Taxes are always one of the hardest things to do, whether you’re running a business or not. More so if you don’t have a degree in finance or accounting. Tax-related work aren’t easy, particularly when you’re full of things to be done. In the event that you do not have enough money to employ an accountant, performing the task on your own could be risky. If you overlook one thing, you might have to redo things again!
Most people want to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do about it?
It is always possible to make our lives easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and how it can benefit you. Although this is quite an extensive read but you’ll be able to determine if TaxJar is the tool you require today.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What is TaxJar TaxJar Income Tax In Other States As Fba Seller
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It’s a solution for your entire sales tax life cycle. In addition, you can apply it across all your sales channels to make sure you’re in compliance with sales taxes. It simplifies the processes that take days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s look into their features and services.
Features and services
One of the first things you’ll need to ensure you have a tax accounting software is compatible along with sales funnels. If you’re using multiple sales channels, you must ensure that everything is in order. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your critical 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 have to do is connect TaxJar, then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar lets customers file their sales taxes by hand or using TaxJar’s AutoFile feature. In our review we’ll look into both.
If you opt to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns The team will guide you on how to handle the tax returns. It is up to you and your team members to complete the process on time. TaxJar is there to provide guidance on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales taxes in order to record and process it. But, it is possible to incur extra fees if not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there you and your team will have access to all the information you need, like an inventory of your transactions, reports and information.
The greatest benefit of the feature you’ve chosen is it allows you to automatically update every day. Not only will they 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 users to view in detail the total sales tax within your company. It is also possible to export the information to CSV format. CSV file if you need it in your process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep on top of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you’re in a pinch. Even when you already have your accountant, this function can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have available for other operational costs.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also all things that has to do with sales tax. You can check out their webinars, guides, and blog for more info. In addition the sales tax calculator is useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the best plan to help you in filing and reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a small company owner, this plan should be ideal for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
Additionally, you can contact the support team via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking to get different from the basics Professional could be the one for you. It’s priced at $99 however, it could go up if you add custom features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their phone customer support, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you run a large enterprise, you may want to go for premium plans instead. It comes with all the features you need to help with your taxes. In addition, they offer unlimited import integrations of data, Integrations with APIs, teams of members, and AutoFiles.
They also have a team that is devoted to managing your account. However, they don’t disclose the price of the Premium plan. costs you. TaxJar Income Tax In Other States As Fba Seller
However, they did mention that the plan is custom-made for every user. So the costs will vary depending on what you need for your company.
Luckily, you don’t have to risk your money to see if this platform is for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of using TaxJar for your company.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is simple 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
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies with many sales channels and utilizes many platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only can it assist you in keeping track of your revenue and products, but it can also help you meet your deadlines. This is also an excellent option for accountants as they have a Tax Advisor program. You can get tips and get knowledge from their seminars regarding taxes via it.
The use of TaxJar can help you get more done while keeping the track of each deadline or requirement you need to meet. If you’re in a region with a lot of tax regulations, this will surely help you wrap your head around it. TaxJar Income Tax In Other States As Fba Seller
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole procedure easy to complete then you’re better off doing it by yourself.
FAQ TaxJar Income Tax In Other States As Fba Seller
Which areas does TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n US$. If you’re using another currency, you’ll need to convert it to US$ before TaxJar will calculate the tax.