Introduction To Sales Tax For Amazon Fba Sellers TaxJar

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Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. If you don’t have enough money to employ an accountant, doing it on yourself can be risky. If you miss one detail it could mean you have to redo things again!

Nearly everyone would prefer to skip this step. However, since it’s mandatory 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 life-saving tool and explain how it can help you. Although this is quite lengthy, you should be able to determine if TaxJar is the tool you require right now.

Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.

For those who like to read, let’s get right into it.

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What exactly is TaxJar? Introduction To Sales Tax For Amazon Fba Sellers TaxJar

The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all of the sales channels you use 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 has been used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.

How can it help you?

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

Introduction To Sales Tax For Amazon Fba Sellers TaxJar

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Features and services

Integration

One of the first things you’ll need to make sure you have a tax accounting platform perfectly integrates along with sales funnels. If you have multiple sales channels, you must ensure that everything is in order. The most important thing is not to be penalized for missing a single minor point.

TaxJar lets you display your critical data in one location. So, there’s no need to collect data in multiple channels and then organize it on one platform. All you have to do is to integrate TaxJar, it will handle the rest.

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

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

Filing

TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. For our review we’ll look at both.

If you decide to do it manually, TaxJar will allow you to connect all the sales channels you use. When the time is right for the filing of income tax returns TaxJar will train you on managing these. However, it will be up for you and your staff to complete the process within the timeframe. TaxJar will only guide you on what you should do , but not to handle it.

If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales taxes to recording and processing it. However, there might be additional costs if the feature is not included in the plan you chose.

Sales Tax Reports

As we mentioned it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff can access everything you need, such as a list of your transactions, reports and data.

The best part about this option is the fact that it lets you to automatically update 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 can also allow you to fully view the sales tax totals for your business. Additionally, you can export the data in CSV format. CSV file, if you want to use it for your financial planning and accounting processes or if your team requires it for centralized reporting.

Training and Streamlining

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

Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operational expenses.

The best part is that TaxJar offers 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 details. In addition their sales tax calculator is helpful if you’re planning on do everything on your own.

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How much does TaxJar cost?

We know how crucial it is to establish 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 examine TaxJar’s pricing tiers and what each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.

Starter

Their Starter plan is priced at $19. They claim that it’s the best plan for those who need assistance with filing requirements and reporting. It comes with sales tax reporting, 4 free yearly AutoFiles, and an CSV import. With the starter plan, you will be able to access their AI tax tips.

If you’re a small business manager, the plan should be perfect for you. It may not offer all the features of TaxJar but it comes with all the basics you require.

You can also contact their support team with their support chart for email. You’ll also be able to use their integration tools.

Professional

If you’re looking for different from the standard features, then the Professional plan might be the right one for you. It starts at $99, but you can increase it if you add custom features.

How different is it from the basic plan?

In addition to having access to every one of Starter plan’s options, you also have access to their phone customer support, API access, and the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.

Premium

If you have a massive business, you might need to choose an upgrade instead. It has all of the features that you require to help with your taxes. Moreover, they allow unlimited import integrations of data as well as API integrations, team users as well as AutoFiles.

They also have a team who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. Introduction To Sales Tax For Amazon Fba Sellers TaxJar

However, they did say that this plan is customized for every user. Therefore, the cost will differ depending on what you need for your business.

Free Trial

Fortunately, you don’t need to gamble your money just to find out if the platform is the right one for you. If you’re still considering different options, they offer 30 days of free trial. This should be enough time to determine if the platform is an excellent fit for you.

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Pros and Cons

Now that we’ve covered all you must be aware of TaxJar Let’s relax. To summarize we’ll go over the advantages and disadvantages of using TaxJar for your business.

Pros

  • Has a Tax Advisor option for some plans
  • AutoFile features help to reduce time
  • Available in most USA states
  • Offers on the internet for sales tax calculator.
  • Has 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

  • 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.
  • Needs accountants and owners to recheck local legislations

The Final Verdict

With everything clearly laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then you should try this.

Not only can it help you track your revenue and products It can help you meet your deadlines. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.

The use of TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax regulations, this will certainly help you to get your mind around it. Introduction To Sales Tax For Amazon Fba Sellers TaxJar

However, if managing your taxes is simple and straightforward, then TaxJar might not be a good 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. If you find the whole process easy to do, you might be better in doing it all by yourself.

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FAQ Introduction To Sales Tax For Amazon Fba Sellers TaxJar

What areas does TaxJar offer API support?

TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.

Do I have the ability to connect Shopify into TaxJar?

Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.

Can I convert any type of currency using TaxJar?

Unfortunately, no. TaxJar does not convert currency values. All transactions are in US$. If you’re using a different currency, you’ll need to convert it to US$ prior to when TaxJar will calculate the tax.

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