Taxes have always been one of the most difficult things to handle regardless of whether you run a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford the budget to employ an accountant, making it yourself can be dangerous. If you overlook one thing it could mean you have to redo things again!
Almost everyone wants to skip this step. But since it’s required and mandatory, there’s no other choice.
So , what can we do about it?
We can always make life easier with tools such as TaxJar.
This article will take a look at this life-saving tool and explain how it can assist you. Even though this is a long read but you’ll be able to assess whether TaxJar is the tool you require right now.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? TaxJar For Fba
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all the sales channels you use to ensure that you are in compliance with sales taxes. It streamlines processes that require days to complete and is completed in just a few just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by owners of online businesses to make their business more neat and simple. Let’s look into the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure is that your accounting tax platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, you need to maintain everything in line. The final thing you would like is to be penalized for missing a single minor point.
TaxJar lets you display your key metrics in one spot. This means that there is no need to gather data from different channels and organize it into a single platform. All you have to do is connect TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to make sales tax filings manually or through their AutoFile feature. For our review we’ll look at both.
If you decide to do it manually, TaxJar will allow you to connect your sales platforms. When the time is right for the filing of income tax returns The team will guide you on how to manage these. It is up for you and your team to complete everything on time. TaxJar is there to provide guidance on what you need to accomplish, but not manage 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 taxes on sales to recording and processing them. However, there might be extra fees if not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your team will have access to everything you need, like a list of your transactions, reports, as well as the data.
The best part about the feature you’ve chosen is it allows you to automatically update every day. They not only let to know the amount you’ve earned, but they also help you keep track of when the next payments are due.
Their dashboard also allows users to view in detail the overall sales taxes within your company. Additionally, you can export your data to CSV format. CSV file if you need it for your process of financial planning and accounting or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. This means that you don’t have to search for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just on their platform, but for anything connected to sales tax. Check out their guides, webinars, and blog for more information. Apart from that their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the most effective plan if you need help with filing requirements and reporting. It comes with taxes on sales and sales as well as four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small company proprietor, then this program will be perfect for you. It may not offer all the features offered by TaxJar however, it does include all the basics you require.
You can also contact their support team with their email support chart. You’ll also have access to their integration tools.
If you’re looking for something a bit more than just the standard features and options, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
So how different is it from the starter plan?
In addition to having access to every one of Starter plan’s options, you also have access to 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.
If you run a large enterprise, you may want to choose an upgrade instead. It has all of the features you need to help with your taxes. Additionally, they permit unlimited data import integrations, API integrations, team users and AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar For Fba
But they did state that the plan is custom-made for each user. The cost of the plan will be different according to what you require for your business.
Luckily, you don’t have to gamble your money just to determine if this service is right for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to gauge whether the software is a good fit for you.
Pros and Cons
After we’ve gone over everything you must know about TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of the use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then you must try TaxJar.
Not only will it help you track the sales and profits of your business It can assist you in meeting your deadlines. It is also a great platform for an accountant since they provide tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can allow you to reduce time and keep track of every deadline or requirement you need to meet. If you live in an area with complex tax regulations, this will surely help you wrap your head around it. TaxJar For Fba
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. If you find the whole procedure simple to follow then you’re better in doing it all by yourself.
FAQ TaxJar For Fba
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n US$. If you’re using another currency, you’ll have to convert it to US$ before TaxJar will calculate the tax.