxJar might not be a good expense. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. If you’re finding the entire process easy to do, you might be better in doing it all by yourself.
FAQ Amazon Invertery Center TaxJar
Which areas does TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it to USdollars prior to when TaxJar determines your tax.