Taxes have always been among the most difficult things to handle regardless of whether you’re running a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the funds to employ an accountant, making it your own can be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to skipping this step. However, since it’s mandatory, we have no choice.
So , what is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can assist you. Although this is quite lengthy but you’ll be able to gauge whether TaxJar is the tool you require right now.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What exactly is TaxJar? Link Magento Dev Site TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. Additionally, you can use it in all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by online business owners to make their business more organized and straightforward. Let’s take a look at their features and services.
Features and services
One of the first things you’ll need to make sure is your tax-reporting platform perfectly integrates with your sales channel. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one place. So, there’s no requirement to collect data in multiple channels and organize it into one platform. All you have to do is connect TaxJar, and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms that they can connect with:
TaxJar lets customers submit their sales tax either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing income tax returns The team will guide you on how to manage the tax returns. However, it will be up for you and your staff to complete the process within the timeframe. TaxJar is only there to guide you on what you have to do but not handle 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. Through this feature, everything will be automated, from calculating sales tax in order to record and process them. But, it is possible to incur 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 assist you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff can access everything you need, such as an inventory of your transactions, reports and the data.
The most appealing aspect of this feature is that it lets you to automatically update every day. Not only can they help to know the amount you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow users to view in detail the total sales tax for your business. You can also export the data to the form of a CSV file in case you require it in your process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. It means you don’t need to hunt for your paperwork whenever you’re when you’re in a pinch. Even if you already have your accountant, this function will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your funds better. You’ll know better how much budget you have to cover other operational costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just on their platform, but everything that has to do with sales tax. You can check out their guides, webinars, and blog for more information. Apart from that, their sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to determine your budget. Certain platforms have amazing features, but they can be too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the best plan for those who need assistance with filing requirements or reporting. It comes with sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small company manager, the plan should be perfect for you. It may not offer all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration features.
If you’re looking to get different from the basics, then the Professional plan might be the right one for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also get access to their phone customer support, API access, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you have a massive company, you may need to opt for the Premium plan instead. It has all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data API integrations, team members as well as AutoFiles.
They also have a team that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan costs you. Link Magento Dev Site TaxJar
However, they did mention that this plan is tailor-fit to each user. So the costs will vary depending on what you need to run your business.
It’s a good thing that you don’t have to gamble your money just to see if this platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to determine if the platform is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- You can track several sales channels
- 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
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then ought to try this.
Not only will it assist you in keeping track of your products and revenue It can also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they have a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you save more time while keeping the track of each deadline and obligation you have to fulfill. If you live in a place with complicated tax laws, this will definitely help you get your head around the subject. Link Magento Dev Site TaxJar
If handling your taxes is straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole process easy to do, you might be better to do it by yourself.
FAQ Link Magento Dev Site TaxJar
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it into US$ before TaxJar can calculate the tax.