Taxes have always been one of the most difficult tasks to complete regardless of whether you run an enterprise or not. Particularly if you don’t have a degree in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. If you don’t have the budget to hire an accountant, making it your own can be risky. If you overlook one thing it could mean you have to redo things again!
Most people want to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can help you. Even though this is a long read it is possible to gauge whether TaxJar is exactly what you need right now.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What is TaxJar TaxJar WordPress
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it across all of your sales channels to make sure you’re in compliance with your sales taxes. It streamlines processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to ensure that everything is organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll want to check is your tax-reporting system perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. So, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you have to do is connect TaxJar then the system will do all the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar lets customers submit their sales tax either manually or via TaxJar’s AutoFile feature. In this review, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect those sales tools. When it comes time to filing income tax returns TaxJar will train you on managing the tax returns. It is up for you and your team members 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 would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales taxes to recording and processing it. However, there might be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting problems. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you require, including a list of your transactions, reports, as well as data.
The best part about this option is the fact that they allow you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated, but they also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the total sales tax within your company. Additionally, you can export the information to the form of a CSV file, if you want to use it in your process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. This means that you don’t have to hunt for your paperwork whenever you’re in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have available for other operating costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just on their platform, but everything related to sales tax. You can look through their guides, webinars, as well as their blog to find more information. Apart from that, their sales tax calculator should be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. For this reason, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance in filing and reporting. It also includes 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 ideal for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something a bit more than just the basic features, then the Professional plan might be the right one for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the starter plan?
In addition to having access to each of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to choose premium plans instead. It comes with all the features you need to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as Integrations with APIs, teams of users, and AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose how much the Premium plan is going to cost. TaxJar WordPress
However, they did mention that this plan is customized for each user. Therefore, the cost will differ according to what you require to run your business.
Free Trial
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 considering other options, they have a 30-day free trial. This should give you enough time to gauge whether the software is the right choice for you.
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Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the advantages and disadvantages of using TaxJar for your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple 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 applicable for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then should try this.
Not only can it help you track the sales and profits of your business It can help you meet the deadlines you set. It is also a great platform for an accountant since they have tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
The use of TaxJar can help you get more done while keeping the track of each deadline or requirement you need to meet. If you’re in a place with complicated tax laws, this can definitely help you get your mind around it. TaxJar WordPress
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar WordPress
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it into USdollars prior to when TaxJar can calculate your tax.
