Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have enough money to employ an accountant, performing the task on your own can be dangerous. If you make a mistake it could mean you need to repeat the process!
Nearly everyone would prefer to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So 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 it is possible to assess whether TaxJar is the tool you require today.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then let’s get right into it.
What is TaxJar TaxJar For Amazon Fba
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it in all of your sales channels to make sure you’re in compliance with sales taxes. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to make their business more simple and organized. Let’s explore their features and services.
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Services and features
Integration
One of the most important things you’ll need to ensure you have a tax accounting system is compatible with your sales channel. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one spot. That way, there’s no requirement to collect data in multiple channels and organize it into one platform. All you have to do is integrate TaxJar, then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. For this review, we’ll dig at both.
If you choose 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 them. However, it will be up for you and your staff to complete the process on time. TaxJar is there to help you understand what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. Through this feature, everything will be automated from calculating sales tax in order to record and process it. But, it is possible to incur extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting issues. Your orders from your e-commerce 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 a list of your transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is it lets you to update automatically every day. They not only let you keep track of how much you’ve collected, but they also help you track when your following payment is due.
Their dashboard also allows users to view in detail the total sales tax in your business. It is also possible to export the information as CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the sales avenues you use. It means you don’t need to search for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this feature can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
The best part is that TaxJar provides training and tutorials, not just for their platform but for anything connected to sales tax. Check out their webinars, guides, as well as their blog to find more information. In addition their sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing levels and what each of those plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a small company proprietor, then this program will be perfect for you. It may not have all the features of TaxJar however, it does include the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for different from the basics and options, then the Professional plan could be the one for you. It starts at $99, however, it could go up if you add custom features.
How different is it from the basic plan?
In addition to accessing every one of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you own a huge enterprise, you may want to go for premium plans instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited import integrations of data, API integrationsfor team members, and AutoFiles.
There is also a team that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan is going to cost. TaxJar For Amazon Fba
However, they did say that the plan is custom-made to each user. Therefore, the cost will differ in line with what you require for your company.
Free Trial
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to determine whether the software is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar let’s take a break. To summarize, here are the advantages and disadvantages of using TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator.
- Has support service team
- The dashboard is simple 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 recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes plenty of platforms. If that sounds like what you do, then you must try TaxJar.
It’s not just a way to aid in tracking your revenue and products, but it can also help you meet your deadlines. This is also an excellent option for accountants as they have a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can help you get more done 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 For Amazon Fba
If handling taxes is easy, then TaxJar could be a waste of investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole process easy to do then you’re better to do it by yourself.
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FAQ TaxJar For Amazon Fba
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in US$. If you’re using a different currency, you will need to convert it to USdollars before TaxJar will calculate the tax.
