Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have the budget to hire an accountant, doing it on your own could be dangerous. If you overlook one thing, you might have to do it all over again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory, we have no choice.
What can we do about it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can assist you. Although this is quite a long read but you’ll be able to gauge whether TaxJar is the tool you require in the present.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? Does TaxJar Work With Woocommerce
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with sales tax requirements. It streamlines processes that take days to complete and finish within minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to ensure that everything is neat and simple. Let’s take a look at their features and services.
Features and services
One of the first things you’ll need to ensure is your tax-reporting software seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your most important data in one location. This means that there is no requirement to collect data from different channels and organize it into a single platform. All you need to do is integrate TaxJar it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to file their sales taxes by hand or using their AutoFile feature. For the purpose of this article, we’ll dig at both.
If you decide to do it manually, TaxJar will allow you to connect those sales tools. When the time is right for filing tax returns for income, the team will instruct you on how to manage them. But, it is up to you and your team to complete everything in time. TaxJar is only there to help you understand what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. With this feature, everything is automated, from calculating sales taxes to recording and processing it. But, it is possible to incur additional charges if they are not part of the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting problems. The orders you place through your online channels can be put together into a single dashboard through this platform. From there you and your staff will have access to all the information you need, such as a list of your transactions, reports, as well as information.
The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each day. Not only will they let you keep track of how much you’ve accumulated, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to fully view the total sales tax within your company. You can also export the information in CSV format. CSV file if you need it to aid in process of financial planning and accounting or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the sales avenues you use. That means you won’t have to search for your documents when you need them in a pinch. Even even if you already have an accountant, this function 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 know better how much budget you have available for other operational expenses.
The best part is that TaxJar offers training and tutorials not only for their platform , but also all things related to sales tax. You can look through their webinars, guides, and blog for more information. Apart from that the sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They claim that it’s the most effective plan to help you with filing requirements and reporting. It includes taxes on sales and sales as well as four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a smaller company owner, this plan could be ideal for you. It might not include all of TaxJar’s features but it comes with all the basics you require.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking to get a bit more than just the basics, then the Professional plan could be the one for you. It starts at $99, however, it could go up if you add custom features.
So how different is it from the starter plan?
In addition to accessing each of Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to go for premium plans instead. It has all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrationsfor team users and AutoFiles.
They also have a team who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan is going to cost. Does TaxJar Work With Woocommerce
But they did state that this plan is tailor-fit for each user. Therefore, the cost will differ according to what you require to run your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is right for you. If you’re still looking into various options, they provide 30 days of free trial. This should be enough time to gauge whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a break. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers 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
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that sounds like what you do, then you should try this.
It’s not just a way to help you track the sales and profits of your business It can help you meet your deadlines. It’s also an excellent platform for an accountant since they provide tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to save more time while keeping the track of each deadline and requirement you have to meet. If you’re in a place with complicated tax regulations, this will certainly help you to get your mind around it. Does TaxJar Work With Woocommerce
However, if managing your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the whole procedure simple to follow then you’re better to do it on your own.
FAQ Does TaxJar Work With Woocommerce
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in US$. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar can calculate your tax.