Taxes are always one of the most difficult tasks to complete regardless of whether you run your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, performing the task on your own can be dangerous. If you overlook one thing and you don’t know it, you may have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do ?
We can always make life easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can assist you. Although this is quite an extensive read but you’ll be able to assess whether TaxJar is exactly what you need right now.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Setting Up Texas Amazon
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could require days to complete and finish within minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by owners of online businesses to keep everything neat and simple. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure is your tax-reporting software is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to be penalized for missing a single minor point.
TaxJar allows you to display your most important metrics in one place. So, there’s no need to collect information from multiple sources and sort it into a single platform. All you need to do is connect TaxJar and the platform will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers submit their sales tax by hand or using TaxJar’s AutoFile feature. In our review we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect your sales platforms. When it comes time to the filing of income tax returns TaxJar will train you on how to manage these. It is up for you and your team members to complete everything in time. TaxJar is there to provide guidance on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. With this feature, everything is automated, from calculating sales taxes through recording, and then processing it. However, there might be extra fees if not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. The orders you place through your online channels can be combined into one dashboard using this platform. From there you and your staff will have access to all the information you need, like the list of transactions, reports and the data.
The greatest benefit of the feature you’ve chosen is it allows you to automatically update every day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows users to view in detail the overall sales taxes for your business. You can also export the information as CSV format. CSV file if you need it for your process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all the sales avenues you use. That means you won’t have to hunt for your paperwork when you’re in the event of a need. Even when you already have your accountant, this feature can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational costs.
But what’s even better is that TaxJar provides training and tutorials, not just on their platform, but everything that has to do with sales tax. Check out their webinars, guides and blog for more details. Apart from that, their sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing structures and what each of those plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They say it’s the best plan if you need help with filing requirements or reporting. It includes taxes on sales and sales as well as four autofiles for free each year, and the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not offer all the features offered by TaxJar but it comes with the essentials that you need.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration tools.
If you’re looking for something a bit more than just the standard features, then the Professional plan could be the one for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to accessing each of Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. You can also receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for premium plans instead. It has all of the features needed to make your tax filing easier. Additionally, they permit unlimited data import integrations as well as Integrations with APIs, teams of users, and AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Setting Up Texas Amazon
However, they did mention that this plan is tailor-fit for every user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to bet your life on it to see if this platform is right for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to determine whether the service is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of making use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is 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 check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then you should try this.
Not only will it aid in tracking the sales and profits of your business It can also help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they provide tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar will help you save more time while keeping the track of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax laws, this can definitely help you get your mind around it. TaxJar Setting Up Texas Amazon
If handling your taxes is straightforward 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 keep track of everything. If you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
FAQ TaxJar Setting Up Texas Amazon
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USUSD before TaxJar will calculate the tax.