Taxes have always been one of the most difficult things to handle regardless of whether you’re running an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is filled with tasks to complete. When you’re not able to afford the budget to engage an accountant doing it on yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
This article will take a look at this life-saving device and how it can assist you. While this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need in the present.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar? TaxJar Setting Up Amazon And Ebay By State
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with sales taxes. It simplifies the processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is organized and straightforward. Let’s explore their features and services.
Services and features
One of the first things you’ll want to check is your tax-reporting platform perfectly integrates along with sales funnels. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one place. This means that there is no requirement to collect data from different channels and sort it into a single platform. All you need to do is connect TaxJar then the system will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to submit their sales tax manually or through their AutoFile feature. For our review we’ll look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing income tax returns The team will guide you on managing these. But, it is up for you and your team members to complete everything on time. TaxJar is there to provide guidance on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. With this feature, everything is automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there, you and your team can access everything you need, such as a list of your transactions, reports and data.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only will they let to know the amount you’ve accumulated, but they also help you determine when your next payments are due.
The dashboard allows you to see the overall sales taxes in your business. You can also export the information in the form of a CSV file if you need it to aid in process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. It means you don’t need to search for your documents whenever you’re in the event of a need. Even if you already have your accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds better. You’ll be aware of the budget you have available for other operating costs.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also all things connected to sales tax. You can check out their webinars, guides, or blog posts for additional info. In addition, their sales tax calculator is 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 offer superb features, but they can be too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It also includes 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 can access their AI tax recommendations.
If you’re a smaller business manager, the plan should be perfect for you. It might not include all the features offered by TaxJar however, it does include the essentials that you need.
Additionally, you can contact the support team via their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking for a bit more than just the basic features, then the Professional plan might be the right one for you. The price starts at $99 but you can increase it by adding custom features.
What is the difference from the basic plan?
In addition to having access to every one of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large company, you may need to opt for premium plans instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited integrations with data imports as well as API integrations, team users as well as AutoFiles.
There is also a team dedicated for managing the account. They don’t reveal the amount that the Premium plan costs you. TaxJar Setting Up Amazon And Ebay By State
However, they did say that this plan is tailor-fit for each user. The cost of the plan will be different in line with what you require for your business.
Luckily, you don’t have to bet your life on it to find out if the platform is right for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to see if the platform is a good fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar Let’s relax. In order to sum up the whole thing Here are the pros and cons of the use of TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- 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 have access to the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies that have multiple sales channels and uses many platforms. If this sounds like the way you do, then you ought to try this.
Not only will it assist you in keeping track of the sales and profits of your business, but it can help you meet the deadlines you set. This is also an excellent option for accountants as they offer tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
The use of TaxJar can help you reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re living in an area with complex tax laws, this can surely help you wrap your head around it. TaxJar Setting Up Amazon And Ebay By State
However, if managing your taxes is straightforward and straightforward, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole process easy to do then you’re better to do it by yourself.
FAQ TaxJar Setting Up Amazon And Ebay By State
Which areas does TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it to USdollars before TaxJar can calculate your tax.