Taxes have always been one of the most difficult things to handle regardless of whether you’re running an enterprise or not. More so if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to engage an accountant doing it on your own could be dangerous. If you miss one detail, you might have to redo things again!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
So , what can we do about it?
We can always simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can assist you. While this is a long read but you’ll be able to gauge whether TaxJar is what you need today.
Do you prefer video streaming 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, then let’s get right into it.
What is TaxJar TaxJar Amazon Canada
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your sales channels to ensure compliance with sales taxes. It streamlines processes that take days to complete and can be completed in a matter of minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check is your tax-reporting system is compatible along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your key data in one location. So, there’s no need to collect data in multiple channels and sort it into one platform. All you have to do is to integrate TaxJar then the system will do all the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar lets customers make sales tax filings either manually or via the AutoFile feature. In the purpose of this article, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing income tax returns, the team will instruct you on how to handle the tax returns. But, it is up to you and your staff to complete the process on time. TaxJar is only there to provide guidance on what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. This feature will ensure that everything will be automated from calculating sales taxes in order to record and process them. There could be extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, like an inventory of your transactions, reports, as well as the data.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only can they help you know how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to fully view the total sales tax for your business. You can also export your data to the form of a CSV file in case you require it in your accounting and financial planning processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps 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 when you’re in a pinch. Even even if you already have an accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have available for other operational costs.
What’s more is that TaxJar offers training and tutorials, not just for their platform , but also everything related to sales tax. Check out their webinars, guides as well as their blog to find more details. Apart from that the sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll examine TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements and reporting. It includes sales tax reporting, four free yearly AutoFiles, and an CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a smaller company manager, the plan could be perfect for you. It might not include all the features of TaxJar, but it has the essentials that you need.
In addition, you can reach the support team via their support chart for email. You’ll also be able to use their integration features.
If you’re looking for something that is more than the basics and options, then the Professional plan could be the one for you. It starts at $99, however, it could go up by adding custom features.
How different is it from the basic plan?
In addition to having access to all of the Starter plan’s options, you also have access to their support via phone, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large business, you might need to opt for premium plans instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited integrations with data imports as well as API integrations, team users, and AutoFiles.
There is also a team dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Amazon Canada
However, they did say that the plan is custom-made to each 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 determine if this service is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to determine if the platform is the right choice for you.
Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of the use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- 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.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If that sounds like what you do, then you must try TaxJar.
It’s not just a way to aid in tracking your products and revenue It can assist you in meeting the deadlines you set. This is also an excellent option for accountants as they provide the Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
The use of TaxJar will help you save more time while keeping on top of each deadline and requirement you have to meet. If you’re in an area with complex tax regulations, this will surely help you wrap your head around the subject. TaxJar Amazon Canada
If handling taxes is easy and straightforward, then TaxJar might not be a good expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire procedure simple to follow then you’re better in doing it all on your own.
FAQ TaxJar Amazon Canada
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it into USdollars before TaxJar can calculate your tax.