Taxes have always been one of the most difficult things to handle, whether you’re running a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related tasks can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have the funds to hire an accountant, doing it on yourself can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. Although this is quite lengthy it is possible to gauge whether TaxJar is what you need today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? How Does TaxJar Determine If We Have Fba Warehouse In A State?
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all your sales channels to ensure compliance with sales taxes. It simplifies the processes that take days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to make sure is your tax-reporting system seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to maintain everything in line. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one spot. This means that there is no requirement to collect data in multiple channels and then organize it on one platform. All you have to do is connect TaxJar, it will do the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to make sales tax filings by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for filing tax returns for income The team will guide you on managing them. However, it will be up to you and your staff to complete the process within the timeframe. TaxJar is only there to guide you on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing them. There could be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. From there you and your team will have access to everything you need, like an inventory of your transactions, reports, and the data.
The best part about the feature you’ve chosen is they allow you to update your account automatically each day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard also allows users to view in detail the sales tax totals within your company. You can also export your data to the form of a CSV file in case you require it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the sales avenues you use. That means you won’t have to hunt for your paperwork when you need them in the event of a need. Even when you already have your accountant, this feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds better. You’ll know exactly how much budget you have for other operating expenses.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform but everything that has to do with sales tax. You can check out their webinars, guides as well as their blog to find more info. Apart from that the sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing features, but they can be too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They say it’s the most effective plan if you need help in filing and reporting. It also includes taxes on sales and sales as well as four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale business manager, the plan could be ideal for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach their customer support via their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking for something different from the basic features Professional may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.
So how different is it from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to their support via phone, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive business, you might need to go for premium plans instead. It has all of the features you need to aid in your tax preparation. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of users, and AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. is going to cost. How Does TaxJar Determine If We Have Fba Warehouse In A State?
However, they did say that this plan is tailor-fit for each user. So the costs will vary depending on what you need to run your business.
It’s a good thing that you don’t have to risk your money to find out if the platform is for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to determine whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar Let’s relax. In order to sum up the whole thing, here are the advantages and disadvantages of making use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If that sounds like what you do, then you ought to try this.
It’s not just a way to aid in tracking your products and revenue however, it will assist you in meeting your deadlines. It is also a great opportunity for accountants since they provide tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
The use of TaxJar will help you get more done while keeping on top of each deadline and requirement you have to meet. If you’re in an area with complex tax laws, this can certainly help you to get your head around the subject. How Does TaxJar Determine If We Have Fba Warehouse In A State?
But if handling your taxes is simple and straightforward, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure simple to follow, you might be better to do it by yourself.
FAQ How Does TaxJar Determine If We Have Fba Warehouse In A State?
What areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in US$. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar determines your tax.