Taxes have always been among the most difficult things to handle 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 tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. In the event that you do not have enough money to hire an accountant, performing the task on yourself can be risky. If you overlook one thing, you might have to do it all over again!
Almost everyone wants to skip this step. But since it’s required and mandatory, there’s no other choice.
So what can we do ?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. Although this is quite lengthy it is possible to assess whether TaxJar is what you need today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar? TaxJar Amazon Settings
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with sales taxes. It streamlines processes that require days to complete and finish within minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to make their business more neat and simple. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting software perfectly integrates with your sales channel. If you have multiple sales channels, it is essential to maintain everything in line. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one spot. This means that there is no need to collect data from different channels and then organize it on a single platform. All you need to do is to integrate TaxJar and the platform will take care of all the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to file their sales taxes by hand or using TaxJar’s AutoFile feature. For our review we’ll look at both.
If you opt to do it manually, TaxJar will allow you to connect those sales tools. When it comes time to filing income tax returns, the team will instruct you on how to manage them. However, it will be up for you and your team members to finish the tax returns in time. TaxJar will only help you understand what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. With this feature, everything will be automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there you and your team will have access to everything you require, including the list of transactions, reports and information.
The most appealing aspect of the feature you’ve chosen is it lets you to update automatically every day. Not only will they let you keep track of how much you’ve earned 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 total sales tax for your business. Additionally, you can export the information to the form of a CSV file in case you require it to aid in financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to hunt for your paperwork when you’re in a pinch. Even if you already have your accounting firm, the feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds better. You’ll be aware of the budget you have to cover other operating costs.
The best part is that TaxJar offers training and tutorials not only for their platform , but also all things connected to sales tax. You can look through their webinars, guides, as well as their blog to find more details. In addition the sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they can be too costly for your business. For this reason, we’ll look into TaxJar’s pricing levels and what each of those plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the best plan to help you in filing and reporting. It includes the tax on sales, 4 annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program should be ideal for you. It may not offer all the features of TaxJar but it comes with the basic features you require.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for different from the basic features Professional may be the best option for you. It’s priced 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 each of Starter plan’s options, you also have access to their phone customer support, API access, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large business, you might need to choose an upgrade instead. It includes all of the features you need to help with your taxes. Moreover, they allow unlimited import integrations of data as well as Integrations with APIs, teams of members, and AutoFiles.
They also have a team who are devoted for managing the account. They don’t reveal the price of the Premium plan. is going to cost. TaxJar Amazon Settings
However, they did say that this plan is tailor-fit for each user. So the costs will vary in line with what you require for 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 the opportunity to try a free trial for 30 days. It should give you enough time to determine if the platform is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the advantages and disadvantages of the use of TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online 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 for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses many platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to aid in tracking your revenue and products however, it will also help you meet your deadlines. This is also an excellent option for accountants as they provide the Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar will help you reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re living in a place with complicated tax laws, this can certainly help you to get your mind around it. TaxJar Amazon Settings
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire procedure simple to follow, you might be better off doing it on your own.
FAQ TaxJar Amazon Settings
Which areas does TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar determines your tax.