Taxes are always one of the most difficult things to handle, whether you’re running an enterprise or not. More so if you don’t have a degree in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have enough money to engage an accountant doing it on your own could be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement, we have no choice.
So , what can we do ?
We can simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can benefit you. While this is an extensive read but you’ll be able to assess whether TaxJar is exactly what you need in the present.
Do you prefer watching videos rather than watch them? Watch 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 Woocommerce Services TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it in all of your sales channels to ensure compliance with sales taxes. It simplifies the processes that can take days to complete, and finish within just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to make their business more organized and straightforward. Let’s look into the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check you have a tax accounting system is compatible with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your most important data in one location. So, there’s no requirement to collect information from multiple sources and then organize it on one platform. All you need to do is integrate TaxJar, it will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to make sales tax filings either manually or via their AutoFile feature. In the purpose of this article, we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on how to manage them. It is up for you and your team to finish the tax returns on time. TaxJar will only guide you on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. This feature will ensure that everything will be automated, from calculating sales taxes in order to record and process them. However, there might be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, such as the list of transactions, reports, and the data.
The greatest benefit of this feature is that they allow you to update automatically every day. Not only can they help to know the amount you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to see the overall sales taxes within your company. You can also export the data in a CSV file in case you require it for your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all your sales channels. That means you won’t have to hunt for your paperwork when you need them when you’re in a pinch. Even even if you already have an accountant, this feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have to cover other operating expenses.
The best part is that TaxJar offers training and tutorials not only for their platform but all things related to sales tax. You can look through their webinars, guides or blog posts for additional information. Apart from that, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most effective plan to help you with filing requirements or reporting. It comes with sales tax reporting, four autofiles for free each year, and a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small business manager, the plan could be perfect for you. It may not offer all of TaxJar’s features however, it does include the essentials that you need.
In addition, you can reach the support team via their support chart for email. You’ll also 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. It’s priced at $99 but it can go higher when you add additional features.
So how different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to choose an upgrade instead. It comes with all the features you need to make your tax filing easier. Moreover, they allow unlimited import integrations of data API integrations, team members as well as AutoFiles.
They also have a staff who are devoted to managing your account. But, they don’t divulge the amount that the Premium plan is going to cost. Woocommerce Services TaxJar
However, they did mention that the plan is custom-made to each user. Therefore, the cost will differ according to what you require for your company.
Luckily, you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to see whether the software is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you must 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 for your company.
- Does the plan include 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.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can 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
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out TaxJar can be a great platform companies 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 It can assist you in meeting the deadlines you set. It’s also an excellent platform for an accountant since they provide tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Utilizing TaxJar will help you get more done while keeping on top of each deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this can certainly help you to get your head around the subject. Woocommerce Services TaxJar
If handling taxes is easy and straightforward, then TaxJar might not be a good expense. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the whole process easy to do, you might be better off doing it on your own.
FAQ Woocommerce Services TaxJar
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.
Can I connect Shopify into 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 doesn’t convert currency values. The transactions are in US$. If you’re using another currency, you will need to convert it to USdollars prior to when TaxJar will calculate the tax.