Taxes have always been among the hardest things to do regardless of whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford the funds to hire an accountant, making it your own can be risky. If you overlook one thing it could mean you need to repeat the process!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with 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 help you. While this is an extensive read, you should be able to determine if TaxJar is what you need in the present.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar? TaxJar 3Rd Party Amazon Sellers Account
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and finish within minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely 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.
Services and features
One of the most important things you’ll want to check you have a tax accounting software is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to maintain everything in line. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key metrics in one spot. That way, there’s no need to gather data from different channels and then organize it on a single platform. All you need to do is connect TaxJar it will do the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to file their sales taxes by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect those sales tools. When it comes time to filing tax returns for income, the team will instruct you on how to handle the tax returns. However, it will be up to you and your team to complete the process on time. TaxJar is there to provide guidance on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales to recording and processing it. But, it is possible to incur extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team will have access to all the information you need, like an inventory of your transactions, reports, and data.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. They not only let you keep track of how much you’ve earned however, they can also help you keep track of when the next payment is due.
Their dashboard also allows you to see the sales tax totals for your business. Additionally, you can export your data to a CSV file, if you want to use it for your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of 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 feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know better how much budget you have to cover other operating expenses.
The best part is that TaxJar provides training and tutorials not only on their platform, but for anything related to sales tax. Check out their guides, webinars, and blog for more details. Apart from that their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they can be too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of those plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the best plan to help you with filing requirements or reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a smaller business proprietor, then this program should 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 support team with their email support chart. You’ll also have access to their integration capabilities.
If you’re looking for something a bit more than just the basic features, then the Professional plan could be the one for you. The price starts at $99 but it can go higher if you add custom features.
So how different is it from the starter plan?
In addition to accessing all of the Starter plan’s features, you also have their support via phone, API access, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you run a large company, you may need to opt for an upgrade instead. It includes all of the features that you require to make your tax filing easier. Moreover, they allow unlimited import integrations of data, Integrations with APIs, teams of users as well as AutoFiles.
There is also a team dedicated for managing the account. But, they don’t divulge the amount that the Premium plan is going to cost. TaxJar 3Rd Party Amazon Sellers Account
However, they did say that the plan is custom-made for each user. The cost of the plan will be different according to what you require for your business.
It’s a good thing that you don’t have to bet your life on it to see if this platform is right for you. If you’re still considering different options, they offer a 30-day free trial. It should give you enough time to gauge whether the software is the right choice for you.
Pros and Pros and
We’ve covered everything you must be aware of TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can 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
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses many platforms. If this sounds like the way you do, then you must try TaxJar.
Not only can it help you track your revenue and products It can help you meet the deadlines you set. It is also a great opportunity for accountants since they have a Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you reduce time and keep the track of each deadline or requirement you need to meet. If you live in an area with complex tax laws, this can surely help you wrap your mind around it. TaxJar 3Rd Party Amazon Sellers Account
However, if managing your taxes is straightforward, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. If you’re finding the entire procedure easy to complete then you’re better off doing it by yourself.
FAQ TaxJar 3Rd Party Amazon Sellers Account
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 with TaxJar?
Yes. You can connect 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 currencies. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it to USUSD prior to when TaxJar will calculate your tax.