Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running an enterprise or not. More so if you don’t have any experience in finance or accounting. Tax-related issues can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the funds to engage an accountant performing the task on your own can be risky. If you overlook one thing it could mean you have to redo things again!
Almost everyone wants to skip this step. But since it’s required, we have no choice.
So what is the best way to deal with it?
It is always possible to simplify our lives with tools such as TaxJar.
This article will take a look at this life-saving tool and how it can assist you. Even though this is an extensive read but you’ll be able to determine if TaxJar is the tool you require today.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? Is TaxJar Worth It For Fba
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your channels of sales to make sure you’re in compliance with sales taxes. It streamlines processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to make their business more neat and simple. Let’s look into their features and services.
Services and features
One of the first things you’ll want to check is that your accounting tax platform seamlessly works well 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 get a penalty for not paying attention to a minor thing.
TaxJar lets you display your critical data in one location. This means that there is no requirement to collect information from multiple sources and then organize it on one platform. All you need to do is connect TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax either manually or via their AutoFile feature. For the purpose of this article, we’ll dig at both.
If you decide to go it alone, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns The team will guide you on managing the tax returns. It is up for you and your team members to finish the tax returns within the timeframe. TaxJar is only there to help you understand what you have to do but not handle it.
If you’d 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. Through this feature, everything will be automated from calculating taxes on sales through recording, and then processing it. But, it is possible to incur additional charges if they are not part of the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting issues. The orders you place through your online channels can be compiled into one dashboard using 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 the data.
The most appealing aspect of this feature is that they allow you to automatically update every day. Not only will they let you keep track of how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payments are due.
The dashboard allows you to see the total sales tax in your business. It is also possible to export the data in the form of a CSV file in case you require it in your process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. This means that you don’t have to scramble for your documents when you’re in a pinch. Even even if you already have an accountant, this feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds better. You’ll know exactly how much budget you have for other operational costs.
The best part is that TaxJar offers training and tutorials not only for their platform but all things that has to do with sales tax. Check out their guides, webinars, as well as their blog to find more details. Additionally 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 establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing structures and what each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It also includes sales tax reporting, 4 autofiles for free each year, and a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small company owner, this plan will be ideal for you. It may not have all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach their customer support via their email support chart. You’ll also have access to their integration tools.
If you’re looking for that is more than the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
How different is it from the basic plan?
Apart from having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge company, you may need to opt for an upgrade instead. It has all of the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data API integrations, team users as well as AutoFiles.
There is also a team who are devoted in managing your accounts. They don’t reveal the amount that the Premium plan costs you. Is TaxJar Worth It For Fba
But they did state that the plan is custom-made for every user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to see if the platform is the right choice for you.
Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of using TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you should try this.
It’s not just a way to aid in tracking your revenue and products It can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they provide the Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can help you save more time while keeping on top of each deadline and requirement you have to fulfill. If you’re living in an area with complex tax laws, this can certainly help you to get your head around the subject. Is TaxJar Worth It For Fba
But if handling your taxes is simple and straightforward, then TaxJar may be an unnecessary 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 procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
FAQ Is TaxJar Worth It For Fba
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into US$ before TaxJar can calculate the tax.