Taxes have always been one of the most difficult tasks to complete regardless of whether you run your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is filled with tasks to complete. When you’re not able to afford the funds to engage an accountant performing the task on yourself can be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Almost everyone wants to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do ?
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 benefit you. While this is a long read, you should be able to determine if TaxJar is what you need right now.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, then let’s get right into it.
What is TaxJar? TaxJar Etsy Taxes
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure is your tax-reporting system is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one place. So, there’s no requirement to collect data from different channels and organize it into a single platform. All you have to do is to integrate TaxJar, and the platform will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms that they can connect with:
Filing
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. For this review, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns, the team will instruct you on managing these. However, it will be up for you and your team to complete the process in time. 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 don’t have to submit the forms in a manual manner. Through this feature, everything will be automated from calculating sales taxes through recording, and then processing it. However, there might be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you need, such as the list of transactions, reports, as well as data.
The best part about this option is the fact that it allows you to automatically update every day. They not only let to know the amount you’ve earned and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard also allows you to fully view the overall sales taxes in your business. You can also export your data in the form of a CSV file if you need it for your financial planning and accounting processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all 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 even if you already have an accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have available for other operating expenses.
What’s more is that TaxJar offers tutorials and training, not just on their platform, but all things that has to do with sales tax. Check out their webinars, guides as well as their blog to find more details. Apart from that their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing levels and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most effective plan to help you in filing and reporting. It includes sales tax reporting, four free yearly AutoFiles, and a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small-scale company owner, this plan could be perfect for you. It might not include all of TaxJar’s features however, it does include the basic features you require.
You can also contact their customer support via their email support chart. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking for something a bit more than just the basics, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
What is the difference from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to opt for the Premium plan instead. It has all of the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as Integrations with APIs, teams of users as well as AutoFiles.
They also have a team that is devoted to managing your account. However, they don’t disclose how much the Premium plan costs you. TaxJar Etsy Taxes
But they did state that this plan is tailor-fit to each user. So the costs will vary according to what you require to run your business.
Free Trial
It’s a good thing that you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to gauge whether the software is the right choice for you.
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Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. To summarize Here are the pros and cons of making use of TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides 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
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with multiple sales channels and uses plenty of platforms. If that’s what you do, then you must try TaxJar.
It’s not just a way to help you track the sales and profits of your business however, it will assist you in meeting the deadlines you set. This is also an excellent option for accountants as they offer the Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your head around it. TaxJar Etsy Taxes
But if handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure easy to complete, you might be better off doing it by yourself.
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FAQ TaxJar Etsy Taxes
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar can calculate the tax.
