Taxes have always been one of the most difficult tasks to complete regardless of whether you run a business or not. More so if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is full of things to be done. When you’re not able to afford enough money to engage an accountant doing it on your own can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skip this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can benefit you. Although this is quite lengthy it is possible to gauge whether TaxJar is what you need right now.
Prefer watching videos rather than watch them? 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, then we’ll dive right into.
What exactly is TaxJar? TaxJar Amazon Stae Settings
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it across all of your sales channels to make sure you’re in compliance with your sales taxes. It makes the process simpler that could take days to complete and finish within only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure you have a tax accounting system seamlessly works well along with sales funnels. If you’re using multiple sales channels, you must keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar lets you display your critical metrics in one spot. That way, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you need to do is connect TaxJar then the system will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to file their sales taxes by hand or using their AutoFile feature. In this review, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on how to handle the tax returns. However, it will be up for you and your team members to complete everything within the timeframe. TaxJar is there to provide guidance on 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 any forms manually. Through this feature, everything will be automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team can access everything you require, including the list of transactions, reports and data.
The best part about this feature is that it lets you to update automatically every day. Not only can they help you keep track of how much you’ve earned however, they can also help you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the overall sales taxes for your business. It is also possible to export the information in the form of a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have to cover other operational expenses.
The best part is that TaxJar offers training and tutorials not only for their platform , but also everything related to sales tax. You can check out their webinars, guides or blog posts for additional info. In addition the sales tax calculator can be useful if 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. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing levels and the features that each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements or reporting. It includes taxes on sales and sales as well as four annual AutoFiles for free, as well as an CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small company owner, this plan should be ideal for you. It might not include all the features offered by TaxJar, but it has the basic features you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for different from the basic features, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
What is the difference from the starter plan?
Apart from having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and the ability to do 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 the Premium plan instead. It includes all of the features that you require to make your tax filing easier. Moreover, they allow unlimited integrations with data imports API integrations, team members as well as AutoFiles.
There is also a team that is devoted for managing the account. They don’t reveal the amount that the Premium plan costs you. TaxJar Amazon Stae Settings
However, they did mention that this plan is customized for every user. So the costs will vary according to what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is right for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to see if the platform is the right choice for you.
Pros and Pros and
After we’ve gone over everything you need to know about TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of the use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online 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.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only valid for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to aid in tracking your revenue and products however, it will also help you meet the deadlines you set. It is also a great opportunity for accountants since they provide tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you save more time while keeping track of every deadline and obligation you have to meet. If you live in a region with a lot of tax laws, this can definitely help you get your head around it. TaxJar Amazon Stae Settings
However, if managing taxes is easy, then TaxJar may be an unnecessary investment. If you have only one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure simple to follow, you might be better in doing it all on your own.
FAQ TaxJar Amazon Stae Settings
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into USUSD before TaxJar can calculate your tax.