Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a background in accounting or finance. Tax-related work can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, doing it on your own can be risky. If you overlook one thing it could mean you need to repeat the process!
Most people want to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do about it?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can help you. Although this is quite lengthy but you’ll be able to determine if TaxJar is what you need today.
Do you prefer video streaming instead? 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, then we’ll dive right into.
What is TaxJar? TaxJar Fba Tax Setting
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it in all of your sales channels to ensure compliance with your sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can this 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 the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting software is compatible along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your critical data in one location. This means that there is no need to collect information from multiple sources and organize it into one platform. All you need to do is connect TaxJar it will do all the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to submit their sales tax by hand or using the AutoFile feature. For this review, we’ll dig at both.
If you decide to go it alone, TaxJar will allow you to connect your sales platforms. When it comes time to filing tax returns for income TaxJar will train you on how to manage these. However, it will be up to you and your staff to finish the tax returns in time. TaxJar will only help you understand what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales taxes through recording, and then processing them. However, there might be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team can access everything you need, like the list of transactions, reports, and data.
The most appealing aspect of this feature is that it lets you to automatically update every day. Not only can they help you know how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows you to fully view the total sales tax within your company. You can also export the data as a CSV file if you need it in your accounting and financial planning processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents when you’re in the event of a need. Even when you already have your accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have for other operating costs.
What’s more is that TaxJar offers tutorials and training and tutorials, not just on their platform, but all things that has to do with sales tax. You can look through their webinars, guides, as well as their blog to find more information. Additionally the sales tax calculator can be useful if you’re planning to take on the entire task yourself.
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 costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of those options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a smaller business manager, the plan should be ideal for you. It may not offer all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach the support team via their email support chart. You’ll also be able to use their integration capabilities.
If you’re looking for something different from the basic features and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up if you add custom features.
What is the difference from the starter plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to go for the Premium plan instead. It includes all of the features you need to make your tax filing easier. In addition, they offer unlimited data import integrations API integrationsfor team members and AutoFiles.
They also have a team dedicated to managing your account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Fba Tax Setting
But they did state that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need for your company.
It’s a good thing that you don’t have to gamble your money just to see if this platform is the right one for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to determine if the platform is a good fit for you.
Pros and Pros and
We’ve covered everything you should know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers 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 can be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you ought to try this.
It’s not just a way to help you track your revenue and products, but it can assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they provide a Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of 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 can surely help you wrap your head around it. TaxJar Fba Tax Setting
But if handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you have only one or two channels of sales, TaxJar won’t be needed to track everything. If you find the whole process easy to do and you’re comfortable with it, you may be better to do it by yourself.
FAQ TaxJar Fba Tax Setting
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar can calculate the tax.