Taxes have always been one of the hardest things to do regardless of whether you run a business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, especially 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 dangerous. If you miss one detail, you might have to do it all over again!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can simplify our lives with tools such as TaxJar.
We’ll look at this popular life-saving tool and how it can help you. Although this is quite a long read it is possible to gauge whether TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, let’s dive right in.
What is TaxJar? TaxJar Amazon Nexus
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to ensure compliance with your sales taxes. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to keep everything neat and simple. 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 is your tax-reporting system is compatible with your sales channel. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. So, there’s no requirement to collect data from different channels and organize it into one platform. All you have to do is integrate TaxJar, then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on how to manage the tax returns. However, it will be up to you and your team members to complete everything in time. TaxJar is there to help you understand what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. This feature will ensure that everything is automated, from calculating sales taxes through recording, and then processing it. There could be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. From there, you and your team will have access to all the information you need, such as the list of transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is they allow you to update your account automatically each day. Not only will they let you keep track of how much you’ve accumulated, but they also help you determine when your next payments are due.
Their dashboard can also allow users to view in detail the sales tax totals for your business. Additionally, you can export the information to the form of a CSV file, if you want to use it for your process of financial planning and accounting or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all your sales channels. That means you won’t have to hunt for your paperwork when you’re when you’re in a pinch. Even if you already have your accounting firm, the feature can help them be more efficient.
Moreover, knowing the estimates 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 for other operating expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also for anything that has to do with sales tax. You can look through their webinars, guides or blog posts for additional info. Apart from that the sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing levels and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most suitable plan for you to help you with filing requirements or reporting. It includes the tax on sales, four autofiles for free each year, and a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small-scale company owner, this plan could be perfect for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration features.
If you’re looking to get a bit more than just the basics, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to accessing all of the Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive business, you might need to choose the Premium plan instead. It has all of the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations, API integrations, team users and AutoFiles.
They also have a staff dedicated for managing the account. But, they don’t divulge the price of the Premium plan. will cost you. TaxJar Amazon Nexus
But they did state that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need to run your business.
Fortunately, you don’t need to gamble your money just to determine if this service is for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to gauge if the platform is the right choice for you.
Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of making use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several 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
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then you should try this.
Not only can it help you track the sales and profits of your business, but it can help you meet your deadlines. It’s also an excellent opportunity for accountants since they have the Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Using TaxJar can help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re in a region with a lot of tax laws, this can definitely help you get your head around the subject. TaxJar Amazon Nexus
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. If you find the whole process easy to do, you might be better to do it on your own.
FAQ TaxJar Amazon Nexus
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in USdollars. If you’re using another currency, you’ll have to convert it into US$ prior to when TaxJar will calculate your tax.