Taxes have always been among the most difficult tasks to complete regardless of whether you run an enterprise or not. Particularly if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford enough money to hire an accountant, doing it on your own can be risky. If you overlook one thing, you might have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always make life easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can help you. Even though this is a long read but you’ll be able to assess whether TaxJar is what you need in the present.
Do you prefer to watch videos instead? Watch 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.
What is TaxJar? Set Up Tax Jurisdiction Collection Amazon On TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by online business owners to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check you have a tax accounting platform seamlessly works well with your sales channel. If you’re selling through multiple channels, you need to maintain everything in line. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. 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 to integrate TaxJar, it will do the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to file their sales taxes by hand or using TaxJar’s AutoFile feature. In this review, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing tax returns for income The team will guide you on how to handle the tax returns. But, it is up to you and your team to complete everything in time. TaxJar is only there to help you understand what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. With this feature, everything is automated, from calculating sales tax to recording and processing it. However, there might be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned 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. Once you’re on the platform you and your staff will have access to everything you require, including the list of transactions, reports, and data.
The best part about this option is the fact that it allows you to automatically update every day. Not only can they help to know the amount you’ve accumulated however, they can also help you determine when your next payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. It is also possible to export the information as a CSV file in case you require it to aid in process of financial planning and accounting or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the sales avenues you use. That means you won’t have to hunt for your paperwork whenever you’re in the event of a need. Even if you already have your accountant, this feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have available for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training, not just on their platform, but for anything that has to do with sales tax. You can look through their guides, webinars, or blog posts for additional info. Additionally, their sales tax calculator is helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing features, but they can be too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small business proprietor, then this program should be ideal for you. It might not include all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact the support team via their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for something a bit more than just the basic features Professional may be the best option for you. The price starts at $99 but you can increase it by adding custom features.
What is the difference from the starter plan?
In addition to having access to all of the Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive enterprise, you may want to go for the Premium plan instead. It has all of the features that you require to make your tax filing easier. Additionally, they permit unlimited integrations with data imports as well as Integrations with APIs, teams of users and AutoFiles.
There is also a team who are devoted in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. Set Up Tax Jurisdiction Collection Amazon On TaxJar
But they did state that this plan is customized to each user. The cost of the plan will be different depending on what you need for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to find out if the platform is right for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to gauge whether the software is the right choice for you.
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Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. To sum it all up Here are the pros and cons of making use of TaxJar to run your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you should try this.
Not only can it aid in tracking your revenue and products, but it can help you meet your deadlines. It is also a great platform for an accountant since they offer the Tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
The use of TaxJar will help you save more time while keeping on top of each deadline and obligation you have to meet. If you’re in a place with complicated tax laws, this can certainly help you to get your head around the subject. Set Up Tax Jurisdiction Collection Amazon On TaxJar
However, if managing your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better to do it by yourself.
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FAQ Set Up Tax Jurisdiction Collection Amazon On TaxJar
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it to US$ before TaxJar determines the tax.
