Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have a degree in accounting or finance. Tax-related work aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford enough money to hire an accountant, performing the task on yourself can be risky. If you make a mistake, you might have to do it all over again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can always make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. Although this is quite lengthy, you should be able to determine if TaxJar is the tool you require in the present.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What exactly is TaxJar? Texas Franchise Tax Instructions TaxJar
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Additionally, you can use it across all of your channels of sales to ensure compliance with sales tax requirements. It streamlines processes that require 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 businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by online business owners to keep everything neat and simple. Let’s look into their features and services.
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Services and features
Integration
One of the first things you’ll need to make sure is that your accounting tax software perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar lets you display your key metrics in one spot. So, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you have to do is to integrate TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows customers to file their sales taxes manually or through the AutoFile feature. For the purpose of this article, we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to filing tax returns for income TaxJar will train you on managing these. However, it will be up to you and your team to finish the tax returns in time. TaxJar is there to provide guidance on what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales tax to recording and processing them. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be combined into a single dashboard through this platform. From there you and your team will have access to all the information you need, such as a list of your transactions, reports, and information.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. They not only let you know how much you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the total sales tax within your company. You can also export the information as a CSV file, if you want to use it for your process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to hunt for your paperwork when you need them in the event of a need. Even if you already have your accountant, this function will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds better. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar offers tutorials and training not only on their platform, but all things that has to do with sales tax. You can check out their webinars, guides, or blog posts for additional info. In addition, their sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing tiers and the features that each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help with filing requirements and reporting. It includes sales tax reporting, four autofiles for free each year, and the option of a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small company owner, this plan should be ideal for you. It might not include all the features of TaxJar however, it does include the basic features you require.
In addition, you can reach the support team via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for a bit more than just the basic features Professional could be the one for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the basic plan?
In addition to accessing every one of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to choose an upgrade instead. It comes with all the features needed to aid in your tax preparation. In addition, they offer unlimited integrations with data imports as well as Integrations with APIs, teams of members as well as AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. Texas Franchise Tax Instructions TaxJar
But they did state that this plan is tailor-fit for every user. The cost of the plan will be different in line with what you require to run your business.
Free Trial
Fortunately, you don’t need to risk your money to see if this platform is for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should be enough time to gauge whether the service is a good fit for you.
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Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue It can help you meet your deadlines. It’s also an excellent option for accountants as they provide tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
The use of TaxJar will help you get more done while keeping the track of each deadline and requirement you have to meet. If you live in a place with complicated tax regulations, this will certainly help you to get your mind around it. Texas Franchise Tax Instructions TaxJar
If handling your taxes is simple and straightforward, then TaxJar could be a waste of 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 whole process easy to do, you might be better off doing it by yourself.
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FAQ Texas Franchise Tax Instructions TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n US$. If you’re using another currency, you will need to convert it to USUSD before TaxJar can calculate your tax.
