Taxes have always been one of the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when you’re packed with things to do. If you don’t have the budget to employ an accountant, making it your own could be dangerous. If you make a mistake, you might have to redo things again!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can assist you. Although this is quite an extensive read, you should be able to determine if TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, then we’ll dive right into.
What exactly is TaxJar? Texas TaxJar
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. In addition, you can apply it in all of your sales channels to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and is completed in just a few only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to keep everything neat and simple. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to ensure is your tax-reporting platform is compatible along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. This means that there is no requirement to collect data in multiple channels and sort it into 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 payment processing. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar lets customers submit their sales tax by hand or using the AutoFile feature. In the purpose of this article, we’ll dig into both.
If you choose to do it manually, TaxJar will allow you to connect those sales tools. Once the time comes for filing tax returns for income TaxJar will train you on how to handle the tax returns. It is up for you and your team to complete the process on time. TaxJar is there to guide you on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. Through this feature, everything is automated, from calculating sales taxes through recording, and then processing it. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there you and your staff will have access to all the information you need, like the list of transactions, reports, and data.
The most appealing aspect of this option is the fact that it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows you to see the overall sales taxes within your company. Additionally, you can export the information to CSV format. CSV file in case you require it in your process of financial planning and accounting or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to scramble for your documents when you’re in a pinch. Even if you already have your accountant, this feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll be aware of the budget you have available for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials not only for their platform , but also for anything connected to sales tax. You can look through 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 establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing tiers and the features that each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. They say it’s the best plan if you need help with filing requirements and reporting. It comes with 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 advice.
If you’re a smaller company owner, this plan will be perfect for you. It might not include all the features of TaxJar but it comes with all the basics you require.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration features.
Professional
If you’re looking for something a bit more than just the basic features and options, then the Professional plan might be the right one for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the basic plan?
In addition to having access to every one of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you run a large enterprise, you may want to choose an upgrade instead. It has all of the features that you require to make your tax filing easier. Moreover, they allow unlimited integrations with data imports, API integrationsfor team members, and AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose how much the Premium plan will cost you. Texas TaxJar
However, they did mention that the plan is custom-made to each user. The cost of the plan will be different 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 right for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to see whether the software is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. To summarize we’ll go over the advantages and disadvantages of using TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it 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 for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes many platforms. If that’s what you do, then you should try this.
Not only will it aid in tracking your products and revenue It can assist you in meeting your deadlines. This is also an excellent platform for an accountant since they have a Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar can help you reduce time and keep on top of each deadline or requirement you need to meet. If you live in an area with complex tax laws, this can definitely help you get your head around it. Texas TaxJar
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire procedure easy to complete, you might be better in doing it all on your own.
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FAQ Texas TaxJar
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it into US$ before TaxJar can calculate your tax.
