Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford the funds to employ an accountant, doing it on your own could be dangerous. If you overlook one thing, you might have to do it all over again!
Almost everyone wants to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can benefit you. While this is a long read, you should be able to determine if TaxJar is what you need in the present.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar? TaxJar How To Setup Tax In Amazon
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all of your sales channels to make sure you’re in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within only a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure is your tax-reporting software seamlessly works well with your sales channel. If you have multiple sales channels, you must maintain everything in line. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your most important data in one location. That way, there’s no need to gather data in multiple channels and sort it into one platform. All you need to do is connect TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows clients to file their sales taxes by hand or using the AutoFile feature. In our review we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect your sales platforms. Once the time comes for filing income tax returns The team will guide you on managing these. However, it will be up for you and your team to complete the process on time. TaxJar is there to guide you on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. Through this feature, everything is automated, from calculating sales taxes through recording, and then processing them. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. From there, you and your team will have access to all the information you require, including an inventory of your transactions, reports, and data.
The best part about this feature is that it allows you to update automatically every day. Not only will they let to know the amount you’ve collected however, they can also help you determine when your next payment is due.
The dashboard allows you to see the overall sales taxes for your business. You can also export the data to CSV format. CSV file if you need it in your accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. This means that you don’t have to scramble for your documents whenever you’re in a pinch. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan 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 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 can be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing levels and the features that each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They say it’s the most effective plan if you need help in filing and reporting. It also includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small-scale company proprietor, then this program should be ideal for you. It might not include all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking for a bit more than just the standard features and options, then the Professional plan could be the one for you. It starts at $99, however, it could go up when you add additional features.
So how different is it from the basic plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to choose premium plans instead. It includes all of the features needed to help with your taxes. Additionally, they permit unlimited integrations with data imports, API integrations, team members as well as AutoFiles.
They also have a staff that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar How To Setup Tax In Amazon
However, they did mention that this plan is customized to each user. The cost of the plan will be different 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 looking into other options, they have 30 days of free trial. This should give you enough time to determine if the platform is the right choice for you.
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Pros and Pros and
We’ve covered everything you need to be aware of TaxJar let’s take a breather. To sum it all up, here are the pros and cons of making 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 Taxes on sales online calculator
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it 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 is an excellent platform for companies that have numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it aid in tracking your revenue and products however, it will help you meet the deadlines you set. It’s also an excellent option for accountants as they offer a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar will help you get more done while keeping the track of each deadline and requirement you have to meet. If you’re in a place with complicated tax laws, this will definitely help you get your head around the subject. TaxJar How To Setup Tax In Amazon
But if handling your taxes is simple, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the whole process easy to do then you’re better in doing it all on your own.
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FAQ TaxJar How To Setup Tax In 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 together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it into USdollars prior to when TaxJar will calculate the tax.
