Taxes are always one of the hardest things to do, whether you’re running a business or not. Particularly if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re full of things to be done. If you don’t have the funds to engage an accountant performing the task on your own could be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.
So what is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can assist you. While this is an extensive read it is possible to determine if TaxJar is the tool you require right now.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What is TaxJar? TaxJar Amazon Tax Collection
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it across all of your sales channels to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could take days to complete and finish within minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to make their business more simple and organized. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure is your tax-reporting platform is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your key data in one location. This means that there is no requirement to collect data in multiple channels and then organize it on one platform. All you have to do is connect TaxJar, it will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows clients to file their sales taxes manually or through the AutoFile feature. For this review, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect all those sales tools. When it comes time to filing income tax returns, the team will instruct you on how to manage the tax returns. It is up to you and your team members to complete everything on time. TaxJar is only there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating sales taxes to recording and processing them. There could be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be combined 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, as well as the data.
The greatest benefit of this feature is that it allows you to update your account automatically each day. They not only let you keep track of how much you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to fully view the total sales tax in your business. You can also export the data in a CSV file, if you want to use it for your financial planning and accounting processes or if your team needs 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 scramble for your documents when you’re in the event of a need. Even even if you already have an accountant, this function can make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have available for other operational costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also everything that has to do with sales tax. You can look through their webinars, guides and blog for more info. Apart from that, their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial 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 look into TaxJar’s pricing levels and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small company proprietor, then this program could be ideal for you. It may not have all of TaxJar’s features however, it does include all the basics you require.
You can also contact the support team via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for that is more than the basic features and options, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it if you add custom features.
How different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large company, you may need to opt for premium plans instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data, API integrations, team users and AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Amazon Tax Collection
However, they did say that this plan is tailor-fit for each user. Therefore, the cost will differ in line with what you require to run your business.
Free Trial
Fortunately, you don’t need to risk your money to see if this platform is right for you. If you’re still considering other options, they have a 30-day free trial. This should be enough time to see whether the service is an excellent fit for you.
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Pros and Pros and
We’ve covered everything you should know about TaxJar let’s take a breather. To sum it all up, here are the pros and cons of the use of TaxJar for your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you should try this.
Not only will it assist you in keeping track of the sales and profits of your business however, it will assist you in meeting your deadlines. It is also a great platform for an accountant since they provide tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you reduce time and keep on top of each deadline and obligation you have to meet. If you’re in an area with complex tax regulations, this will surely help you wrap your mind around it. TaxJar Amazon Tax Collection
If handling your taxes is straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole procedure easy to complete then you’re better to do it on your own.
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FAQ TaxJar Amazon Tax Collection
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 link your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into US$ before TaxJar will calculate your tax.
