Taxes have always been among the most difficult tasks to complete regardless of whether you run an enterprise or not. More so if you don’t have a background in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford the budget to hire an accountant, doing it on your own could be risky. If you make a mistake and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can assist you. Although this is quite an extensive read but you’ll be able to assess whether TaxJar is exactly what you need today.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar How To File Taxes In Texas
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with sales tax requirements. It makes the process simpler that could take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to make their business more simple and organized. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure is your tax-reporting system is compatible along with sales funnels. If you’re using multiple sales channels, you need to keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one place. That way, there’s no need to collect data from different channels and then organize it on one platform. All you need to do is integrate TaxJar, and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar lets customers make sales tax filings manually or through 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 your sales platforms. Once the time comes for filing tax returns for income TaxJar will train you on how to handle them. However, it will be up to you and your staff to complete everything in time. TaxJar is only there to guide you on what you have to accomplish, but not manage it.
If you’d 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 will be automated from calculating taxes on sales through recording, and then processing them. But, it is possible to incur extra fees if not part of the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you require, including an inventory of your transactions, reports and the data.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve earned, but they also help you track when your following payment is due.
Their dashboard also allows users to view in detail the total sales tax in your business. It is also possible to export the information as the form of a CSV file, if you want to use it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. This means that you don’t have to scramble for your documents when you need them in the event of a need. Even when you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have for other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but everything that has to do with sales tax. You can check out their webinars, guides, or blog posts for additional info. Additionally their sales tax calculator is beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to establish 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 tiers and what each of those choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan starts at $19. They claim that it’s the best plan for those who need assistance with filing requirements or reporting. It also includes sales tax reporting, four autofiles for free each year, and a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a small company manager, the plan will be ideal for you. It may not offer all the features of TaxJar but it comes with the essentials that you need.
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 for that is more than the basics and options, then the Professional plan might be the right one for you. It starts at $99, however, it could go up if you add custom features.
So how different is it from the basic plan?
In addition to accessing every one of Starter plan’s options, you also have access to their phone customer support, API access, and advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive business, you might need to opt for premium plans instead. It comes with all the features you need to make your tax filing easier. In addition, they offer unlimited integrations with data imports as well as Integrations with APIs, teams of members and AutoFiles.
They also have a team that is devoted in managing your accounts. They don’t reveal the price of the Premium plan. will cost you. TaxJar How To File Taxes In Texas
However, they did mention that this plan is customized for 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 see if this platform is right for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to see if the platform is the right choice for you.
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Pros and Cons
Now that we’ve covered all you need to know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of using TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you ought to try this.
Not only will it assist you in keeping track of the sales and profits of your business, but it can also help you meet the deadlines you set. It is also a great opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Using TaxJar can allow you to get more done while keeping track of every deadline and requirement you have to fulfill. If you’re in a region with a lot of tax laws, this can certainly help you to get your head around the subject. TaxJar How To File Taxes In Texas
But if handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it on your own.
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FAQ TaxJar How To File Taxes In Texas
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in US$. If you’re using another currency, you will need to convert it into USUSD prior to when TaxJar will calculate the tax.
