Taxes have always been among the most difficult things to handle regardless of whether you’re running your own business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when you’re packed with things to do. If you don’t have the funds to engage an accountant performing the task on your own could be dangerous. If you overlook one thing, you might have to redo things again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory, we have no choice.
So what can we do about it?
We can make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can benefit you. Even though this is a long read, you should be able to assess whether TaxJar is the tool you require today.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar TaxJar Fba Warwehouse
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all your channels of sales to ensure compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to keep everything neat and simple. Let’s look into their features and services.
Features and services
One of the first things you’ll need to ensure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to display your key metrics in one place. That way, there’s no need to gather data from different channels and sort it into a single platform. All you need to do is connect TaxJar it will do the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes manually or through the AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing income tax returns TaxJar will train you on how to manage the tax returns. It is up to you and your staff to complete the process on time. TaxJar is only there to guide you on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating sales tax through recording, and then processing it. However, there might be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your team will have access to everything you need, such as the list of transactions, reports, as well as data.
The most appealing aspect of this option is the fact that it allows you to update your account automatically each day. They not only let to know the amount you’ve accumulated however, they can also help you keep track of when the next payments are due.
Their dashboard also allows you to fully view the overall sales taxes in your business. Additionally, you can export your data as a CSV file in case you require it in your accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your money more efficiently. You’ll be aware of the budget you have available for other operating costs.
The best part is that TaxJar provides training and tutorials, not just on their platform, but everything connected to sales tax. You can check out their webinars, guides, or blog posts for additional info. Additionally their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they can be too costly for your business. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the most effective plan to help you with filing requirements or reporting. It also includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small-scale company manager, the plan should be perfect for you. It might not include all the features of TaxJar however, it does include the essentials that you need.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking to get a bit more than just the standard features Professional may be the best option for you. It’s priced 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, as well as sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to go for an upgrade instead. It comes with all the features needed 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 dedicated for managing the account. They don’t reveal the amount that the Premium plan costs you. TaxJar Fba Warwehouse
However, they did say that the plan is custom-made for each user. The cost of the plan will be different in line with what you require to run your business.
Luckily, you don’t have to bet your life on it 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 give you enough time to see if the platform is the right choice for you.
Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the advantages and disadvantages of making use of TaxJar for your company.
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to businesses with many sales channels and utilizes many platforms. If this sounds like the way you do, then you ought to try this.
Not only will it help you track the sales and profits of your business, but it can help you meet the deadlines you set. It’s also an excellent platform for an accountant since they offer the Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep track of every deadline and requirement you have to fulfill. If you live in an area with complex tax laws, this can surely help you wrap your head around it. TaxJar Fba Warwehouse
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire procedure easy to complete, you might be better in doing it all on your own.
FAQ TaxJar Fba Warwehouse
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like 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.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into US$ prior to when TaxJar will calculate your tax.