Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related work aren’t easy, particularly when you’re full of things to be done. If you don’t have enough money to hire an accountant, making it your own can be risky. If you overlook one thing it could mean you have to redo things again!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
What can we do ?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can help you. While this is a long read, you should be able to assess whether TaxJar is the tool you require right now.
Are you looking to watch videos instead? Check out 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 get right into it.
What exactly is TaxJar? Download TaxJar Woocommerce Plugin
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all your sales channels to ensure compliance with your sales taxes. It streamlines processes that require days to complete and finish within only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to keep everything simple and organized. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is your tax-reporting platform is compatible along with sales funnels. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your key metrics in one spot. That way, there’s no need to collect data in multiple channels and sort it into a single platform. All you need to do is connect TaxJar it will do all the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms that they can connect with:
TaxJar lets customers make sales tax filings by hand or using their AutoFile feature. For this review, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect the sales channels you use. When the time is right for the filing of income tax returns, the team will instruct you on managing them. But, it is up for you and your staff to complete everything within the timeframe. TaxJar is only 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 for you. This means that you won’t need to fill out any forms manually. With this feature, everything is automated, from calculating sales tax to recording and processing them. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your staff can access everything you need, such as an inventory of your transactions, reports and the data.
The best part about this feature is that it allows you to automatically update every day. Not only can they help you know how much you’ve accumulated, but they also help you determine when your next payments are due.
Their dashboard also allows you to fully view the overall sales taxes for your business. It is also possible to export the information in CSV format. CSV file if you need it to aid in accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the sales avenues you use. This means that you don’t have to search for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds better. You’ll know better how much budget you have to cover other operational expenses.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform but everything that has to do with sales tax. Check out their guides, webinars, or blog posts for additional details. Apart from that the sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing features, but they can be too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing structures and the features that each of these options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. They say it’s the most suitable plan for you to help you in filing and reporting. It includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale company manager, the plan could be ideal for you. It may not offer all of TaxJar’s features, but it has the basic features you require.
In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration tools.
If you’re looking to get different from the standard features and options, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
How different is it from the original plan?
In addition to accessing each of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you run a large company, you may need to choose the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as API integrations, team users and AutoFiles.
They also have a team who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. will cost you. Download TaxJar Woocommerce Plugin
But they did state that this plan is tailor-fit for each user. So the costs will vary depending on what you need to run your business.
Fortunately, you don’t need to gamble your money just to find out if the platform is for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to determine whether the service is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is based on 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 review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then should try this.
Not only will it aid in tracking your revenue and products It can help you meet your deadlines. It is also a great opportunity for accountants since they offer the Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
Using TaxJar can help you save more time while keeping on top of each deadline and obligation you have to meet. If you’re living in a region with a lot of tax laws, this can surely help you wrap your mind around it. Download TaxJar Woocommerce Plugin
However, if managing your taxes is simple and straightforward, then TaxJar might not be a good investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure simple to follow then you’re better to do it on your own.
FAQ Download TaxJar Woocommerce Plugin
What are the areas in which 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 integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to USdollars prior to when TaxJar can calculate your tax.