Taxes are always one of the hardest things to do, whether you’re running your own business or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, especially when you’re full of things to be done. In the event that you do not have enough money to engage an accountant performing the task on yourself can be risky. If you miss one detail it could mean you have to do it all over again!
Almost everyone wants to skipping this step. But since it’s required to be done, we can’t choose not to.
What can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can help you. Even though this is lengthy but you’ll be able to assess whether TaxJar is what you need right now.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Introduction To Sales Tax For Amazon Fba Sellers
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, 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 sales channels to make sure you’re in compliance with your sales taxes. It streamlines processes that require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by online business owners to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure is that your accounting tax system is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. So, there’s no need to gather information from multiple sources and then organize it on a single platform. All you have to do is integrate TaxJar and the platform 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 the platforms that they can connect with:
Filing
TaxJar allows clients to make sales tax filings manually or through the AutoFile feature. In our review we’ll dig at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on managing the tax returns. However, it will be up for you and your team to finish the tax returns 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 for you. This means that you don’t have to fill out all forms by hand. With this feature, everything will be automated from calculating sales tax to recording and processing them. However, there might be additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team can access everything you require, including the list of transactions, reports, and data.
The best part about the feature you’ve chosen is it lets you to automatically update every day. Not only can they help you know how much you’ve earned, but they also help you track when your following payment is due.
Their dashboard also allows you to fully view the sales tax totals for your business. You can also export the information in CSV format. CSV file in case you require it in your accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to search for your documents when you’re in a pinch. Even even if you already have an accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have to cover other operating expenses.
The best part is that TaxJar offers training and tutorials not only on their platform, but everything that has to do with sales tax. You can check out their webinars, guides or blog posts for additional details. Additionally their sales tax calculator can be 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 capabilities, but they’re often too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan starts at $19. The company claims that it’s the best plan if you need help in filing and reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a small-scale business proprietor, then this program will be ideal for you. It might not include all of TaxJar’s features however, it does include the essentials that you need.
You can also contact the support team via their support chart for email. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for something different from the basic features, then the Professional plan could be the one for you. It starts at $99, but you can increase it when you add additional features.
How different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also have the support of their customer service via phone, API access, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to choose the Premium plan instead. It has all of the features you need to help with your taxes. Additionally, they permit unlimited import integrations of data as well as Integrations with APIs, teams of members and AutoFiles.
They also have a staff dedicated in managing your accounts. However, they don’t disclose how much the Premium plan is going to cost. TaxJar Introduction To Sales Tax For Amazon Fba Sellers
But they did state that this plan is customized for every user. The cost of the plan will be different depending on what you need for your business.
Free Trial
It’s a good thing that 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 30 days of free trial. This should be enough time to gauge whether the service is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you should know about TaxJar let’s take a break. To summarize Here are the pros and cons of the use of TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support Service Team
- The dashboard is easy 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
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
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with multiple sales channels and uses numerous platforms. If this sounds like the way you do, then you should try this.
It’s not just a way to help you track your revenue and products however, it will also help you meet your deadlines. It’s also an excellent platform for an accountant since they offer the Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you save more time while keeping the track of each deadline or requirement you need to meet. If you live in a place with complicated tax regulations, this will surely help you wrap your head around the subject. TaxJar Introduction To Sales Tax For Amazon Fba Sellers
But if handling your taxes is straightforward and straightforward, 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 all of it. Moreover, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
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FAQ TaxJar Introduction To Sales Tax For Amazon Fba Sellers
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions are in USdollars. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar determines the tax.
