Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have a background in accounting or finance. 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 employ an accountant, making it your own can be risky. If you overlook one thing, you might have to do it all over again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So , what can we do ?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can benefit you. While this is an extensive read but you’ll be able to determine if TaxJar is the tool you require today.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar How To Set Up Sales Tax In Amazon
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to ensure that you are in compliance with your sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to keep everything simple and organized. Let’s take a look at their features and services.
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Features and services
Integration
One of the first things you’ll want to check you have a tax accounting platform perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your key metrics in one place. This means that there is no need to gather data in multiple channels and organize it into one platform. All you need to do is connect TaxJar, it will handle the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing income tax returns TaxJar will train you on how to handle these. But, it is up to you and your team members to complete the process within the timeframe. TaxJar will only provide guidance on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. Through this feature, everything is automated, from calculating sales taxes to recording and processing it. However, there might be extra fees if not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. From there you and your team will have access to all the information you need, like a list of your transactions, reports, as well as information.
The best part about this option is the fact that it lets you to automatically update every day. They not only let to know the amount you’ve collected however, they can also help you keep track of when the next payments are due.
The dashboard allows you to see the overall sales taxes in your business. Additionally, you can export the data as the form of a CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. That means you won’t have to scramble for your documents when you’re when you’re in a pinch. Even even if you already have an accountant, this feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds better. You’ll know exactly how much budget you have for other operational costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform but everything connected to sales tax. You can look through their webinars, guides, or blog posts for additional information. Apart from that, their sales tax calculator is helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing tiers and the features that each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements or reporting. It comes with sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a small business manager, the plan could be perfect for you. It may not have all of TaxJar’s features however, it does include the basic features you require.
Additionally, you can contact their customer support via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking to get that is more than the basic features Professional could be the one for you. The price starts at $99 however, it could go up by adding custom features.
How different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge company, you may need to choose premium plans instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data, API integrations, team users as well as AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar How To Set Up Sales Tax In Amazon
However, they did say that this plan is tailor-fit to each user. So the costs will vary 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 other options, they have a 30-day free trial. It should give you enough time to determine if the platform is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a breather. To sum it all up, here are the pros and cons of using TaxJar for your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- 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
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If that’s what you do, then you should try this.
Not only will it aid in tracking your revenue and products It can assist you in meeting your deadlines. It’s also an excellent platform for an accountant since they provide the Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar will help you get more done while keeping on top of each deadline or requirement you need to fulfill. If you live in an area with complex tax regulations, this will surely help you wrap your mind around it. TaxJar How To Set Up Sales Tax In Amazon
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure easy to complete, you might be better off doing it by yourself.
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FAQ TaxJar How To Set Up Sales Tax In Amazon
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar will calculate your tax.
