Taxes have always been one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have enough money to engage an accountant making it your own could be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Most people want to skipping this step. But since it’s required, we have no choice.
So , what is the best way to deal with it?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can benefit you. Although this is quite an extensive read, you should be able to gauge whether TaxJar is what you need in the present.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar? TaxJar Blog Setting Up Amazon Settings
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure is your tax-reporting platform is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. That way, there’s no requirement to collect data from different channels and sort it into a single platform. All you have to do is to integrate TaxJar, then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar lets customers file their sales taxes by hand or using TaxJar’s AutoFile feature. For our review we’ll take a look into both.
If you choose to go it alone, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing tax returns for income TaxJar will train you on how to handle the tax returns. However, it will be up to you and your team members to complete the process on time. TaxJar is only there to provide guidance on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing them. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. The orders you place through your online 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 everything you need, such as an inventory of your transactions, reports, as well as information.
The most appealing aspect of this feature is that they allow you to update automatically every day. They not only let to know the amount you’ve accumulated however, they can also help you determine when your next payment is due.
Their dashboard can also allow users to view in detail the total sales tax within your company. It is also possible to export the data in CSV format. CSV file if you need it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all your sales channels. It means you don’t need to search for your documents when you’re when you’re in a pinch. Even when you already have your accounting firm, the feature can aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have to cover other operating costs.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform but everything related to sales tax. You can look through their guides, webinars, or blog posts for additional details. Additionally, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing structures and what each of those options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the most effective plan if you need help in filing and reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small-scale company owner, this plan should be ideal for you. It may not have all the features offered by TaxJar, but it has 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 features.
If you’re looking for something different from the basics Professional could be the one for you. It starts at $99, however, it could go up if you add custom features.
What is the difference from the basic plan?
In addition to accessing all of the Starter plan’s features, you also have the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to choose an upgrade instead. It comes with all the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports as well as API integrationsfor team members, and AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal how much the Premium plan will cost you. TaxJar Blog Setting Up Amazon Settings
But they did state that this plan is tailor-fit to each user. Therefore, the cost will differ in line with what you require for your business.
Fortunately, you don’t need to bet your life on it to determine if this service is for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to gauge whether the software is the right choice for you.
Pros and Pros and
We’ve covered everything you should be aware of TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
- Has 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
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform businesses with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then must try TaxJar.
Not only can it aid in tracking the sales and profits of your business however, it will assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you live in a region with a lot of tax regulations, this will definitely help you get your head around the subject. TaxJar Blog Setting Up Amazon Settings
But if handling your taxes is simple, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ TaxJar Blog Setting Up 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 connect 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 does not convert currency values. All of the transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to US$ before TaxJar can calculate your tax.