Taxes have always been one of the most difficult tasks to complete regardless of whether you run a business or not. More so if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford enough money to hire an accountant, making it your own can be risky. 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. However, since it’s mandatory to be done, we can’t choose not to.
So what is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can benefit you. Even though this is an extensive read it is possible to determine if TaxJar is exactly what you need in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? How To Seperate Businesses On TaxJar Paypal
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it across all of your channels of sales to ensure compliance with your sales taxes. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure is that your accounting tax platform seamlessly works well along with sales funnels. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one spot. So, there’s no requirement to collect data from different channels and then organize it on one platform. All you have to do is integrate TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help 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 by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns TaxJar will train you on how to handle them. It is up for you and your staff to complete everything on time. TaxJar will only help you understand what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. This feature will ensure that everything is automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team will have access to all the information you need, like the list of transactions, reports, and data.
The best part about this feature is that it allows you to update your account automatically each day. They not only let to know the amount you’ve collected, but they also help you determine when your next payments are due.
The dashboard allows you to fully view the total sales tax in your business. You can also export your data as CSV format. CSV file in case you require it for your financial planning and accounting processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you’re in the event of a need. Even if you already have your accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have for other operating costs.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform but for anything related to sales tax. Check out their guides, webinars, or blog posts for additional information. In addition, their sales tax calculator should 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 determine your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small company proprietor, then this program will be perfect for you. It might not include all of TaxJar’s features, but it has all the basics you require.
You can also contact their support team with their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get that is more than the basic features and options, then the Professional plan may be the best option for you. It starts at $99, but it can go higher if you add custom features.
How different is it from the starter plan?
In addition to having access to every one of Starter plan’s features, you also have their phone customer support, API access, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive business, you might need to opt for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. Additionally, they permit unlimited integrations with data imports, Integrations with APIs, teams of users and AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge how much the Premium plan will cost you. How To Seperate Businesses On TaxJar Paypal
However, they did say that this plan is customized for every user. Therefore, the cost will differ according to what you require to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to see if this platform is right for you. If you’re still looking into different options, they offer 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
After we’ve gone over everything you should know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of the use of TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save 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 is possible to integrate it with other platforms.
- You can track several sales channels
Cons
- 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.
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If that sounds like what you do, then you should try this.
Not only can it aid in tracking your revenue and products, but it can assist you in meeting the deadlines you set. It’s also an excellent option for accountants as they provide the Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re in an area with complex tax laws, this can certainly help you to get your head around the subject. How To Seperate Businesses On TaxJar Paypal
But if handling your taxes is straightforward, then TaxJar could be a waste of expense. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. If you find the entire process easy to do then you’re better off doing it on your own.
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FAQ How To Seperate Businesses On TaxJar Paypal
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it to US$ before TaxJar will calculate your tax.
