Taxes have always been among the most difficult tasks to complete 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 work can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford the funds to employ an accountant, performing the task on your own could be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do ?
We can always simplify our lives by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can assist you. Even though this is a long read but you’ll be able to assess whether TaxJar is the tool you require today.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar? Does TaxJar Automatically Take Money Out Of My Amazon Account For Me?
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to make their business more neat and simple. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure is your tax-reporting platform seamlessly works well along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar lets you display your critical metrics in one place. That way, there’s no need to collect information from multiple sources and sort it into a single platform. All you have to do is connect TaxJar and the platform will do the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. For the purpose of this article, we’ll dig at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for the filing of income tax returns TaxJar will train you on how to manage these. But, it is up for you and your team to finish the tax returns within the timeframe. TaxJar is only there to help you understand what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating sales tax in order to record and process it. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. All orders made through 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 need, like an inventory of your transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is it allows you to automatically update every day. Not only will they let you know how much you’ve accumulated, but they also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the total sales tax within your company. You can also export the information in the form of a CSV file in case you require it in your financial planning and accounting processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. It means you don’t need to search for your documents whenever you’re in a pinch. Even when you already have your accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your funds better. You’ll know better how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also all things related to sales tax. You can look through their webinars, guides, or blog posts for additional details. Apart from that their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing levels and the features that each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you for those who need assistance in filing and reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and an CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small business owner, this plan will be ideal for you. It may not offer all the features offered by TaxJar however, it does include all the basics you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking to get that is more than the basic features Professional may be the best option for you. It 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 have their phone customer support access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large company, you may need to opt for the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports as well as Integrations with APIs, teams of members, and AutoFiles.
There is also a team who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. costs you. Does TaxJar Automatically Take Money Out Of My Amazon Account For Me?
However, they did mention that this plan is tailor-fit for every user. So the costs will vary in line with what you require for your company.
Fortunately, you don’t need to gamble your money just to see if this platform is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should give you enough time to see whether the software is the right choice for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar Let’s relax. To summarize, here are the advantages and disadvantages of using TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is based on 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 recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to assist you in keeping track of your revenue and products, but it can help you meet your deadlines. It is also a great opportunity for accountants since they provide tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping the track of each deadline or requirement you need to meet. If you live in a place with complicated tax laws, this can definitely help you get your head around it. Does TaxJar Automatically Take Money Out Of My Amazon Account For Me?
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the whole procedure easy to complete then you’re better off doing it by yourself.
FAQ Does TaxJar Automatically Take Money Out Of My Amazon Account For Me?
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar can calculate your tax.