Taxes have always been one of the hardest things to do regardless of whether you’re running a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. When you’re not able to afford the funds to hire an accountant, doing it on yourself can be risky. If you overlook one thing, you might need to repeat the process!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
So what can we do ?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and how it can benefit you. While this is a long read but you’ll be able to gauge whether TaxJar is the tool you require today.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What exactly is TaxJar? TaxJar Ebay Sales Rate Tax
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for your entire sales tax life cycle. Additionally, you can use it across all your channels of sales to ensure compliance with sales taxes. It simplifies the processes that require days to complete and finish within just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to keep everything neat and simple. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to ensure is your tax-reporting platform is compatible with your sales channel. If you’re selling through multiple channels, you need to ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar lets you display your key metrics in one place. That way, there’s no need to collect data from different channels and organize it into a single platform. All you have to do is connect TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. For this review, we’ll look at both.
If you decide to go it alone, TaxJar will allow you to connect those sales tools. When the time is right for filing income tax returns, the team will instruct you on how to manage them. It is up for you and your team to finish the tax returns within the timeframe. TaxJar will only guide you on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there, you and your team can access everything you need, like the list of transactions, reports, and information.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. Not only can they help to know the amount you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to fully view the overall sales taxes in your business. It is also possible to export your data as CSV format. CSV file in case you require it for your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to scramble for your documents when you need them in the event of a need. Even if you already have your accountant, this feature can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds better. You’ll be aware of the budget you have for other operating expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform , but also for anything connected to sales tax. You can check out their guides, webinars, as well as their blog to find more info. In addition their sales tax calculator is useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They say it’s the best plan if you need help with filing requirements and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small business owner, this plan could be ideal for you. It might not include all the features offered by TaxJar, but it has the essentials that you need.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basic features, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher if you add custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you run a large enterprise, you may want to go for premium plans instead. It comes with all the features needed to help with your taxes. Moreover, they allow unlimited integrations with data imports, API integrationsfor team members as well as AutoFiles.
There is also a team that is devoted for managing the account. They don’t reveal how much the Premium plan is going to cost. TaxJar Ebay Sales Rate Tax
However, they did mention that this plan is customized to each user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
Luckily, you don’t have to risk your money to determine if this service is the right one for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to see if the platform is the right choice for you.
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Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of the use of TaxJar for your company.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then should try this.
Not only will it assist you in keeping track of your products and revenue, but it can also help you meet your deadlines. This is also an excellent platform for an accountant since they provide the Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can allow you to get more done while keeping the track of each deadline or requirement you need to meet. If you’re living in a region with a lot of tax laws, this will surely help you wrap your mind around it. TaxJar Ebay Sales Rate Tax
However, if managing taxes is easy and straightforward, then TaxJar might not be a good investment. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole process easy to do then you’re better in doing it all by yourself.
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FAQ TaxJar Ebay Sales Rate Tax
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate your tax.
