Taxes are always one of the hardest things to do regardless of whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the funds to employ an accountant, doing it on yourself can be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory, we have no choice.
What is the best way to deal with it?
It is always possible to simplify our lives with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can help you. While this is an extensive read, you should be able to determine if TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? Amazon TaxJar Fees
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to ensure compliance with your sales taxes. It makes the process simpler that could can take days to complete, and can be completed in a matter of minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by owners of online businesses to ensure that everything is organized and straightforward. Let’s explore their features and services.
Features and services
One of the first things you’ll need to make sure is that your accounting tax system perfectly integrates with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one place. That way, there’s no need to gather data in multiple channels and sort it into one platform. All you need to do is integrate TaxJar and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers make sales tax filings either manually or via their AutoFile feature. For the purpose of this article, we’ll dig at both.
If you opt to do it manually, TaxJar will allow you to connect all of the sales channels you use. When the time is right for the filing of income tax returns The team will guide you on how to handle the tax returns. But, it is up for you and your staff to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. With this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. There could be extra fees if not included in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting problems. 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 staff will have access to everything you need, such as the list of transactions, reports and information.
The best part about this option is the fact that it allows you to automatically update every day. They not only let you know how much you’ve collected, but they also help you track when your following payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes in your business. It is also possible to export the information as the form of a CSV file, if you want to use it for your accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. This means that you don’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even even if you already have an accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know exactly 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 everything that has to do with sales tax. You can look through their webinars, guides, as well as their blog to find more details. In addition their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of those choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the best plan if you need help with filing requirements and reporting. It comes with the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small-scale company manager, the plan should be perfect for you. It might not include all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration features.
If you’re looking for something that is more than the basics, then the Professional plan may be the best option for you. It starts at $99, but you can increase it if you add custom features.
How different is it from the original plan?
In addition to accessing all of the Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to choose the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as Integrations with APIs, teams of members as well as AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge how much the Premium plan is going to cost. Amazon TaxJar Fees
However, they did mention that this plan is customized to each user. Therefore, the cost will differ in line with what you require for your business.
Luckily, you don’t have to risk your money to find out if the platform is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to gauge whether the service is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should know about TaxJar let’s take a break. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated 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 have access to the API feature.
- Only applicable to USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it assist you in keeping track of the sales and profits of your business however, it will help you meet your deadlines. This is also an excellent option for accountants as they offer the Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Using TaxJar can help you get more done while keeping the track of each deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this will definitely help you get your head around the subject. Amazon TaxJar Fees
But if handling your taxes is straightforward and straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire procedure easy to complete then you’re better in doing it all by yourself.
FAQ Amazon TaxJar Fees
Which areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it into USUSD prior to when TaxJar determines the tax.