Taxes are always one of the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have a background in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to employ an accountant, making it your own can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer 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?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can assist you. Even though this is a long read but you’ll be able to gauge whether TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar? TaxJar Review Fba
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in various industries like 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 keep everything neat and simple. Let’s take a look at their features and services.
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Services and features
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’re selling through multiple channels, it is essential to ensure that everything is in order. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your key metrics in one place. This means that there is no need to gather data from different channels and organize it into one platform. All you have to do is integrate TaxJar it will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows clients to make sales tax filings manually or through TaxJar’s AutoFile feature. For this review, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect all those sales tools. Once the time comes for filing income tax returns TaxJar will train you on how to handle the tax returns. However, it will be up to you and your team to finish the tax returns in time. TaxJar will only help you understand 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 fill out any forms manually. Through this feature, everything will be automated from calculating taxes on sales through recording, and then processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform, you and your team can access everything you need, such as a list of your transactions, reports, as well as information.
The most appealing aspect of this feature is that it lets you to update your account automatically each day. They not only let you keep track of how much you’ve accumulated however, they can also help you keep track of when the next payments are due.
Their dashboard can also allow you to fully view the sales tax totals in your business. It is also possible to export your data to CSV format. CSV file if you need it for your accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. This means that you don’t have to scramble for your documents when you need them in a pinch. Even even if you already have an accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds better. You’ll know exactly how much budget you have to cover other operational expenses.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform but all things connected to sales tax. You can look through their webinars, guides, as well as their blog to find more info. Additionally their sales tax calculator can be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason, we’ll look into TaxJar’s pricing structures and what each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. They say it’s the best plan if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program should be ideal for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration tools.
Professional
If you’re looking for a bit more than just the basic features Professional might be the right one for you. The price starts at $99 but it can go higher if you add custom features.
So how different is it from the original plan?
In addition to having access to every one of Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge enterprise, you may want to opt for an upgrade instead. It includes all of the features you need to make your tax filing easier. In addition, they offer unlimited data import integrations API integrations, team members as well as AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge how much the Premium plan will cost you. TaxJar Review Fba
However, they did mention that the plan is custom-made to each user. Therefore, the cost will differ in line with what you require to run your business.
Free Trial
It’s a good thing that you don’t have to risk your money to find out if the platform is for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to see if the platform is an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To summarize we’ll go over the advantages and disadvantages of using TaxJar for your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes plenty of platforms. If that’s what you do, then you should try this.
Not only will it assist you in keeping track of the sales and profits of your business, but it can also help you meet your deadlines. It is also a great platform for an accountant since they offer a Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar will help you reduce time and keep track of every deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this will surely help you wrap your mind around it. TaxJar Review Fba
If handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure simple to follow then you’re better to do it by yourself.
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FAQ TaxJar Review Fba
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in USdollars. If you’re using another currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate the tax.
