Taxes have always been one of the most difficult things to handle, whether you’re running your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work aren’t easy, particularly when you’re full of things to be done. If you don’t have the budget to hire an accountant, performing the task on your own could be risky. If you overlook one thing, you might need to repeat the process!
Almost everyone wants to avoid this step. But since it’s required to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can benefit you. While this is an extensive read, you should be able to assess whether TaxJar is the tool you require today.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What is TaxJar? TaxJar Marketplace Sales
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it in all of your channels of sales to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to make their business more simple and organized. Let’s look into their features and services.
Services and features
One of the first things you’ll want to check is your tax-reporting system is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you must maintain everything in line. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one spot. This means that there is no requirement to collect data in multiple channels and then organize it on one platform. All you have to do is integrate TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they can integrate with:
TaxJar allows clients to submit their sales tax either manually or via 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 all of those sales tools. When it comes time to filing income tax returns TaxJar will train you on how to manage these. However, it will be up to you and your team to complete everything on time. TaxJar is there to help you understand what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. With this feature, everything will be automated, from calculating sales taxes through recording, and then processing them. But, it is possible to incur extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there you and your staff will have access to everything you need, such as a list of your transactions, reports and information.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. Not only will they let to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow users to view in detail the total sales tax in your business. Additionally, you can export the data to a CSV file in case you require it for your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to search for your documents when you need them in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have available for other operating expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just on their platform, but for anything connected to sales tax. You can check out their webinars, guides, or blog posts for additional information. Apart from that their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. The company claims that it’s the most suitable plan for you to help you in filing and reporting. It includes sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business owner, this plan could be perfect for you. It may not offer all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration features.
If you’re looking for that is more than the standard features and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up if you add custom features.
What is the difference from the starter plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you run a large business, you might need to opt for an upgrade instead. It has all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited import integrations of data, API integrations, team members, and AutoFiles.
They also have a staff dedicated to managing your account. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Marketplace Sales
However, they did say that this plan is customized for each user. The cost of the plan will be different in line with what you require to run your business.
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to see whether the service is the right choice for you.
Pros and Pros and
We’ve covered everything you must be aware of TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the pros and cons of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with many sales channels and utilizes numerous platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to help you track your revenue and products, but it can help you meet the deadlines you set. This is also an excellent platform for an accountant since they have a Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline and obligation you have to fulfill. If you’re living in a place with complicated tax laws, this will surely help you wrap your head around the subject. TaxJar Marketplace Sales
But if handling your taxes is simple and straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire procedure easy to complete then you’re better to do it by yourself.
FAQ TaxJar Marketplace Sales
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar determines your tax.