Taxes are always one of the hardest things to do regardless of whether you run your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have the budget to hire an accountant, performing the task on your own could be dangerous. If you miss one detail, you might have to do it all over again!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do about it?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can assist you. Although this is quite a long read, you should be able to gauge whether TaxJar is what you need in the present.
Prefer video streaming 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, let’s get right into it.
What is TaxJar? How To Link Magentoi To TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to ensure that you are in compliance with your sales taxes. It streamlines processes that require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s look into the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check is your tax-reporting software perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. This means that there is no need to collect data in multiple channels and sort it into a single platform. All you have to do is integrate TaxJar, and the platform will take care of the rest.
Apart from that, 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 make sales tax filings by hand or using their AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you choose to go it alone, TaxJar will allow you to connect those sales tools. When the time is right for filing income tax returns, the team will instruct you on how to manage them. However, it will be up for you and your team to finish the tax returns in time. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. With this feature, everything will be automated, from calculating sales tax through recording, and then processing it. However, there might be additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you need, like the list of transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. They not only let you know how much you’ve collected and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow you to see the total sales tax in your business. You can also export the information to CSV format. CSV file in case you require it in your accounting and financial planning processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep the track of all the channels you sell through. It means you don’t need to scramble for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll be aware of the budget you have for other operational expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also everything connected to sales tax. You can look through their guides, webinars, as well as their blog to find more details. In addition, their sales tax calculator is beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of those options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. They say it’s the most effective plan for those who need assistance in filing and reporting. It comes with taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small company owner, this plan should be ideal for you. It might not include all of TaxJar’s features, but it has all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration capabilities.
Professional
If you’re looking to get that is more than the basic features Professional might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also get access to their support via phone access to APIs, as well as advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to opt for premium plans instead. It comes with all the features that you require to help with your taxes. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of users and AutoFiles.
There is also a team that is devoted for managing the account. They don’t reveal how much the Premium plan costs you. How To Link Magentoi To TaxJar
However, they did say that this plan is customized for each user. So the costs will vary in line with what you require for your company.
Free Trial
Luckily, you don’t have to risk your money to see if this platform is 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 if the platform is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you need to know about TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of using TaxJar for your company.
Pros
- Does the plan include 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
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- You can track several sales channels
Cons
- AutoFile limit is based on 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 out TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then ought to try this.
Not only will it help you track your products and revenue, but it can also help you meet the deadlines you set. This is also an excellent platform for an accountant since they provide a Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar can help you reduce time and keep track of every deadline and obligation you have to fulfill. If you live in an area with complex tax laws, this will surely help you wrap your head around it. How To Link Magentoi To TaxJar
If handling your taxes is straightforward If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ How To Link Magentoi To TaxJar
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it into USdollars before TaxJar can calculate the tax.
