Taxes have always been one of the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford enough money to hire an accountant, doing it on your own can be risky. If you make a mistake it could mean you need to repeat the process!
Most people want to avoid this step. But since it’s required and mandatory, there’s no other choice.
What can we do ?
We can always make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can benefit you. Although this is quite a long read it is possible to assess whether TaxJar is what you need in the present.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? Amazon Warehouses TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. In addition, you can apply it in all of your channels of sales to ensure compliance with your sales taxes. It streamlines processes that take days to complete and is completed in just a few 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 it help you?
TaxJar is used extensively by business owners who run online businesses to keep everything simple and organized. Let’s look into their features and services.
Services and features
One of the first things you’ll want to check you have a tax accounting software is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must ensure that everything is in order. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to show your critical metrics in one spot. This means that there is no requirement to collect data from different channels and then organize it on one platform. All you need to do is integrate TaxJar, it will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar lets customers make sales tax filings by hand or using TaxJar’s AutoFile feature. For our review we’ll look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When it comes time to the filing of income tax returns The team will guide you on managing these. It is up to you and your team to complete the process in time. TaxJar is there to provide guidance on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. Through this feature, everything will be automated from calculating sales taxes to recording and processing them. However, there might be extra fees if not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. The orders you place through your online channels can be combined into one dashboard using this platform. From there, you and your team will have access to all the information you need, such as the list of transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. Not only can they help you know how much you’ve accumulated however, they can also help you determine when your next payment is due.
The dashboard allows users to view in detail the sales tax totals for your business. Additionally, you can export the information in the form of a CSV file in case you require it for your process of financial planning and accounting or if your team requires it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the sales avenues you use. This means that you don’t have to hunt for your paperwork whenever you’re in the event of a need. Even when you already have your accounting firm, the feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform but for anything connected to sales tax. You can check out their webinars, guides or blog posts for additional information. Additionally their sales tax calculator is beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing structures and the features that each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most effective plan for those who need assistance in filing and reporting. It comes with sales tax reporting, 4 autofiles for free each year, and a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small company owner, this plan could be ideal for you. It may not have all the features offered by TaxJar, but it has 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.
If you’re looking to get different from the basics and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you run a large business, you might need to opt for the Premium plan instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data as well as API integrationsfor team members as well as AutoFiles.
There is also a team dedicated to managing your account. They don’t reveal the price of the Premium plan. will cost you. Amazon Warehouses TaxJar
But they did state that the plan is custom-made for every user. Therefore, the cost will differ according to what you require for your company.
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still considering various options, they provide a 30-day free trial. This should be enough time to gauge whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a breather. To sum it all up Here are the pros and cons of making use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
- AutoFile limit is based on 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 clearly laid down, TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If that’s 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 also help you meet your deadlines. This is also an excellent opportunity for accountants since they have tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Using TaxJar will help you reduce time and keep track of every deadline or requirement you need to meet. If you live in an area with complex tax laws, this will definitely help you get your head around it. Amazon Warehouses TaxJar
If handling your taxes is simple and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ Amazon Warehouses TaxJar
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar determines the tax.