Taxes are always one of the most difficult tasks to complete regardless of whether you’re running a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, doing it on your own can be risky. If you overlook one thing it could mean you need to repeat the process!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do ?
It is always possible to make our lives easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can assist you. Although this is quite a long read but you’ll be able to assess whether TaxJar is the tool you require in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar How To Set Up Tax Collection Amazon California
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the processes that take days to complete and finish within just a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything neat and simple. 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 seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to ensure that everything is in order. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to display your key data in one location. That way, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you need to do is integrate TaxJar, then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows customers to make sales tax filings by hand or using TaxJar’s AutoFile feature. For our review we’ll dig at both.
If you decide to do it manually, TaxJar will allow you to connect all the sales channels you use. When the time is right for the filing of income tax returns TaxJar will train you on how to manage these. It is up for you and your staff to complete the process on time. TaxJar will only help you understand what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. With this feature, everything is automated, from calculating taxes on sales in order to record and process it. But, it is possible to incur extra fees if not included in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you need, such as a list of your transactions, reports and data.
The greatest benefit of this feature is that it lets you to update your account automatically each day. They not only let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard also allows you to see the total sales tax in your business. It is also possible to export the information in the form of a CSV file in case you require it for your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. It means you don’t need to hunt for your paperwork whenever you’re in the event of a need. Even if you already have your accountant, this function will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operational costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform but for anything related to sales tax. You can check out their webinars, guides, as well as their blog to find more info. Apart from that, their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing levels and the features that each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They say it’s the best plan if you need help with filing requirements and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small business manager, the plan will be perfect for you. It may not offer all of TaxJar’s features but it comes with all the basics you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for that is more than the basic features and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher if you add custom features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s options, you also have access to their phone customer support, API access, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge enterprise, you may want to go for premium plans instead. It includes all of the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations, API integrations, team members as well as AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar How To Set Up Tax Collection Amazon California
However, they did mention that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to gauge if the platform is a good fit for you.
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Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of the use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax 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
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you do, then you must try TaxJar.
It’s not just a way to assist you in keeping track of the sales and profits of your business It can help you meet your deadlines. This is also an excellent option for accountants as they have tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Utilizing TaxJar will help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax laws, this can definitely help you get your head around the subject. TaxJar How To Set Up Tax Collection Amazon California
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the whole procedure easy to complete, you might be better in doing it all by yourself.
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FAQ TaxJar How To Set Up Tax Collection Amazon California
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar determines your tax.
