Taxes have always been among the most difficult things to handle regardless of whether you run a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the funds to hire an accountant, performing the task on your own can be risky. If you miss one detail, you might need to repeat the process!
Nearly everyone would prefer to skip this step. However, since it’s mandatory, we have no choice.
So , what is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can assist you. Even though this is an extensive read, you should be able to gauge whether TaxJar is the tool you require in the present.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What is TaxJar TaxJar And Fba Auto File
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all the sales channels you use to make sure you’re in compliance with sales tax requirements. It streamlines processes that can 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 business owners who run online businesses to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure you have a tax accounting system is compatible along with sales funnels. If you’re using multiple sales channels, you must ensure that everything is in order. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one place. So, there’s no requirement to collect data from different channels and then organize it on one platform. All you need to do is connect TaxJar then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar lets customers make sales tax filings either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to filing income tax returns TaxJar will train you on how to handle these. It is up to you and your team members to complete the process within the timeframe. TaxJar is only there to help you understand what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. Through this feature, everything will be automated, from calculating taxes on sales to recording and processing it. There could be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to all the information you need, like the list of transactions, reports, as well as the data.
The best part about this option is the fact that it lets you to automatically update every day. Not only will they let you know how much you’ve accumulated, but they also help you determine when your next payment is due.
Their dashboard also allows users to view in detail the sales tax totals for your business. You can also export your data to a CSV file, if you want to use it in 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 track of all of the channels you sell through. That means you won’t have to hunt for your paperwork whenever you’re in the event of a need. Even if you already have your accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds better. You’ll know better how much budget you have to cover other operating costs.
But what’s even better is that TaxJar offers tutorials and training not only on their platform, but for anything related to sales tax. You can look through their webinars, guides, and blog for more details. Additionally, their sales tax calculator should be helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most effective plan to help you with filing requirements and reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small business manager, the plan will be perfect for you. It may not have all the features of TaxJar however, it does include all the basics you require.
You can also contact their customer support via their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking for a bit more than just the standard features Professional might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to having access to every one of Starter plan’s options, you also have access to their support via phone, API access, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge business, you might need to opt for an upgrade instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited integrations with data imports as well as API integrationsfor team users and AutoFiles.
They also have a staff who are devoted to managing your account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar And Fba Auto File
However, they did mention that the plan is custom-made to each user. So the costs will vary according to what you require to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to gauge whether the software is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a break. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to businesses with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then should try this.
It’s not just a way to assist you in keeping track of your products and revenue, but it can assist you in meeting the deadlines you set. It’s also an excellent option for accountants as they offer a Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Using TaxJar will help you get more done while keeping on top of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax laws, this will definitely help you get your head around the subject. TaxJar And Fba Auto File
However, if managing taxes is easy and straightforward, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
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FAQ TaxJar And Fba Auto File
Which areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with 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 with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it to US$ before TaxJar can calculate your tax.
