TaxJar How To Setup Tax Calculation In Amazon

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Taxes are always one of the hardest things to do, whether you’re running your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. In the event that you do not have the funds to hire an accountant, performing the task on your own can be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!

Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.

What can we do ?

It is always possible to make life easier with tools such as TaxJar.

We’ll look at this popular life-saving device and how it can benefit you. Even though this is an extensive read it is possible to assess whether TaxJar is the tool you require in the present.

Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.

But for those who prefer to read, let’s get right into it.

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What is TaxJar TaxJar How To Setup Tax Calculation In Amazon

Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with your sales taxes. It simplifies the processes that take days to complete and is completed in just a few only a few minutes.

TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.

How can this help you?

TaxJar is used extensively by online business owners to make their business more organized and straightforward. Let’s look into their features and services.

TaxJar How To Setup Tax Calculation In Amazon

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Services and features

Integration

One of the first things you’ll need to make sure is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you must ensure that everything is in order. The final thing you would like is to get a penalty for not paying attention to a minor thing.

TaxJar allows you to show your critical metrics in one spot. This means that there is no need to collect data in multiple channels and then organize it on one platform. All you have to do is to integrate TaxJar, and the platform will take care of all the rest.

Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. In this review, we’ll take a look into both.

If you decide to go it alone, TaxJar will allow you to connect all the sales channels you use. Once the time comes for filing income tax returns, the team will instruct you on how to handle the tax returns. It is up for you and your team members to complete everything in time. TaxJar is only there to help you understand what you have to accomplish, but not manage it.

If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated, from calculating sales tax in order to record and process them. But, it is possible to incur additional costs if the feature is not included in the plan you choose.

Sales Tax Reports

As we mentioned, you can use TaxJar to help you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard through this platform. From there you and your staff will have access to everything you need, like a list of your transactions, reports and data.

The best part about this option is the fact that it lets you to update automatically every day. They not only let you keep track of how much you’ve accumulated however, they can also help you determine when your next payments are due.

The dashboard allows you to see the overall sales taxes in your business. It is also possible to export the information to CSV format. CSV file in case you require it for your process of financial planning and accounting or if your team requires it to run centralized reports.

Streamlining and Training

TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to scramble for your documents when you’re in a pinch. Even even if you already have an accountant, this feature will make them more efficient.

Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have to cover other operational expenses.

What’s more is that TaxJar provides training and tutorials, not just for their platform but for anything related to sales tax. You can check out their guides, webinars, and blog for more details. In addition, their sales tax calculator should be helpful if you’re planning on complete everything yourself.

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How much does TaxJar cost?

We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.

Starter

The Starter plan starts at $19. They say it’s the most suitable plan for you to help you with filing requirements or reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you have access to their AI tax tips.

If you’re a smaller company owner, this plan will be ideal for you. It may not offer all the features of TaxJar but it comes with all the basics you require.

Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration tools.

Professional

If you’re looking to get a bit more than just the standard features, 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 starter plan?

In addition to having access to every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.

Premium

If you run a large enterprise, you may want to go for premium plans instead. It has all of the features that you require to make your tax filing easier. Additionally, they permit unlimited data import integrations as well as Integrations with APIs, teams of users and AutoFiles.

There is also a team dedicated for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar How To Setup Tax Calculation In Amazon

However, they did say that this plan is customized for every user. The cost of the plan will be different in line with what you require to run your business.

Free Trial

Fortunately, you don’t need to risk your money to see if this platform 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 be enough time to gauge whether the software is an excellent fit for you.

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Pros and Cons

Now that we’ve covered all you need to know about TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of the use of TaxJar for your business.

Pros

  • There is a Tax Advisor option for some plans
  • AutoFile features to reduce time
  • Available in most USA states
  • Provides on the internet for sales tax calculator
  • Support Service Team
  • The dashboard is simple to navigate
  • The company offers a 30-day trial for free.
  • It can be integrated with other platforms.
  • You can track several sales channels

Cons

  • 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 recheck local legislations

The Final Verdict

With everything clearly laid out, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you’re doing, then you must try TaxJar.

It’s not just a way to aid in tracking your products and revenue, but it can help you meet your deadlines. It’s also an excellent platform for an accountant since they provide a Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.

Using TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this will definitely help you get your mind around it. TaxJar How To Setup Tax Calculation In Amazon

However, if managing your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.

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FAQ TaxJar How To Setup Tax Calculation In Amazon

What areas does TaxJar offer API assistance?

TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.

Do I have the ability to connect Shopify together with TaxJar?

Yes. You can connect 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 currencies. All transactions are in USdollars. If you’re using a different currency, you’ll need to convert it into US$ prior to when TaxJar determines your tax.

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