Taxes have always been among the most difficult tasks to complete, whether you’re running your own business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford enough money to engage an accountant doing it on yourself can be risky. If you make a mistake, you might need to repeat the process!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what can we do ?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can benefit you. Although this is quite a long read it is possible to assess whether TaxJar is exactly what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? Woocommerce Sales Tax How To Set Up Multiple States Without TaxJar
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it in all of your sales channels to ensure compliance with sales tax requirements. It simplifies the processes that can take days to complete, and is completed in just a few only a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s look into their features and services.
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Features and services
Integration
One of the first things you’ll want to check is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. 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 overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one place. That way, there’s no need to collect data in multiple channels and then organize it on a single platform. All you have to do is connect TaxJar, then the system will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings either manually or via their AutoFile feature. For this review, we’ll look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing income tax returns TaxJar will train you on how to manage these. It is up for you and your team members to complete everything within the timeframe. TaxJar is only there to guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales tax to recording and processing them. However, there might be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your team will have access to all the information you need, such as the list of transactions, reports, as well as the data.
The greatest benefit of the feature you’ve chosen is they allow you to automatically update every day. Not only will they let to know the amount you’ve earned, but they also help you track when your following payment is due.
The dashboard allows you to see the total sales tax for your business. You can also export the information to a CSV file in case you require it for your accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even if you already have your accountant, this function will make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating costs.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also everything related to sales tax. You can check out their webinars, guides or blog posts for additional information. Additionally the sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing features, but they can be too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as an CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a smaller business manager, the plan could be perfect for you. It might not include all the features of TaxJar but it comes with the essentials that you need.
You can also contact their support team with their email support chart. You’ll also be able to use their integration tools.
Professional
If you’re looking for something a bit more than just the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher if you add custom features.
So how different is it from the starter plan?
Apart from 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 sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large business, you might need to opt for an upgrade instead. It has all of the features that you require to make your tax filing easier. Additionally, they permit unlimited data import integrations API integrationsfor team members as well as AutoFiles.
They also have a team dedicated for managing the account. However, they don’t disclose how much the Premium plan will cost you. Woocommerce Sales Tax How To Set Up Multiple States Without TaxJar
However, they did say that the plan is custom-made to each user. The cost of the plan will be different according to what you require to run your business.
Free Trial
Fortunately, you don’t need to bet your life on it to see if this platform 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 be enough time to see whether the service is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a breather. To summarize Here are the pros and cons of the use of TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides an online sales tax calculator
- Has 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.
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it help you track the sales and profits of your business, but it can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Using TaxJar can allow you to save more time while keeping on top of each deadline or requirement you need to meet. If you live in an area with complex tax laws, this will surely help you wrap your head around it. Woocommerce Sales Tax How To Set Up Multiple States Without TaxJar
But if handling taxes is easy If it isn’t, then TaxJar could be a waste of investment. 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’re finding the entire procedure simple to follow then you’re better to do it by yourself.
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FAQ Woocommerce Sales Tax How To Set Up Multiple States Without TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar will calculate the tax.
