Taxes have always been one of the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford enough money to engage an accountant doing it on yourself can be dangerous. If you make a mistake it could mean you have to redo things again!
Most people want to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what is the best way to deal with it?
It is always possible to make our lives easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can benefit you. Although this is quite an extensive read, you should be able to assess whether TaxJar is what you need right now.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Woo
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by owners of online businesses to make their business more neat and simple. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check is your tax-reporting system is compatible along with sales funnels. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar lets you display your most important metrics in one spot. That way, there’s no requirement to collect information from multiple sources and organize it into a single platform. All you need to do is to integrate TaxJar then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms that they can connect with:
TaxJar allows clients to submit their sales tax by hand or using their AutoFile feature. In this review, we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect those sales tools. Once the time comes for filing income tax returns, the team will instruct you on how to manage these. But, it is up to you and your staff to finish the tax returns on time. TaxJar is there to provide guidance on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales tax through recording, and then processing it. There could be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. From there you and your staff will have access to everything you need, such as an inventory of your transactions, reports, and data.
The best part about this option is the fact that it allows you to update your account automatically each day. Not only can they help you keep track of how much you’ve earned however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the overall sales taxes within your company. It is also possible to export the information as the form of a CSV file in case you require it for your process of financial planning and accounting or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep the track of all the channels you sell through. This means that you don’t have to scramble for your documents when you’re in a pinch. Even when you already have your accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll be aware of the budget you have for other operational costs.
But what’s even better is that TaxJar provides training and tutorials not only for their platform , but also all things that has to do with sales tax. Check out their webinars, guides or blog posts for additional details. In addition their sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing levels and what each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It comes with sales tax reporting, 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a smaller company manager, the plan could be perfect for you. It may not have all of TaxJar’s features however, it does include the basic features you require.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for a bit more than just the standard features, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher if you add custom features.
How different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large company, you may need to go for premium plans instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, Integrations with APIs, teams of users, and AutoFiles.
They also have a staff who are devoted for managing the account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Woo
However, they did say that this plan is customized to each user. The cost of the plan will be different depending on what you need to run your business.
It’s a good thing that you don’t have to risk your money to find out if the platform is right for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar for your business.
- Does the plan include 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
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- Allows you to track 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 clearly laid down, TaxJar can be a great platform businesses with multiple sales channels and uses plenty of platforms. If this sounds like the way you do, then you should try this.
It’s not just a way to help you track the sales and profits of your business It can assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they have a Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
Using TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re living in a place with complicated tax laws, this can definitely help you get your mind around it. TaxJar Woo
If handling taxes is easy, then TaxJar may be an unnecessary investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure simple to follow then you’re better off doing it on your own.
FAQ TaxJar Woo
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions are in US$. If you’re using another currency, you’ll need to convert it to US$ before TaxJar determines the tax.