Taxes have always been among the hardest things to do regardless of whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. In the event that you do not have the budget to engage an accountant performing the task on your own can be dangerous. If you make a mistake, you might have to do it all over again!
Most people want to skipping this step. But since it’s required, we have no choice.
So what is the best way to deal with it?
We can make life easier with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can assist you. Although this is quite lengthy, you should be able to assess whether TaxJar is what you need today.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? WordPress TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it across all your channels of sales to ensure compliance with sales taxes. It simplifies the processes that require days to complete and finish within minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to keep everything 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 need to make sure is that your accounting tax platform perfectly integrates in conjunction with the sales channels you use. 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 not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one place. 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 it will do all the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect all those sales tools. When it comes time to the filing of income tax returns The team will guide you on how to handle these. However, it will be up for you and your team to complete everything in time. TaxJar will only provide guidance on what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. With this feature, everything is automated, from calculating taxes on sales through recording, and then processing it. But, it is possible to incur extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. From there, you and your team will have access to everything you require, including a list of your transactions, reports, as well as the data.
The greatest benefit of this feature is that it lets you to automatically update every day. Not only will they let you know how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals in your business. Additionally, you can export the data to the form of a CSV file in case you require it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. This means that you don’t have to search for your documents whenever you’re when you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have to cover other operational costs.
What’s more is that TaxJar offers tutorials and training, not just on their platform, but everything connected to sales tax. You can look through their guides, webinars, or blog posts for additional info. Additionally the sales tax calculator should be beneficial when 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 provide amazing features, but they can be too costly for your business. For this reason we’ll take a look at 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 starts at $19. The company claims that it’s the most effective plan to help you with filing requirements and reporting. It also includes sales tax reporting, four free yearly AutoFiles, and an CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller business manager, the plan could be perfect for you. It might not include all the features offered by TaxJar, but it has all the basics you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking for different from the basic features, then the Professional plan could be the one for you. It starts at $99, but it can go higher if you add custom features.
How different is it from the original plan?
In addition to having access to every one of Starter plan’s features, you also get access to their phone customer support, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you have a massive enterprise, you may want to choose premium plans instead. It comes with all the features that you require to make your tax filing easier. Moreover, they allow unlimited import integrations of data as well as Integrations with APIs, teams of users as well as AutoFiles.
They also have a team dedicated to managing your account. But, they don’t divulge how much the Premium plan will cost you. WordPress TaxJar
However, they did say that the plan is custom-made for every user. So the costs will vary in line with what you require for your company.
Free Trial
Fortunately, you don’t need to risk your money to find out if the platform is for you. If you’re still looking into various options, they provide a 30-day free trial. This should give you enough time to gauge whether the software is an excellent fit for you.
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Pros and Cons
Now that we’ve covered all you should know about TaxJar Let’s relax. To summarize Here are the pros and cons of the use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then you should try this.
Not only can it aid in tracking the sales and profits of your business, but it can help you meet your deadlines. This is also an excellent option for accountants as they have the Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you live in a place with complicated tax laws, this can definitely help you get your mind around it. WordPress TaxJar
However, if managing taxes is easy If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole process easy to do, you might be better off doing it on your own.
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FAQ WordPress TaxJar
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it to USUSD before TaxJar determines your tax.
