Taxes have always been among the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have the funds to hire an accountant, making it your own could be dangerous. If you make a mistake, you might have to redo things again!
Most people want to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So what can we do about it?
It is always possible to simplify our lives with tools such as TaxJar.
This article will take a look at this popular life-saving tool and how it can help you. Although this is quite an extensive read, you should be able to gauge whether TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What is TaxJar TaxJar How To Collect Tax Amazon
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it across all your sales channels to ensure that you are in compliance with sales taxes. It simplifies the processes that can take days to complete, and finish within only a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by online business owners to keep everything neat and simple. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check is that your accounting tax system is compatible along with sales funnels. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one spot. So, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you have to do is integrate TaxJar it will do all the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows customers to file their sales taxes manually or through the AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect those sales tools. When the time is right for the filing of income tax returns TaxJar will train you on how to manage the tax returns. It is up to you and your team to complete the process on time. TaxJar is there to provide guidance on what you need to do but not handle 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. With this feature, everything will be automated, from calculating sales taxes to recording and processing it. But, it is possible to incur extra fees if not part of the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you require, including an inventory of your transactions, reports and the data.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. They not only let you know how much you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to see the sales tax totals within your company. Additionally, you can export your data as CSV format. CSV file, if you want to use it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. This means that you don’t have to scramble for your documents when you need them in a pinch. Even when you already have your accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have for other operational costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform but everything connected to sales tax. Check out their webinars, guides, or blog posts for additional info. Apart from that the sales tax calculator should be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of those plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan starts at $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It comes with sales tax reporting, four autofiles for free each year, and an CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small company proprietor, then this program could be ideal for you. It may not offer all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration features.
Professional
If you’re looking for something that is more than the basics Professional may be the best option for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also have the support of their customer service via phone, API access, and the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to choose the Premium plan instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited data import integrations as well as API integrations, team users, and AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar How To Collect Tax Amazon
However, they did mention that this plan is customized for each user. The cost of the plan will be different in line with what you require to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to determine if this service is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to gauge whether the service is an excellent fit for you.
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Pros and Cons
We’ve covered everything you should know about TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of the use of TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies with many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it help you track your products and revenue however, it will assist you in meeting the deadlines you set. It is also a great platform for an accountant since they provide tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline or requirement you need to fulfill. If you live in an area with complex tax regulations, this will certainly help you to get your mind around it. TaxJar How To Collect Tax Amazon
But if handling your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you’re finding the entire procedure easy to complete then you’re better to do it by yourself.
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FAQ TaxJar How To Collect Tax Amazon
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it to USUSD before TaxJar can calculate the tax.
