Taxes are always one of the most difficult tasks to complete regardless of whether you run an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have enough money to engage an accountant making it yourself can be dangerous. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do ?
We can make life easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can help you. Although this is quite lengthy, you should be able to assess whether TaxJar is exactly what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar? Multiple Businesses TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings 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 your sales taxes. It simplifies the processes that require days to complete and is completed in just a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by online business owners to make their business more simple and organized. Let’s look into their features and services.
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Features and services
Integration
One of the first things you’ll need to ensure is your tax-reporting platform seamlessly works well with your sales channel. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar allows you to display your key metrics in one spot. That way, there’s no need to collect information from multiple sources and organize it into a single platform. All you have to do is to integrate TaxJar, and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax by hand or using TaxJar’s AutoFile feature. For this review, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing tax returns for income, the team will instruct you on how to handle these. But, it is up to you and your staff to complete everything on time. TaxJar is there to provide guidance on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. This feature will ensure that everything is automated, from calculating sales tax through recording, and then processing them. But, it is possible to incur extra fees if not included in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be combined 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 a list of your transactions, reports and information.
The best part about this feature is that it lets you to update your account automatically each day. They not only let to know the amount you’ve accumulated however, they can also help you track when your following payments are due.
The dashboard allows you to see the total sales tax in your business. You can also export the information in a CSV file in case you require it to aid in accounting and financial planning processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. This means that you don’t have to hunt for your paperwork when you’re in a pinch. Even when you already have your accountant, this feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have for other operating costs.
The best part is that TaxJar offers training and tutorials, not just for their platform but everything connected to sales tax. Check out their webinars, guides, as well as their blog to find more info. In addition the sales tax calculator should be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing features, but they can be too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing levels and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most effective plan if you need help in filing and reporting. It comes with sales tax reporting, four free yearly AutoFiles, and an CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small company owner, this plan could be ideal for you. It may not have all the features offered by TaxJar, but it has all the basics you require.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get different from the standard features Professional might be the right one for you. The price starts at $99 but you can increase it if you add custom features.
So how different is it from the basic plan?
Apart from having access to all of the Starter plan’s features, you also have their support via phone access to APIs, as well as sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large company, you may need to opt for premium plans instead. It comes with all the features you need to aid in your tax preparation. Additionally, they permit unlimited import integrations of data, API integrationsfor team members as well as AutoFiles.
There is also a team who are devoted for managing the account. But, they don’t divulge how much the Premium plan costs you. Multiple Businesses TaxJar
However, they did say that this plan is tailor-fit to 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 risk your money to determine if this service is the right one for you. If you’re still looking into different options, they offer 30 days of free trial. It should give you enough time to gauge if the platform is an excellent fit for you.
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Pros and Cons
Now that we’ve covered all you need to know about TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the advantages and disadvantages of making use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- You can track several 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 applicable to USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies with multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only will it assist you in keeping track of your revenue and products, but it can help you meet your deadlines. It’s also an excellent option for accountants as they have tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar will help you get more done while keeping the track of each deadline and requirement you have to fulfill. If you live in an area with complex tax laws, this can certainly help you to get your head around it. Multiple Businesses TaxJar
If handling your taxes is straightforward and straightforward, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire procedure easy to complete then you’re better to do it by yourself.
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FAQ Multiple Businesses TaxJar
Which areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to USUSD before TaxJar can calculate the tax.
