Taxes are always one of the most difficult things to handle, whether you’re running a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the budget to engage an accountant performing the task on yourself can be risky. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always simplify our lives with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can help you. While this is lengthy but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What exactly is TaxJar? TaxJar Fba Tax Settings
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with sales taxes. It streamlines processes that take days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure you have a tax accounting software seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you must maintain everything in line. The last thing you want is to be penalized for missing a single minor point.
TaxJar lets you display your critical metrics in one spot. That way, there’s no need to collect data in multiple channels and organize it into one platform. All you have to do is integrate TaxJar, and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar lets customers make sales tax filings either manually or via TaxJar’s AutoFile feature. In our review we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns, the team will instruct you on how to handle them. However, it will be up to you and your staff to complete the process within the timeframe. TaxJar is only there to guide you on 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 all forms by hand. This feature will ensure that everything will be automated, from calculating sales taxes to recording and processing them. But, it is possible to incur additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you require, including the list of transactions, reports, as well as the data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. They not only let you know how much 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 total sales tax for your business. It is also possible to export the information as the form of a CSV file, if you want to use it to aid in accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the channels you sell through. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even if you already have your accounting firm, the feature can make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know better how much budget you have available for other operational costs.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform , but also everything that has to do with sales tax. You can look through their webinars, guides, as well as their blog to find more information. Apart from that their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they can be too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. They claim that it’s the best plan if you need help with filing requirements or reporting. It also includes the tax on sales, 4 autofiles for free each year, and an CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a smaller business proprietor, then this program could be ideal for you. It might not include all of TaxJar’s features, but it has the essentials that you need.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for something different from the standard features, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
What is the difference from the basic plan?
In addition to having access to every one of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large company, you may need to go for premium plans instead. It comes with all the features you need to make your tax filing easier. Moreover, they allow unlimited import integrations of data API integrationsfor team members, and AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Fba Tax Settings
However, they did mention that the plan is custom-made for each user. So the costs will vary in line with what you require for your business.
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to see whether the service is the right choice for you.
Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a break. To summarize, here are the pros and cons of the use of TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- It allows you to monitor multiple 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.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then should try this.
Not only can it assist you in keeping track of the sales and profits of your business however, it will also help you meet the deadlines you set. It is also a great option for accountants as they provide the Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
The use of TaxJar will help you get more done while keeping on top of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax regulations, this will surely help you wrap your head around it. TaxJar Fba Tax Settings
However, if managing taxes is easy and straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the whole process easy to do then you’re better to do it on your own.
FAQ TaxJar Fba Tax Settings
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar can calculate your tax.