Taxes are always one of the most difficult things to handle regardless of whether you’re running your own business or not. More so if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, especially when you’re packed with things to do. If you don’t have enough money to engage an accountant doing it on your own can be dangerous. If you make a mistake, you might have to do it all over again!
Most people want to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
What is the best way to deal with it?
We can make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can assist you. Although this is quite lengthy, you should be able to assess whether TaxJar is exactly what you need in the present.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What exactly is TaxJar? Multiple Online Stores TaxJar
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it across all of your sales channels to ensure compliance with sales taxes. It makes the process simpler that could take days to complete and is completed in just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to make their business more organized and straightforward. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure you have a tax accounting software is compatible with your sales channel. If you’re using multiple sales channels, you must keep everything in place. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your key data in one location. This means that there is no need to gather data from different channels and sort it into a single platform. All you need to do is connect TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows customers to file their sales taxes either manually or via the AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you opt to go it alone, TaxJar will allow you to connect the sales channels you use. When the time is right for filing tax returns for income, the team will instruct you on how to handle the tax returns. It is up to you and your team to complete everything within the timeframe. TaxJar is only there to guide you on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. With this feature, everything is automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. From there you and your team will have access to everything you require, including the list of transactions, reports, as well as data.
The most appealing aspect of this feature is that they allow you to update automatically every day. Not only can they help to know the amount you’ve earned and how much you’ve earned, but they also let you keep track of when the next payments are due.
The dashboard allows users to view in detail the overall sales taxes for your business. It is also possible to export your data in CSV format. CSV file if you need it in your financial planning and accounting processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of your sales channels. This means that you don’t have to hunt for your paperwork when you’re in the event of a need. 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 can help you allocate your money more efficiently. You’ll be aware of the budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform but everything connected to sales tax. Check out their webinars, guides, or blog posts for additional information. Additionally their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They claim that it’s the most suitable plan for you if you need help in filing and reporting. It comes with sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small company owner, this plan should be ideal for you. It might not include all the features of TaxJar but it comes with the essentials that you need.
Additionally, you can contact their customer support 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 standard features and options, then the Professional plan may be the best option for you. It starts at $99, but it can go higher when you add additional features.
What is the difference from the original plan?
In addition to having access to every one of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to go for an upgrade instead. It comes with all the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data, API integrationsfor team members as well as AutoFiles.
They also have a team that is devoted to managing your account. However, they don’t disclose the price of the Premium plan. will cost you. Multiple Online Stores TaxJar
But they did state that this plan is customized for each user. So the costs will vary depending on what you need to run your business.
Free Trial
Fortunately, you don’t need to bet your life on it to determine if this service is the right one for you. If you’re still looking into other options, they have a 30-day free trial. This should be enough time to determine if the platform is a good fit for you.
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Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a break. To sum it all up, here are the advantages and disadvantages of the use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can 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 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 that sounds like what you’re doing, then you must try TaxJar.
Not only can it assist you in keeping track of the sales and profits of your business, but it can assist you in meeting the deadlines you set. It’s also an excellent option for accountants as they provide tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to meet. If you’re in a place with complicated tax laws, this can surely help you wrap your head around it. Multiple Online Stores TaxJar
If handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire process easy to do, you might be better in doing it all by yourself.
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FAQ Multiple Online Stores TaxJar
Which areas does TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect 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 using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transaction amounts are n US$. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar determines the tax.
