Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford the budget to employ an accountant, making it yourself can be dangerous. If you make a mistake, you might need to repeat the process!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
What can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can help you. Even though this is an extensive read it is possible to determine if TaxJar is what you need right now.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar TaxJar Amazon Fba Settings
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that take days to complete and is completed in just a few only a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s explore the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to make sure you have a tax accounting system is compatible with your sales channel. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one spot. This means that there is no need to gather data in multiple channels and sort it into one platform. All you have to do is integrate TaxJar it will handle the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. In this review, we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect those sales tools. When the time is right for filing income tax returns TaxJar will train you on managing the tax returns. However, it will be up for you and your team members to finish the tax returns on time. TaxJar will only provide guidance on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. With this feature, everything is automated, from calculating sales taxes to recording and processing them. But, it is possible to incur extra fees if not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you need, such as a list of your transactions, reports and the data.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only can they help to know the amount you’ve earned and how much you’ve earned, but they also let you keep track of when the next payment is due.
The dashboard allows you to see the overall sales taxes within your company. Additionally, you can export the information to CSV format. CSV file, if you want to use it for your accounting and financial planning processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. That means you won’t have to hunt for your paperwork when you need them when you’re in a pinch. Even even if you already have an accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds better. You’ll be aware of the budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials, not just on their platform, but for anything related to sales tax. You can look through their webinars, guides, or blog posts for additional information. Additionally, their sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing features, but they can be too expensive for businesses. For this reason we’ll examine TaxJar’s pricing levels and the features that each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and an CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small-scale business manager, the plan will be ideal for you. It may not have all the features offered by TaxJar however, it does include all the basics you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for that is more than the basic features and options, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up when you add additional features.
So how different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for an upgrade instead. It comes with all the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as API integrations, team members and AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose how much the Premium plan is going to cost. TaxJar Amazon Fba Settings
However, they did say that this plan is customized for each user. The cost of the plan will be different depending on what you need for your company.
Luckily, you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to determine if the platform is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of using TaxJar for your company.
- There is 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.
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
- 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 for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have multiple sales channels and uses numerous platforms. If that’s what you’re doing, then you ought to try this.
It’s not just a way to aid in tracking the sales and profits of your business, but it can also help you meet the deadlines you set. It’s also an excellent option for accountants as they have a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can help you get more done while keeping the track of each deadline and requirement you have to meet. If you’re in an area with complex tax laws, this will definitely help you get your head around the subject. TaxJar Amazon Fba Settings
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire process easy to do then you’re better to do it on your own.
FAQ TaxJar Amazon Fba Settings
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in USdollars. If you’re using a different currency, you’ll have to convert it to US$ before TaxJar can calculate your tax.