Taxes are always one of the most difficult things to handle, whether you’re running a business or not. More so if you don’t have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford the budget to hire an accountant, doing it on your own can be risky. If you overlook one thing, you might have to do it all over again!
Almost everyone wants to skipping this step. But , as it’s a requirement, we have no choice.
So what can we do about it?
It is always possible to simplify our lives with tools such as TaxJar.
We’ll look at this popular life-saving tool and how it can assist you. Although this is quite an extensive read it is possible to gauge whether TaxJar is the tool you require in the present.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What exactly is TaxJar? Amazon TaxJar Settings
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all of your channels of sales to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by online business owners to make their business more organized and straightforward. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll want to check is your tax-reporting system perfectly integrates along with sales funnels. If you have multiple sales channels, you need to maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one place. So, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you need to do is integrate TaxJar and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows clients to submit their sales tax either manually or via the AutoFile feature. For this review, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing income tax returns The team will guide you on how to manage them. But, it is up to you and your staff to complete the process on time. TaxJar is only there to guide you on what you have to accomplish, but not manage it.
If you would 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 will be automated from calculating taxes on sales in order to record and process it. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to all the information you require, including an inventory of your transactions, reports and the data.
The best part about this option is the fact that it lets you to update automatically every day. Not only can they help to know the amount you’ve collected, but they also help you determine when your next payments are due.
The dashboard allows users to view in detail the sales tax totals within your company. You can also export the data to a CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of 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 accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds better. You’ll be aware of the budget you have for other operating expenses.
What’s more is that TaxJar offers tutorials and training, not just for their platform , but also all things related to sales tax. You can look through their webinars, guides, and blog for more information. Apart from that their sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing levels and the features that each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most effective plan for those who need assistance in filing and reporting. It comes with sales tax reporting, four autofiles for free each year, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small-scale business manager, the plan will be ideal for you. It may not have all of TaxJar’s features but it comes with all the basics you require.
Additionally, you can contact the support team via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking to get a bit more than just the basics, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it when you add additional features.
How different is it from the basic plan?
Apart from having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to choose the Premium plan instead. It comes with all the features you need to help with your taxes. In addition, they offer unlimited integrations with data imports, Integrations with APIs, teams of users as well as AutoFiles.
There is also a team who are devoted for managing the account. But, they don’t divulge the price of the Premium plan. will cost you. Amazon TaxJar Settings
However, they did mention that the plan is custom-made for every user. The cost of the plan will be different in line with what you require to run your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to see whether the service is the right choice for you.
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Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of making use of TaxJar for your company.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it 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
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only can it assist you in keeping track of your revenue and products however, it will help you meet the deadlines you set. It is also a great opportunity for accountants since they offer tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can allow you to save more time while keeping track of every deadline and requirement you have to fulfill. If you live in a region with a lot of tax laws, this can certainly help you to get your mind around it. Amazon TaxJar Settings
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the whole process easy to do, you might be better in doing it all by yourself.
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FAQ Amazon TaxJar Settings
What areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar determines your tax.
