Taxes have always been one of the hardest things to do regardless of whether you run an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have the budget to employ an accountant, doing it on your own can be risky. If you overlook one thing, you might have to redo things again!
Almost everyone wants to avoid this step. But since it’s required to be done, we can’t choose not to.
What can we do about it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can benefit you. Although this is quite a long read, you should be able to gauge whether TaxJar is the tool you require right now.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar Multiple Business
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with your sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to keep everything organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure is that your accounting tax system seamlessly works well with your sales channel. If you’re selling through multiple channels, it is essential to maintain everything in line. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. That way, there’s no requirement to collect data from different channels and organize it into one platform. All you need to do is connect TaxJar it will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows clients to submit their sales tax manually or through their AutoFile feature. For this review, we’ll dig into both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income TaxJar will train you on how to handle them. However, it will be up for you and your team members to complete the process in time. TaxJar is there to help you understand what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. This feature will ensure that everything will be automated from calculating sales taxes in order to record and process it. However, there might be additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting woes. The orders you place through your online channels can be put together into one dashboard using this platform. From there you and your staff will have access to everything you need, such as an inventory of your transactions, reports and the data.
The most appealing aspect of this feature is that they allow you to update your account automatically each day. Not only will they let you keep track of how much you’ve collected however, they can also help you track when your following payment is due.
Their dashboard can also allow you to see the overall sales taxes within your company. It is also possible to export the data as the form of a CSV file in case you require it to aid in financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the sales avenues you use. That means you won’t have to search for your documents whenever you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds better. You’ll know better how much budget you have for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training, not just on their platform, but for anything related to sales tax. You can check out their webinars, guides or blog posts for additional details. In addition, their sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to determine 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 what each of those options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small business owner, this plan should be ideal for you. It might not include all the features offered by TaxJar, but it has the basic features you require.
Additionally, you can contact their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for that is more than the basics Professional may be the best option for you. It’s priced at $99 but it can go higher by adding custom features.
What is the difference from the basic plan?
In addition to accessing every one of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you run a large business, you might need to choose an upgrade instead. It includes all of the features that you require to make your tax filing easier. Moreover, they allow unlimited import integrations of data API integrations, team members, and AutoFiles.
There is also a team dedicated in managing your accounts. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Multiple Business
But they did state that the plan is custom-made for each user. Therefore, the cost will differ in line with what you require to run your business.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to see whether the software is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides an online sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers.
- Owners and accountants should check local legislation
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’s what you’re doing, then you ought to try this.
It’s not just a way to aid in tracking the sales and profits of your business however, it will help you meet your deadlines. This is also an excellent opportunity for accountants since they provide the Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline and requirement you have to meet. If you live in an area with complex tax regulations, this will surely help you wrap your head around the subject. TaxJar Multiple Business
However, if managing 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 everything. Moreover, if you find the whole procedure easy to complete then you’re better off doing it on your own.
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FAQ TaxJar Multiple Business
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 with TaxJar?
Yes. You can link 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 does not convert currency values. All transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it to USUSD prior to when TaxJar can calculate your tax.
