Taxes have always been one of the most difficult tasks to complete, whether you’re running a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to engage an accountant making it your own can be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can assist you. While this is a long read, you should be able to assess whether TaxJar is what you need today.
Are you looking 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 Tax Settings For Fba States
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your channels of sales 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 just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure you have a tax accounting software seamlessly works well along with sales funnels. If you’re using multiple sales channels, you must maintain everything in line. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your critical metrics in one place. So, there’s no need to collect information from multiple sources and then organize it on one platform. All you have to do is integrate TaxJar, it will do the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes by hand or using the AutoFile feature. For this review, we’ll look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect those sales tools. When the time is right for filing tax returns for income The team will guide you on how to manage them. It is up to you and your team to finish the tax returns in time. TaxJar will only provide guidance on what you have 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 all forms by hand. This feature will ensure that everything is automated, from calculating sales tax to recording and processing them. There could be extra fees if not part of the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you need, such as the list of transactions, reports, as well as information.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. They not only let you know how much you’ve earned, but they also help you determine when your next payments are due.
Their dashboard can also allow you to see the total sales tax in your business. It is also possible to export the information as the form of a CSV file in case you require it in your accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to scramble for your documents when you need them in a pinch. Even when you already have your accountant, this function will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know better how much budget you have to cover other operating costs.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform but for anything connected to sales tax. You can look through their webinars, guides as well as their blog to find more details. Additionally, their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those plans can offer. Currently, 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 if you need help in filing and reporting. It comes with the tax on sales, 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small business proprietor, then this program will be perfect for you. It may not have all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration features.
If you’re looking for that is more than the standard features Professional may be the best option for you. It starts at $99, however, it could go up when you add additional features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge business, you might need to choose premium plans instead. It includes all of the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data API integrations, team users and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar Tax Settings For Fba States
However, they did mention that the plan is custom-made to each user. Therefore, the cost will differ according to what you require for your company.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to gauge whether the software 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 break. To sum it all up we’ll go over the advantages and disadvantages of making use of TaxJar for your company.
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- Allows you to track multiple 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 valid for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then should try this.
Not only can it assist you in keeping track of your revenue and products however, it will assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they have the Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
The use of TaxJar can allow you to get more done while keeping on top of each deadline and requirement you have to meet. If you’re in a region with a lot of tax laws, this will surely help you wrap your mind around it. TaxJar Tax Settings For Fba States
However, if managing your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure simple to follow, you might be better in doing it all by yourself.
FAQ TaxJar Tax Settings For Fba States
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in US$. If you’re using another currency, you’ll have to convert it into USUSD prior to when TaxJar determines your tax.