Taxes are always one of the hardest things to do, whether you’re running a business or not. Even more so if you do not have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the budget to engage an accountant performing the task on yourself can be risky. If you overlook one thing it could mean you have to do it all over again!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
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 device and how it can benefit you. Even though this is lengthy but you’ll be able to assess whether TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, let’s dive right in.
What is TaxJar? TaxJar Amazon Warehouses
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that take days to complete and can be completed in a matter of only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s take a look at their features and services.
Features and services
One of the most important things you’ll want to check is that your accounting tax system is compatible with your sales channel. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to be penalized for missing a single minor point.
TaxJar allows you to display your key metrics in one spot. 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.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
TaxJar lets customers make sales tax filings manually or through their AutoFile feature. For this review, we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income The team will guide you on how to handle them. However, it will be up to you and your team to complete everything on time. TaxJar is there to guide you on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. With this feature, everything is automated, from calculating taxes on sales in order to record and process them. However, there might be extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to all the information you need, such as a list of your transactions, reports, and information.
The greatest benefit of the feature you’ve chosen is it allows you to update automatically every day. Not only will they let to know the amount you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payment is due.
The dashboard allows you to see the total sales tax in your business. You can also export your data to the form of a CSV file if you need it to aid in process of financial planning and accounting or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the sales avenues you use. That means you won’t have to scramble for your documents whenever you’re in the event of a need. Even when you already have your accountant, this feature can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have available for other operational costs.
What’s more is that TaxJar provides training and tutorials not only for their platform but all things connected to sales tax. You can look through their webinars, guides or blog posts for additional information. Additionally the sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing structures and the features that each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the most effective plan to help you in filing and reporting. It also includes the tax on sales, 4 free yearly AutoFiles, and a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a smaller business owner, this plan could be perfect for you. It may not offer all the features of TaxJar but it comes with all the basics you require.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration tools.
If you’re looking to get a bit more than just the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it when you add additional features.
How different is it from the original plan?
In addition to having access to every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you have a massive business, you might need to opt for an upgrade instead. It includes all of the features needed to help with your taxes. Moreover, they allow unlimited data import integrations, API integrationsfor team members as well as AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Amazon Warehouses
However, they did say that this plan is customized for each user. Therefore, the cost will differ in line with what you require to run your business.
Fortunately, you don’t need 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 30 days of free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a break. To summarize, here are the pros and cons of the use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with many sales channels and utilizes many platforms. If that’s what you do, then you ought to try this.
Not only can it aid in tracking the sales and profits of your business It can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they have the Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
The use of TaxJar can help you reduce time and keep track of every deadline or requirement you need to meet. If you’re in an area with complex tax laws, this can certainly help you to get your mind around it. TaxJar Amazon Warehouses
But if handling taxes is easy and straightforward, then TaxJar might not be a good expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you’re finding the entire procedure easy to complete then you’re better in doing it all on your own.
FAQ TaxJar Amazon Warehouses
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USdollars before TaxJar determines your tax.