Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have the funds to engage an accountant making it your own can be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to skipping this step. But since it’s required, we have no choice.
So what can we do ?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and how it can assist you. Even though this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need in the present.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar? TaxJar Setup Amazon Account To Collect Taxes
The company was founded in 2013 TaxJar is an online platform that assists you in automating 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 your sales channels to ensure compliance with sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by owners of online businesses to make their business more organized and straightforward. Let’s explore the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure is that your accounting tax software is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to show your critical metrics in one spot. So, there’s no requirement to collect information from multiple sources and organize it into one platform. All you need to do is to integrate TaxJar, and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. For this review, we’ll look at both.
If you decide to do it manually, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing income tax returns, the team will instruct you on how to handle the tax returns. But, it is up to you and your team to finish the tax returns within the timeframe. TaxJar is there to provide guidance on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. This feature will ensure that everything will be automated, from calculating taxes on sales to recording and processing it. However, there might be extra fees if not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your staff will have access to everything you require, including the list of transactions, reports, and the data.
The greatest benefit of this option is the fact that it lets you to update automatically every day. They not only let to know the amount you’ve collected, but they also help you determine when your next payment is due.
The dashboard allows you to see the total sales tax within your company. It is also possible to export the information as CSV format. CSV file in case you require it for your process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the sales avenues you use. That means you won’t have to hunt for your paperwork when you’re when you’re in a pinch. Even if you already have your accountant, this function can aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time 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 just for their platform , but also everything related to sales tax. You can check out their guides, webinars, or blog posts for additional info. Apart from that, their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the best plan to help you with filing requirements or reporting. It also includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small company owner, this plan should be perfect for you. It may not have all of TaxJar’s features, but it has the basic features 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 features.
Professional
If you’re looking for a bit more than just the standard features Professional could be the one for you. It’s priced at $99 but it can go higher if you add custom features.
So how different is it from the basic plan?
Apart from having access to each of Starter plan’s features, you also have their phone customer support, API access, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to choose the Premium plan instead. It comes with all the features you need to help with your taxes. In addition, they offer unlimited data import integrations as well as Integrations with APIs, teams of members as well as AutoFiles.
They also have a team who are devoted to managing your account. They don’t reveal how much the Premium plan is going to cost. TaxJar Setup Amazon Account To Collect Taxes
However, they did mention that the plan is custom-made for each user. The cost of the plan will be different according to what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to see whether the software is an excellent fit for you.
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Pros and Pros and
We’ve covered everything you should know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support service team
- The dashboard is simple 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
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only can it aid in tracking your products and revenue It can assist you in meeting your deadlines. It is also a great platform for an accountant since they provide the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re in an area with complex tax regulations, this will certainly help you to get your head around it. TaxJar Setup Amazon Account To Collect Taxes
But if handling your taxes is simple and straightforward, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. If you find the entire procedure easy to complete then you’re better to do it by yourself.
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FAQ TaxJar Setup Amazon Account To Collect Taxes
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n USdollars. If you’re using another currency, you will need to convert it into US$ prior to when TaxJar will calculate your tax.
