Taxes have always been one of the hardest things to do, whether you’re running an enterprise or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford enough money to employ an accountant, making it your own could be risky. If you make a mistake it could mean you have to redo things again!
Almost everyone wants to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do ?
We can always simplify our lives with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. Although this is quite lengthy, you should be able to determine if TaxJar is exactly what you need in the present.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, let’s get right into it.
What is TaxJar How To Seperate Multiple Businesses On TaxJar Paypal
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to make sure you’re in compliance with sales tax requirements. It simplifies the processes that take days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to make their business more organized and straightforward. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to make sure is your tax-reporting software perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to be penalized for missing a single minor point.
TaxJar lets you display your critical metrics in one place. So, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you have to do is connect TaxJar it 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 that they can connect with:
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. For this review, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When the time is right for the filing of 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 complete everything within the timeframe. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated from calculating sales tax in order to record and process them. However, there might be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. From there you and your team will have access to everything you require, including a list of your transactions, reports, as well as the data.
The greatest benefit of this feature is that they allow you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated, but they also help you determine when your next payments are due.
The dashboard allows you to fully view the sales tax totals within your company. It is also possible to export your data as a CSV file in case you require it for your process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of your sales channels. It means you don’t need to hunt for your paperwork when you need them in the event of a need. Even when you already have your accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have for other operating expenses.
What’s more is that TaxJar offers training and tutorials and tutorials, not just on their platform, but all things connected to sales tax. Check out their guides, webinars, as well as their blog to find more information. In addition their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they can be too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the best plan for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, four autofiles for free each year, and the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small business owner, this plan should be ideal for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
In addition, you can reach their customer support via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for different from the standard features Professional could be the one for you. It’s priced at $99 but you can increase it if you add custom features.
So how different is it from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to their support via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive company, you may need to go for the Premium plan instead. It comes with all the features you need to make your tax filing easier. Additionally, they permit unlimited integrations with data imports API integrationsfor team members and AutoFiles.
They also have a staff who are devoted to managing your account. But, they don’t divulge how much the Premium plan costs you. How To Seperate Multiple Businesses On TaxJar Paypal
But they did state that this plan is tailor-fit for each user. So the costs will vary depending on what you need for your business.
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to determine whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are 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 clearly laid out, TaxJar provides a fantastic platform to companies that have multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only can it assist you in keeping track of the sales and profits of your business however, it will assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they offer tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can help you save more time while keeping on top of each deadline or requirement you need to meet. If you’re in a region with a lot of tax laws, this can definitely help you get your head around the subject. How To Seperate Multiple Businesses On TaxJar Paypal
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
FAQ How To Seperate Multiple Businesses On TaxJar Paypal
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar determines your tax.