Taxes have always been one of the most difficult things to handle regardless of whether you’re running an enterprise or not. Even more so if you do not have a background in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford the funds to employ an accountant, doing it on your own can be risky. If you make a mistake it could mean you have to do it all over again!
Almost everyone wants to avoid this step. However, since it’s mandatory, we have no choice.
What is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can benefit you. Even though this is a long read it is possible to gauge whether TaxJar is what you need today.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar Amazon TaxJar
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all of your sales channels to ensure that you are in compliance with your sales taxes. It simplifies the processes that take days to complete and finish within minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything neat and simple. Let’s look into the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to make sure is your tax-reporting platform is compatible with your sales channel. If you’re selling through multiple channels, you must 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 show your key data in one location. This means that there is no need to gather information from multiple sources and then organize it on a single platform. All you need to do is connect TaxJar, and the platform will handle all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. For this review, we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns TaxJar will train you on how to handle the tax returns. However, it will be up to you and your staff to complete the process within the timeframe. TaxJar is there to help you understand what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. With this feature, everything will be automated, from calculating taxes on sales through recording, and then processing them. There could be extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you need, such as the list of transactions, reports, and data.
The best part about this feature is that they allow you to update automatically every day. Not only will they let to know the amount you’ve earned however, they can also help you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the overall sales taxes in your business. Additionally, you can export the information as CSV format. CSV file, if you want to use it for your accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. It means you don’t need to search for your documents when you need them in a pinch. Even even if you already have an accounting firm, the feature will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar offers tutorials and training, not just on their platform, but everything that has to do with sales tax. You can check out their guides, webinars, as well as their blog to find more details. Apart from that, their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing structures and what each of those choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. They say it’s the best plan for those who need assistance in filing and reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and an CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small business proprietor, then this program could be ideal for you. It may not offer all the features offered by TaxJar, but it has all the basics you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking for something that is more than the basics Professional could be the one for you. The price starts at $99 but you can increase it if you add custom features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also get access to their support via phone access to APIs, as well as advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to choose premium plans instead. It includes all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as API integrationsfor team users and AutoFiles.
They also have a team that is devoted to managing your account. However, they don’t disclose the amount that the Premium plan is going to cost. Amazon TaxJar
However, they did mention that this plan is tailor-fit to each user. Therefore, the cost will differ 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 determine if this service is for you. If you’re still looking into various options, they provide a 30-day free trial. This should be enough time to gauge if the platform is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your company.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax 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
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If that’s what you do, then you should try this.
Not only can it assist you in keeping track of your revenue and products It can also help you meet your deadlines. This is also an excellent option for accountants as they provide a Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Using TaxJar can help you save more time while keeping track of every deadline and obligation you have to meet. If you’re living in an area with complex tax regulations, this will surely help you wrap your head around the subject. Amazon TaxJar
If handling your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow then you’re better in doing it all on your own.
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FAQ Amazon TaxJar
Which areas does TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar will calculate your tax.
