Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. In the event that you do not have enough money to hire an accountant, performing the task on your own could be dangerous. If you overlook one thing it could mean you need to repeat the process!
Nearly everyone would prefer to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. While this is a long read but you’ll be able to determine if TaxJar is exactly what you need right now.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Sales Tax Guide For Amazon
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it across all of your channels of sales to ensure compliance with sales tax requirements. It streamlines processes that take days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure is your tax-reporting system is compatible with your sales channel. If you’re selling through multiple channels, you need to maintain everything in line. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one place. This means that there is no requirement to collect data from different channels and then organize it on a single platform. All you have to do is to integrate TaxJar, and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar lets customers make sales tax filings manually or through the AutoFile feature. In this review, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all the sales channels you use. Once the time comes for filing tax returns for income, the team will instruct you on managing these. However, it will be up to you and your team to complete the process within the timeframe. TaxJar is there to help you understand what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. With this feature, everything will be automated, from calculating sales tax through recording, and then processing them. There could be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you need, like the list of transactions, reports and information.
The most appealing aspect of this feature is that it lets you to update your account automatically each day. Not only can they help you know how much you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to see the overall sales taxes in your business. You can also export the information as the form of a CSV file, if you want to use it in your process of financial planning and accounting or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all your sales channels. That means you won’t have to search for your documents whenever you’re when you’re in a pinch. Even even if you already have an accountant, this feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have for other operational expenses.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also for anything that has to do with sales tax. You can look through their webinars, guides or blog posts for additional details. Apart from that the sales tax calculator should be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and the features that each of these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most effective plan for those who need assistance in filing and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as 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 should be perfect for you. It may not have all the features offered by TaxJar however, it does include all the basics you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking for something different from the basics, 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.
So how different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also get access to their support via phone access to APIs, as well as advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to opt for an upgrade instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports API integrations, team members and AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Sales Tax Guide For Amazon
But they did state that the plan is custom-made for each user. Therefore, the cost will differ in line with what you require for your company.
Free Trial
Fortunately, you don’t need to bet your life on it to determine if this service is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to determine whether the software is the right choice for you.
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Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- 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 for 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 multiple sales channels and uses plenty of platforms. If this sounds like the way you do, then you should try this.
Not only can it aid in tracking your products and revenue however, it will assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they have the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you get more done while keeping the track of each deadline or requirement you need to meet. If you live in a region with a lot of tax regulations, this will surely help you wrap your head around the subject. TaxJar Sales Tax Guide For Amazon
But if handling taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire process easy to do, you might be better in doing it all by yourself.
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FAQ TaxJar Sales Tax Guide For Amazon
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions are in USdollars. If you’re using another currency, you’ll need to convert it into USdollars prior to when TaxJar determines the tax.
