Taxes are always one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford enough money to hire an accountant, performing the task on yourself can be dangerous. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to skip this step. However, since it’s mandatory, we have no choice.
So what can we do about it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can help you. Although this is quite lengthy it is possible to assess whether TaxJar is the tool you require today.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar? Woocommerce TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it in all of your channels of sales to ensure that you are in compliance with sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by online business owners to ensure that everything is simple and organized. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check is that your accounting tax software is compatible with your sales channel. If you’re selling through multiple channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one place. So, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you need to do is to integrate TaxJar then the system will handle all the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows customers to file their sales taxes either manually or via the AutoFile feature. For this review, we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When the time is right for filing income tax returns TaxJar will train you on managing the tax returns. However, it will be up to you and your team to complete everything in time. TaxJar will only guide you on what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. With this feature, everything will be automated from calculating sales tax in order to record and process it. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there you and your staff can access everything you need, like a list of your transactions, reports, and information.
The greatest benefit of this option is the fact that it lets you to automatically update every day. They not only let to know the amount you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to fully view the total sales tax for your business. You can also export the information to the form of a CSV file in case you require it for your process of financial planning and accounting or if you require it for centralized reporting.
Streamlining and Training
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 function will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have to cover other operational costs.
The best part is that TaxJar offers tutorials and training not only on their platform, but all things related to sales tax. You can check out their webinars, guides, and blog for more information. Additionally their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and what each of those options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements or reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small-scale business owner, this plan will be ideal for you. It might not include all the features of TaxJar, but it has all the basics you require.
You can also contact the support team via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basic features Professional may be the best option for you. It starts at $99, but you can increase it if you add custom features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you own a huge enterprise, you may want to opt for an upgrade instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited import integrations of data as well as Integrations with APIs, teams of members as well as AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the amount that the Premium plan is going to cost. Woocommerce TaxJar
But they did state that the plan is custom-made to each user. The cost of the plan will be different depending on what you need for your business.
Free Trial
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to see whether the software 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 break. To summarize, here are the advantages and disadvantages of the use of TaxJar for your company.
Pros
- There is a 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
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only can it assist you in keeping track of the sales and profits of your business, but it can also help you meet the deadlines you set. This is also an excellent platform for an accountant since they offer the Tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to save more time while keeping track of every deadline and requirement you have to meet. If you live in an area with complex tax laws, this can surely help you wrap your head around the subject. Woocommerce TaxJar
But if handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire procedure easy to complete, you might be better off doing it on your own.
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FAQ Woocommerce TaxJar
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in US$. If you’re using a different currency, you’ll need to convert it into USdollars prior to when TaxJar determines the tax.
