Taxes have always been among the hardest things to do regardless of whether you run a 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. When you’re not able to afford the budget to employ an accountant, performing the task on your own can be dangerous. If you overlook one thing, you might have to do it all over again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can benefit you. While this is an extensive read but you’ll be able to assess whether TaxJar is exactly what you need right now.
Do you prefer to watch videos instead? Watch 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 let’s get right into it.
What is TaxJar TaxJar Wc Vendors
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. In addition, you can apply it in all of your channels of sales to make sure you’re in compliance with your sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax system is compatible with your sales channel. If you’re selling through multiple channels, you need to maintain everything in line. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. This means that there is no need to collect information from multiple sources and then organize it on one platform. All you have to do is to integrate TaxJar then the system will do the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to make sales tax filings by hand or using the AutoFile feature. For the purpose of this article, we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing income tax returns The team will guide you on how to handle them. But, it is up to you and your team to complete the process on time. TaxJar is there to guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. Through this feature, everything will be automated, from calculating sales taxes to recording and processing it. However, there might be extra fees if not part of the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. From there you and your staff can access everything you require, including the list of transactions, reports, and data.
The most appealing aspect of this feature is that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes in your business. Additionally, you can export the data to CSV format. CSV file in case you require it to aid in financial planning and accounting processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you’re in a pinch. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds better. You’ll know better how much budget you have for other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but for anything related to sales tax. Check out their guides, webinars, and blog for more info. Apart from that, their sales tax calculator should be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements and reporting. It comes with sales tax reporting, four autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small company proprietor, then this program will be ideal for you. It may not offer all the features offered by TaxJar but it comes with all the basics you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for something that is more than the basic features, then the Professional plan might be the right one for you. It starts at $99, but you can increase it when you add additional features.
So how different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge enterprise, you may want to go for an upgrade instead. It comes with all the features needed to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as API integrationsfor team members as well as AutoFiles.
They also have a team dedicated to managing your account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Wc Vendors
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need to run your business.
Luckily, you don’t have to risk your money to see if this platform 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 if the platform is the right choice for you.
Pros and Pros and
Now that we’ve covered all 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 using TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated 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 be able to access the API feature
- Only valid for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies with many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then should try this.
Not only can it help you track the sales and profits of your business It can help you meet your deadlines. This is also an excellent option for accountants as they offer a Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can allow you to get more done 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 definitely help you get your head around the subject. TaxJar Wc Vendors
However, if managing your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire procedure easy to complete, you might be better off doing it by yourself.
FAQ TaxJar Wc Vendors
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to 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 currency values. All transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar will calculate the tax.