Taxes have always been one of the most difficult things to handle, whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the budget to engage an accountant performing the task on your own can be risky. If you make a mistake it could mean you have to do it all over again!
Most people want to skipping 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.
This article will take a look at this popular 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 right now.
Are you looking 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.
For those who like to read, then let’s get right into it.
What is TaxJar TaxJar Fba Settings Tax State
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it in all of your sales channels to ensure compliance with sales tax requirements. It makes the process simpler that could require days to complete and is completed in just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to make their business more simple and organized. Let’s take a look at their features and services.
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Features and services
Integration
One of the most important things you’ll want to check is your tax-reporting system seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your critical data in one location. This means that there is no requirement to collect information from multiple sources and then organize it on one platform. All you have to do is connect TaxJar and the platform will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar lets customers make sales tax filings manually or through their AutoFile feature. In this review, we’ll look at both.
If you decide to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income The team will guide you on managing the tax returns. However, it will be up for you and your staff to complete the process on time. TaxJar will only guide you on what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. With this feature, everything will be automated, from calculating sales tax 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 chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. From there, you and your team will have access to all the information you require, including a list of your transactions, reports, as well as information.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. Not only will they let you know how much you’ve collected, but they also help you determine when your next payment is due.
The dashboard allows you to fully view the total sales tax for your business. Additionally, you can export your data to CSV format. CSV file in case you require it in your financial planning and accounting processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. This means that you don’t have to hunt for your paperwork when you need them when you’re in a pinch. Even even if you already have an accountant, this function will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds better. You’ll know better how much budget you have for other operating costs.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also all things connected to sales tax. You can check out their webinars, guides, as well as their blog to find more information. In addition the sales tax calculator can be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the best plan to help you with filing requirements and reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company proprietor, then this program could be ideal for you. It may not have all the features of TaxJar however, it does include the basic features you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration features.
Professional
If you’re looking to get a bit more than just the basic features, then the Professional plan might be the right one for you. The price starts at $99 but you can increase it by adding custom features.
What is the difference from the starter 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. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large enterprise, you may want to opt for the Premium plan instead. It comes with all the features you need to make your tax filing easier. In addition, they offer unlimited data import integrations, API integrations, team users and AutoFiles.
There is also a team who are devoted to managing your account. But, they don’t divulge how much the Premium plan costs you. TaxJar Fba Settings Tax State
But they did state that this plan is customized for every user. Therefore, the cost will differ depending on what you need to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to see if this platform is for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to see if the platform is a good fit for you.
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Pros and Pros and
We’ve covered everything you must be aware of TaxJar let’s take a break. In order to sum up the whole thing, here are the pros and cons of using TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help 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 is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies with numerous sales channels, and that utilizes many platforms. If that’s what you do, then you should try this.
Not only will it aid in tracking your products and revenue, but it can help you meet your deadlines. It’s also an excellent platform for an accountant since they offer the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you reduce time and keep track of every deadline or requirement you need to meet. If you’re living in an area with complex tax regulations, this will certainly help you to get your head around it. TaxJar Fba Settings Tax State
But if handling your taxes is simple, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar Fba Settings Tax State
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions are in US$. If you’re using a different currency, you will need to convert it into USUSD before TaxJar will calculate the tax.
