Taxes have always been among the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Even more so if you do not have a background in finance or accounting. Tax-related issues aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford the funds to engage an accountant performing the task on 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 skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do ?
We can make our lives easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and how it can help you. While this is a long read it is possible to assess whether TaxJar is what you need today.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, let’s get right into it.
What is TaxJar? TaxJar With Woocommerce
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it in all of your channels of sales to make sure you’re in compliance with sales tax requirements. It simplifies the processes that take days to complete and finish within just a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by online business owners to ensure that everything is simple and organized. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to make sure is your tax-reporting system perfectly integrates with your sales channel. 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 missing a single minor point.
TaxJar lets you display your critical data in one location. So, there’s no requirement to collect data from different channels and organize it into one platform. All you need to do is connect TaxJar, and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers file their sales taxes by hand or using their AutoFile feature. In our review we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle these. However, it will be up to you and your staff to complete everything on time. TaxJar is there to help you understand what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating sales taxes to recording and processing it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, like the list of transactions, reports, and data.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only can they help to know the amount you’ve earned however, they can also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the overall sales taxes for your business. Additionally, you can export the data to the form of a CSV file, if you want to use it in your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. This means that you don’t have to hunt for your paperwork whenever you’re in the event of a need. Even when you already have your accountant, this function can make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds better. You’ll know better how much budget you have available for other operational costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also all things that has to do with sales tax. You can look through their guides, webinars, and blog for more details. Apart from that, their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they can be too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the best plan if you need help with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller business proprietor, then this program should be ideal for you. It may not have all of TaxJar’s features however, it does include the essentials that you need.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking for something that is more than the standard features, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
How different is it from the starter plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive company, you may need to go for an upgrade instead. It comes with all the features that you require to help with your taxes. Additionally, they permit unlimited data import integrations, Integrations with APIs, teams of users, and AutoFiles.
They also have a team who are devoted in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. TaxJar With Woocommerce
But they did state that this plan is tailor-fit to each user. The cost of the plan will be different according to what you require for your business.
Luckily, you don’t have to bet your life on it to determine if this service is the right one for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to see if the platform is the right choice for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of making use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- 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
- 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 applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then must try TaxJar.
It’s not just a way to aid in tracking your products and revenue, but it can also help you meet your deadlines. It is also a great platform for an accountant since they provide the Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Utilizing TaxJar will help you get more done while keeping on top of each deadline and obligation you have to fulfill. If you’re in a region with a lot of tax laws, this will surely help you wrap your mind around it. TaxJar With Woocommerce
But if handling taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire procedure easy to complete then you’re better in doing it all on your own.
FAQ TaxJar With Woocommerce
What areas does 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 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 cannot convert currencies. All of the transactions are in US$. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar will calculate your tax.