Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. In the event that you do not have the funds to hire an accountant, doing it on your own can be risky. If you make a mistake, you might have to redo things again!
Most people want to skip this step. However, since it’s mandatory, we have no choice.
What can we do about it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can help you. While this is an extensive read, you should be able to determine if TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? TaxJar Fba Forum
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It streamlines processes that take days to complete and is completed in just a few just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to make their business more simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting software seamlessly works well with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to show your critical metrics in one spot. This means that there is no need to gather information from multiple sources and sort it into a single platform. All you need to do is integrate TaxJar, then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect your sales platforms. Once the time comes for filing income tax returns, the team will instruct you on how to manage the tax returns. But, it is up for you and your staff to complete the process in time. TaxJar is there to help you understand what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. This feature will ensure that everything will be automated from calculating taxes on sales to recording and processing them. However, there might be extra fees if not part of the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your staff will have access to everything you require, including a list of your transactions, reports, as well as the data.
The greatest benefit of the feature you’ve chosen is it allows you to update automatically every day. Not only will they let to know the amount you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the overall sales taxes in your business. It is also possible to export your data to a CSV file in case you require it to aid in accounting and financial planning processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. 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 function can make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have for other operating costs.
But what’s even better is that TaxJar offers training and tutorials, not just on their platform, but all things that has to do with sales tax. You can check out their webinars, guides, as well as their blog to find more information. Apart from that, their sales tax calculator is beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing features, but they can be too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and what each of those plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. They claim that it’s the most effective plan if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 autofiles for free each year, and a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company proprietor, then this program should be ideal for you. It might not include all the features of TaxJar however, it does include the basic features you require.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for a bit more than just the basics, then the Professional plan could be the one for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the basic plan?
Apart from having access to every one of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive business, you might need to go for the Premium plan instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of users and AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal how much the Premium plan is going to cost. TaxJar Fba Forum
However, they did say that the plan is custom-made for each user. The cost of the plan will be different according to what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to gauge if the platform is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of using TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides on the internet for 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it help you track your products and revenue It can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they provide a Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Using TaxJar can allow you to save more time while keeping the track of each deadline and obligation you have to meet. If you’re in an area with complex tax regulations, this will definitely help you get your head around it. TaxJar Fba Forum
If handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire procedure simple to follow then you’re better off doing it by yourself.
FAQ TaxJar Fba Forum
What areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar determines the tax.