Taxes are always one of the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re filled with tasks to complete. In the event that you do not have the budget to hire an accountant, making it your own can be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skip this step. But since it’s required to be done, we can’t choose not to.
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 device and how it can help you. Although this is quite lengthy, you should be able to gauge whether TaxJar is exactly what you need today.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Ebay Managed Payment
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it in all of the sales channels you use to make sure you’re in compliance with your sales taxes. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to keep everything neat and simple. Let’s take a look at their features and services.
Features and services
One of the first things you’ll need to make sure is your tax-reporting system seamlessly works well with your sales channel. If you have multiple sales channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one spot. So, there’s no requirement to collect data from different channels and sort it into one platform. All you need to do is integrate TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they can integrate with:
TaxJar allows customers to make sales tax filings either manually or via their AutoFile feature. In our review we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect those sales tools. When the time is right for the filing of income tax returns, the team will instruct you on how to manage the tax returns. It is up for you and your staff to complete the process within the timeframe. TaxJar is only there to provide guidance on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. With this feature, everything is automated, from calculating taxes on sales through recording, and then processing it. But, it is possible to incur extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting problems. The orders you place through your online channels can be put together into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you need, like the list of transactions, reports and the data.
The greatest benefit of this option is the fact that they allow you to update automatically every day. Not only will they let to know the amount you’ve earned however, they can also help you determine when your next payment is due.
Their dashboard also allows you to fully view the overall sales taxes in your business. You can also export the information as a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to search for your documents whenever you’re in the event of a need. Even when you already have your accountant, this feature will make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have for other operational expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform but for anything related to sales tax. You can look through their webinars, guides, as well as their blog to find more information. Additionally the sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing tiers and the features that each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most effective plan to help you with filing requirements and reporting. It comes with taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small business owner, this plan will be ideal for you. It may not have all of TaxJar’s features, but it has the basic features you require.
You can also contact their customer support via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something a bit more than just the standard features Professional may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.
How different is it from the basic plan?
In addition to having access to all of the Starter plan’s options, you also have access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you have a massive enterprise, you may want to choose premium plans instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrations, team users as well as AutoFiles.
They also have a staff dedicated for managing the account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Ebay Managed Payment
But they did state that the plan is custom-made to each user. Therefore, the cost will differ depending on what you need for 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 different options, they offer a 30-day free trial. This should give you enough time to see if the platform is the right choice for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of the use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes plenty of platforms. If that’s what you do, then you ought to try this.
Not only can it help you track the sales and profits of your business however, it will also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they provide 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 track of every deadline and requirement you have to fulfill. If you’re in a region with a lot of tax laws, this will certainly help you to get your head around the subject. TaxJar Ebay Managed Payment
However, if managing your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you find the entire process easy to do then you’re better off doing it on your own.
FAQ TaxJar Ebay Managed Payment
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into US$ before TaxJar can calculate the tax.