How To Set Up Tax Collection Amazon TaxJar

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Taxes are always one of the most difficult tasks to complete regardless of whether you run your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have enough money to engage an accountant making it yourself can be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!

Almost everyone wants to skipping this step. But since it’s required and mandatory, there’s no other choice.

So , what can we do about it?

We can simplify our lives by using tools like TaxJar.

This article will take a look at this life-saving tool and explain how it can help you. Even though this is lengthy, you should be able to assess whether TaxJar is what you need right now.

Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.

But for those who prefer to read, let’s get right into it.

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What is TaxJar How To Set Up Tax Collection Amazon TaxJar

The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of your sales channels to ensure that you are in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within just a few minutes.

TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.

How can this help you?

TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s take a look at the features and services offered by TaxJar.

How To Set Up Tax Collection Amazon TaxJar

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Services and features

Integration

One of the first things you’ll need to ensure is your tax-reporting software seamlessly works well with your sales channel. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to be penalized for missing a single minor point.

TaxJar allows you to display your critical metrics in one place. This means that there is no requirement to collect information from multiple sources and sort it into one platform. All you have to do is connect TaxJar, and the platform will take care of the rest.

Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms that they can connect with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar allows customers to file their sales taxes either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.

If you opt to do it manually, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing income tax returns, the team will instruct you on how to handle the tax returns. However, it will be up to you and your team to complete everything within the timeframe. TaxJar will only 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 any forms manually. Through this feature, everything will be automated, from calculating sales tax to recording and processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.

Sales Tax Reports

As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. The orders you place through your online channels can be combined into a single dashboard via this platform. From there, you and your team can access everything you need, like a list of your transactions, reports, as well as the data.

The most appealing aspect of this option is the fact that it allows you to update automatically every day. Not only will they let you know how much you’ve collected, 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 for your business. It is also possible to export the data as CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team needs it for centralized reporting.

Training and Streamlining

TaxJar helps organize and keep on top of all the sales avenues you use. That means you won’t have to hunt for your paperwork when you’re in a pinch. Even when you already have your accountant, this function can aid them in being more efficient.

Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll know exactly how much budget you have for other operating costs.

The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform but all things that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional information. Additionally, their sales tax calculator should be helpful if you’re planning on complete everything yourself.

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How much does TaxJar cost?

We know how crucial it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.

Starter

Their Starter plan starts at $19. They claim that it’s the most effective plan to help you in filing and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and a CSV import. With the starter plan, you can access their AI tax advice.

If you’re a smaller business proprietor, then this program will be perfect for you. It might not include all the features offered by TaxJar 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 have access to their integration capabilities.

Professional

If you’re looking for something different from the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it when you add additional features.

What is the difference from the basic plan?

In addition to having access to all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.

Premium

If you run a large enterprise, you may want to go for the Premium plan instead. It includes all of the features you need to aid in your tax preparation. Additionally, they permit unlimited import integrations of data as well as API integrations, team members as well as AutoFiles.

They also have a staff that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. How To Set Up Tax Collection Amazon TaxJar

However, they did say that this plan is customized to each user. So the costs will vary in line with what you require for your business.

Free Trial

Luckily, you don’t have to gamble your money just to determine if this service is right for you. If you’re still looking into various options, they provide a 30-day free trial. It should give you enough time to see whether the software is a good fit for you.

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Pros and Pros and

Now that we’ve covered all you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the pros and cons of using TaxJar for your company.

Pros

  • Has a Tax Advisor option for some plans
  • AutoFile features can help you save time
  • Available in most USA states
  • Offers Taxes on sales online calculator.
  • Support Service Team
  • The dashboard is simple to navigate
  • Offers a 30-day free trial
  • It is possible to integrate it with other platforms.
  • You can track several sales channels

Cons

  • Limits on AutoFile are determined by the plan
  • AutoFile has extra fees
  • Some countries won’t be able to access the API feature.
  • Only applicable for USA customers.
  • Owners and accountants should recheck local legislations

The Final Verdict

With everything clearly laid out, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you’re doing, then must try TaxJar.

It’s not just a way to help you track your revenue and products It can also help you meet the deadlines you set. This is also an excellent platform for an accountant since they provide the Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.

The use of TaxJar can allow you to save more time while keeping on top of each deadline and obligation you have to meet. If you live in a region with a lot of tax laws, this can certainly help you to get your head around it. How To Set Up Tax Collection Amazon TaxJar

However, if managing taxes is easy and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the entire procedure easy to complete then you’re better to do it by yourself.

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FAQ How To Set Up Tax Collection Amazon TaxJar

What are the areas in which TaxJar offer API support?

TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.

Can I incorporate Shopify with TaxJar?

Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.

Are there any ways to exchange one kind of currency using TaxJar?

Unfortunately, no. TaxJar cannot convert currency values. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar determines your tax.

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