Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have enough money to hire an accountant, performing the task on your own can be risky. If you make a mistake, you might have to redo things again!
Almost everyone wants to avoid this step. However, since it’s mandatory, we have no choice.
So what can we do about it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and how it can benefit you. Even though this is a long read, you should be able to assess whether TaxJar is what you need today.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Woocommerce Plugin
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it in all of your sales channels to ensure that you are in compliance with sales taxes. It streamlines processes that take days to complete and finish within only a few minutes.
TaxJar is used in a variety of industries, including 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 ensure that everything is organized and straightforward. Let’s look into their features and services.
Features and services
One of the most important things you’ll want to check is that your accounting tax platform seamlessly works well along with sales funnels. If you have multiple sales channels, it is essential to keep everything in place. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar allows you to display your critical metrics in one spot. This means that there is no need to collect information from multiple sources and organize it into a single platform. All you need to do is integrate TaxJar then the system will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they can integrate with:
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. In our review we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. When the time is right for the filing of income tax returns TaxJar will train you on how to handle these. It is up for you and your team to finish the tax returns on time. TaxJar will only help you understand what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. Through this feature, everything will be automated from calculating sales taxes through recording, and then processing it. However, there might be additional charges if they are not included in the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there you and your staff will have access to all the information you need, such as an inventory of your transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is it allows you to update automatically every day. They not only let to know the amount you’ve accumulated however, they can also help you track when your following payment is due.
Their dashboard can also allow you to fully view the sales tax totals within your company. You can also export your data to a CSV file in case you require it to aid in financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. It means you don’t need to search for your documents whenever you’re in a pinch. Even even if you already have an accounting firm, the feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform but for anything that has to do with sales tax. Check out their webinars, guides and blog for more info. Additionally, their sales tax calculator is beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing levels and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most effective plan if you need help in filing and reporting. It comes with sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a smaller company proprietor, then this program will be ideal for you. It might not include all the features of TaxJar however, it does include the basic features you require.
You can also contact the support team via 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 basic features Professional may be the best option for you. It’s priced at $99 but you can increase it by adding custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to opt for the Premium plan instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited data import integrations API integrations, team members and AutoFiles.
They also have a staff who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan costs you. TaxJar Woocommerce Plugin
But they did state that the plan is custom-made for every user. The cost of the plan will be different depending on what you need for your company.
Luckily, you don’t have to risk your money to see if this platform is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should give you enough time to gauge whether the software is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you must know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of the use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- It allows you to monitor multiple 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 for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies that have multiple sales channels and uses many platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it help you track your products and revenue, but it can assist you in meeting your deadlines. It is also a great option for accountants as they have a Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you reduce time and keep the track of each deadline and obligation you have to meet. If you live in an area with complex tax laws, this will surely help you wrap your head around it. TaxJar Woocommerce Plugin
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 keep track of everything. If you find the entire process easy to do, you might be better to do it on your own.
FAQ TaxJar Woocommerce Plugin
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions are in USdollars. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar can calculate your tax.