Taxes have always been one of the most difficult things to handle regardless of whether you’re running a business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. If you don’t have the budget to engage an accountant making it your own could be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to skipping this step. But since it’s required, we have no choice.
What can we do about it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can benefit you. Even though this is an extensive read but you’ll be able to gauge whether TaxJar is the tool you require in the present.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What is TaxJar When Filing Taxes For Ebay TaxJar
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it in all of the sales channels you use 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 just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by online business owners to keep everything organized and straightforward. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll need to ensure is your tax-reporting system seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. The most important thing is not to face a penalty due to 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 then organize it on one platform. All you need to do is connect TaxJar it will do the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows clients to file their sales taxes manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you decide to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns TaxJar will train you on how to manage these. It is up to you and your team to complete everything on time. TaxJar is there to help you understand what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. This feature will ensure that everything will be automated, from calculating sales taxes through recording, and then processing them. However, there might be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease 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, like an inventory of your transactions, reports and the data.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let you know how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard also allows users to view in detail the sales tax totals in your business. Additionally, you can export the data as the form of a CSV file, if you want to use it to aid in accounting and financial planning processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to scramble for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your money more efficiently. You’ll be aware of the budget you have to cover other operating costs.
The best part is that TaxJar provides training and tutorials not only for their platform , but also all things connected to sales tax. You can look through their webinars, guides or blog posts for additional info. Additionally their sales tax calculator is helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason, we’ll look into TaxJar’s pricing levels and the features that each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. They say it’s the most suitable plan for you for those who need assistance in filing and reporting. It also includes sales tax reporting, four free yearly AutoFiles, and an CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale company proprietor, then this program could be ideal for you. It might not include all the features of TaxJar but it comes with the essentials that you need.
You can also contact the support team via their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking for something that is more than the basic features and options, then the Professional plan could be the one for you. It starts at $99, however, it could go up when you add additional features.
What is the difference from the starter plan?
Apart from having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced 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. Moreover, they allow unlimited integrations with data imports, API integrations, team members and AutoFiles.
There is also a team who are devoted to managing your account. But, they don’t divulge the price of the Premium plan. costs you. When Filing Taxes For Ebay TaxJar
However, they did say that the plan is custom-made to each user. So the costs will vary in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to determine if the platform is a good fit for you.
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Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online 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
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you do, then you should try this.
Not only can it assist you in keeping track of your products and revenue It can help you meet the deadlines you set. This is also an excellent option for accountants as they provide a Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you reduce time and keep track of every deadline and obligation you have to fulfill. If you live in a region with a lot of tax regulations, this will certainly help you to get your mind around it. When Filing Taxes For Ebay TaxJar
However, if managing your taxes is straightforward, then TaxJar could be a waste of investment. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ When Filing Taxes For Ebay TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it into USdollars before TaxJar determines your tax.
