Taxes are always one of the hardest things to do regardless of whether you run a business or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford enough money to hire an accountant, performing the task on your own can be dangerous. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement, we have no choice.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can assist you. Although this is quite an extensive read, you should be able to determine if TaxJar is what you need right now.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, let’s get right into it.
What is TaxJar? TaxJar Woocommerce
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all your channels of sales to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by business owners who run online businesses to keep everything neat and simple. Let’s explore their features and services.
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Features and services
Integration
One of the most important things you’ll want to check is your tax-reporting software is compatible with your sales channel. If you have 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 critical data in one location. This means that there is no requirement to collect information from multiple sources and organize it into one platform. All you have to do is connect TaxJar and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. For this review, we’ll look at both.
If you decide to go it alone, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing income tax returns, the team will instruct you on how to manage these. However, it will be up to you and your team to complete everything in time. TaxJar is there to provide guidance on what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. With this feature, everything will be automated, from calculating sales taxes to recording and processing them. There could be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you require, including an inventory of your transactions, reports and the data.
The greatest benefit of this feature is that 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 sales tax totals in your business. Additionally, you can export the data as the form of a CSV file if you need it in your accounting and financial planning processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all your sales channels. It means you don’t need 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.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds better. You’ll know exactly how much budget you have for other operating costs.
But what’s even better is that TaxJar offers tutorials and training not only on their platform, but all things connected to sales tax. You can look through their guides, webinars, and blog for more information. Apart from that, their sales tax calculator is useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They claim that it’s the most effective plan for those who need assistance in filing and reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller company owner, this plan will be perfect for you. It may not offer all the features of TaxJar however, it does include all the basics you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking to get a bit more than just the basics Professional might be the right one for you. The price starts at $99 however, it could go up if you add custom features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also have their phone customer support, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you own a huge company, you may need to opt for an upgrade instead. It has all of the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as API integrationsfor team members and AutoFiles.
They also have a team dedicated in managing your accounts. They don’t reveal how much the Premium plan is going to cost. TaxJar Woocommerce
However, they did mention that this plan is tailor-fit for each user. So the costs will vary depending on what you need for your business.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to gauge whether the service is a good fit for you.
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Pros and Pros and
We’ve covered everything you should be aware of TaxJar let’s take a breather. To sum it all up, here are the pros and cons of the use of TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only valid for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then you ought to try this.
Not only will it help you track the sales and profits of your business, but it can assist you in meeting the deadlines you set. It is also a great option for accountants as they have a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can help you get more done while keeping track of every deadline and requirement you have to meet. If you’re living in a region with a lot of tax regulations, this will certainly help you to get your head around the subject. TaxJar Woocommerce
If handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete, you might be better to do it by yourself.
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FAQ TaxJar Woocommerce
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions are in USdollars. If you’re using another currency, you will need to convert it to US$ before TaxJar determines your tax.
