Taxes have always been among the most difficult tasks to complete regardless of whether you run an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the funds to hire an accountant, making it your own could be risky. If you miss one detail it could mean you have to do it all over again!
Most people want to skip this step. But since it’s required and mandatory, there’s no other choice.
What can we do about it?
It is always possible to make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and explain how it can benefit you. Even though this is a long read, you should be able to assess whether TaxJar is what you need in the present.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar TaxJar WordPress Plugin
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all of your sales channels to ensure that you are in compliance with your sales taxes. It streamlines processes that take days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything neat and simple. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to ensure is your tax-reporting system seamlessly works well with your sales channel. If you’re selling through multiple channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one place. This means that there is no need to gather data from different channels and then organize it on one platform. All you have to do is connect TaxJar and the platform will do all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to file their sales taxes either manually or via the AutoFile feature. In this review, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect all of those sales tools. Once the time comes for the filing of income tax returns, the team will instruct you on how to manage the tax returns. But, it is up to you and your staff to complete the process within the timeframe. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated, from calculating sales taxes through recording, and then processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there, you and your team will have access to everything you need, like an inventory of your transactions, reports and data.
The best part about this feature is that they allow you to update automatically every day. They not only let you know how much you’ve earned however, they can also help you determine when your next payments are due.
The dashboard allows you to fully view the overall sales taxes for your business. It is also possible to export the information as a CSV file in case you require it in your financial planning and accounting processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. This means that you don’t have to scramble for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this function can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have for other operating costs.
The best part is that TaxJar offers training and tutorials, not just on their platform, but for anything connected to sales tax. Check out their guides, webinars, and blog for more info. Apart from that, their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and the features that each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you if you need help in filing and reporting. It includes sales tax reporting, four autofiles for free each year, and a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small business manager, the plan will be ideal for you. It may not offer all the features of TaxJar but it comes with the basic features you require.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get a bit more than just the basic features Professional could be the one for you. The price starts at $99 but it can go higher by adding custom features.
What is the difference from the starter plan?
In addition to having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive company, you may need to go for premium plans instead. It includes all of the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data API integrations, team members and AutoFiles.
They also have a team that is devoted for managing the account. They don’t reveal how much the Premium plan will cost you. TaxJar WordPress Plugin
However, they did mention that the plan is custom-made for each user. Therefore, the cost will differ depending on what you need for your company.
Fortunately, you don’t need to gamble your money just to find out if the platform is the right one for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to see whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar Let’s relax. To summarize, here are the pros and cons of using TaxJar for your business.
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online 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
- Limits on AutoFile are determined by 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 check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with many sales channels and utilizes plenty of platforms. If that’s what you do, then you must try TaxJar.
It’s not just a way to assist you in keeping track of your revenue and products, but it can also help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they have a Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
The use of TaxJar can help you get more done while keeping on top of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax regulations, this will certainly help you to get your head around it. TaxJar WordPress Plugin
If handling your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire process easy to do, you might be better in doing it all by yourself.
FAQ TaxJar WordPress Plugin
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any kind of currency with 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 USUSD prior to when TaxJar can calculate the tax.