Taxes have always been one of the most difficult tasks to complete regardless of whether you run an enterprise or not. Even more so if you do not have a background in accounting or finance. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford enough money to hire an accountant, making it your own could be dangerous. If you make a mistake it could mean you have to do it all over again!
Nearly everyone would prefer to skipping this step. But since it’s required, we have no choice.
What can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can help you. Even though this is lengthy but you’ll be able to assess whether 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 TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar? TaxJar For WordPress
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to keep everything organized and straightforward. Let’s look into the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to ensure you have a tax accounting system perfectly integrates along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to show your critical metrics in one spot. So, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you need to do is connect TaxJar, and the platform will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar lets customers submit their sales tax manually or through the AutoFile feature. In our review we’ll look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income TaxJar will train you on how to manage the tax returns. However, it will be up for you and your team to complete the process on time. TaxJar is only there to help you understand what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated, from calculating sales tax through recording, and then processing it. But, it is possible to incur additional charges if they are not part of the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting woes. The orders you place through your online channels can be combined into one dashboard using this platform. From there you and your staff will have access to everything you require, including the list of transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. Not only will they let you know how much you’ve earned however, they can also help you determine when your next payments are due.
The dashboard allows you to see the total sales tax for your business. Additionally, you can export your data in the form of a CSV file if you need it to aid in accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to hunt for your paperwork whenever you’re when you’re in a pinch. Even even if you already have an accountant, this function will help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have to cover other operating expenses.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but everything related to sales tax. Check out their webinars, guides as well as their blog to find more details. Additionally the sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they can be too expensive for businesses. For this reason 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.
The Starter plan costs $19. They say it’s the best plan to help you with filing requirements and reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a smaller company proprietor, then this program will be perfect for you. It may not have all the features of TaxJar, but it has the essentials that you need.
You can also contact the support team via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get a bit more than just the basic features Professional may be the best option for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the starter plan?
Apart from having access to all of the Starter plan’s features, you also get access to their support via phone access to APIs, as well as sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge business, you might need to opt for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. Additionally, they permit unlimited integrations with data imports, Integrations with APIs, teams of users as well as AutoFiles.
They also have a staff dedicated for managing the account. But, they don’t divulge the amount that the Premium plan costs you. TaxJar For WordPress
But they did state that the plan is custom-made for each user. So the costs will vary depending on what you need for your business.
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to gauge whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you must know about 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.
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for businesses with many sales channels and utilizes many platforms. If that’s what you’re doing, then you must try TaxJar.
It’s not just a way to assist you in keeping track of your revenue and products however, it will also help you meet the deadlines you set. This is also an excellent platform for an accountant since they have a Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Using TaxJar can allow you to save more time while keeping track of every deadline and requirement you have to meet. If you’re living in a region with a lot of tax regulations, this will surely help you wrap your mind around it. TaxJar For WordPress
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you find the entire procedure simple to follow and you’re comfortable with it, you may be better to do it by yourself.
FAQ TaxJar For WordPress
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in US$. If you’re using a different currency, you’ll need to convert it into USdollars prior to when TaxJar will calculate your tax.