Taxes have always been among the most difficult things to handle regardless of whether you run a business or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have enough money to employ an accountant, performing the task on your own can be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!
Almost everyone wants to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can benefit you. Even though this is a long read it is possible to assess whether TaxJar is what you need right now.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Amazon Fba Taxes States
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it across all your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that require days to complete and finish within just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to keep everything organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure you have a tax accounting software is compatible with your sales channel. If you’re selling through multiple channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your key data in one location. So, there’s no need to collect data in multiple channels and then organize it on one platform. All you need to do is to integrate TaxJar, and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. In this review, we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect all of your sales platforms. Once the time comes for the filing of income tax returns The team will guide you on how to manage them. But, it is up to you and your team to finish the tax returns on time. TaxJar is there to help you understand what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated from calculating taxes on sales to recording and processing it. However, there might be additional charges if they are not included in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you need, like an inventory of your transactions, reports and the data.
The best part about the feature you’ve chosen is it lets 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 keep track of when the next payments are due.
The dashboard allows you to see the sales tax totals in your business. You can also export your data as a CSV file in case you require it in your process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. This means that you don’t have to search for your documents when you’re when you’re in a pinch. Even if you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll be aware of the budget you have available for other operating costs.
The best part is that TaxJar offers training and tutorials not only on their platform, but for anything connected to sales tax. Check out their webinars, guides or blog posts for additional information. Apart from that, their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing structures and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the best plan if you need help in filing and reporting. It also includes the tax on sales, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small-scale company manager, the plan will be perfect for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact their support team with their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking for different from the basics, then the Professional plan might be the right one for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the basic plan?
In addition to having access to all of the Starter plan’s features, you also have their phone customer support access to APIs, as well as sophisticated CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you own a huge business, you might need to opt for the Premium plan instead. It includes all of the features you need to make your tax filing easier. In addition, they offer unlimited import integrations of data API integrations, team users, and AutoFiles.
They also have a staff who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan is going to cost. TaxJar Amazon Fba Taxes States
However, they did say that this plan is customized for every user. So the costs will vary depending on what you need for your business.
Free Trial
Luckily, you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to see if the platform is the right choice for you.
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Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of the use of TaxJar for your business.
Pros
- Has a 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 easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies that have multiple sales channels and uses many platforms. If that’s what you’re doing, then must try TaxJar.
It’s not just a way to aid in tracking your products and revenue however, it will also help you meet your deadlines. This is also an excellent opportunity for accountants since they provide a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Using TaxJar will help you get more done while keeping on top of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax regulations, this will surely help you wrap your mind around it. TaxJar Amazon Fba Taxes States
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you find the entire procedure easy to complete then you’re better off doing it by yourself.
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FAQ TaxJar Amazon Fba Taxes States
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions are in US$. If you’re using another currency, you will need to convert it to USUSD before TaxJar determines the tax.
