Taxes have always been among the most difficult tasks to complete, whether you’re running an enterprise or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, especially when you’re full of things to be done. In the event that you do not have the funds to employ an accountant, making it your own can be risky. If you overlook one thing and you don’t know it, you may need to repeat the process!
Almost everyone wants to skipping this step. But since it’s required, we have no choice.
So , what can we do ?
We can 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 assist you. Even though this is a long read but you’ll be able to assess whether TaxJar is the tool you require right now.
Are you looking watching videos rather than watch them? Watch 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 is TaxJar TaxJar Plugin For WordPress
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your sales channels to make sure you’re in compliance with your sales taxes. It makes the process simpler that could take days to complete and finish within just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure you have a tax accounting software seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you need to ensure that everything is in order. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one spot. That way, there’s no need to collect data in multiple channels and sort it into one platform. All you need to do is integrate TaxJar, then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows customers to submit their sales tax either manually or via the AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect all those sales tools. When the time is right for filing tax returns for income, the team will instruct you on how to manage these. However, it will be up for you and your team to finish the tax returns in time. TaxJar is there to guide you on what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. Through this feature, everything is automated, from calculating taxes on sales to recording and processing them. However, there might be extra fees if not part of the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you need, such as a list of your transactions, reports, and information.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only will they let to know the amount you’ve accumulated however, they can also help you determine when your next payment is due.
The dashboard allows users to view in detail the overall sales taxes in your business. You can also export your data in the form of a CSV file in case you require it to aid in process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. That means you won’t have to search for your documents when you need them in a pinch. Even when you already have your accounting firm, the feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds better. You’ll know better how much budget you have to cover other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also everything related to sales tax. You can check out their guides, webinars, and blog for more details. Additionally 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 can be too costly for your business. For this reason, we’ll look into TaxJar’s pricing tiers and what each of these choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance in filing and reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. 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 perfect for you. It might not include 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. You’ll also be able to use their integration capabilities.
Professional
If you’re looking to get that is more than the basic features, then the Professional plan may be the best option for you. It starts at $99, but you can increase it when you add additional features.
So how different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also get access to their support via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to choose the Premium plan instead. It has all of the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations Integrations with APIs, teams of users as well as AutoFiles.
There is also a team dedicated for managing the account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Plugin For WordPress
However, they did mention that the plan is custom-made for every user. Therefore, the cost will differ depending on what you need to run your business.
Free Trial
Fortunately, you don’t need to gamble your money just to determine if this service is the right one for you. If you’re still considering 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.
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Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a break. To summarize we’ll go over the pros and cons of making use of TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you 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
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If that’s what you’re doing, then ought to try this.
Not only will it assist you in keeping track of the sales and profits of your business, but it can assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they offer tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar can help you get more done while keeping on top of each deadline or requirement you need to meet. If you’re living in a place with complicated tax regulations, this will definitely help you get your mind around it. TaxJar Plugin For WordPress
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole process easy to do, you might be better off doing it by yourself.
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FAQ TaxJar Plugin For WordPress
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n US$. If you’re using another currency, you’ll have to convert it to USdollars prior to when TaxJar will calculate the tax.
