Taxes have always been among the hardest things to do regardless of whether you run a business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford the budget to engage an accountant doing it on your own could be dangerous. If you overlook one thing it could mean you have to redo things again!
Most people want to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So what can we do ?
We can simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and how it can assist you. Although this is quite an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What is TaxJar? Magento 2 TaxJar Vs
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It is a solution for your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to make sure you’re in compliance with sales taxes. It simplifies the processes that require days to complete and finish within only 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 this help you?
TaxJar is used extensively by owners of online businesses to make their business more simple and organized. Let’s look into the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to make sure is your tax-reporting platform is compatible with your sales channel. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your most important data in one location. This means that there is no need to collect information from multiple sources and sort it into a single platform. All you have to do is connect TaxJar, then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers submit their sales tax either manually or via the AutoFile feature. For this review, we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing income tax returns TaxJar will train you on how to handle these. But, it is up for you and your team members to finish the tax returns within the timeframe. TaxJar is only there to help you understand what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing them. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform, you and your team can access everything you require, including an inventory of your transactions, reports, and data.
The greatest benefit of this option is the fact that it allows you to update automatically every day. Not only can they help to know the amount you’ve collected, but they also help you track when your following payments are due.
Their dashboard can also allow users to view in detail the sales tax totals in your business. It is also possible to export the information to the form of a CSV file if you need it in your process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. This means that you don’t have to scramble for your documents whenever you’re in the event of a need. Even if you already have your accountant, this feature can make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds better. You’ll know exactly how much budget you have for other operating expenses.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform , but also everything that has to do with sales tax. You can look through their guides, webinars, and blog for more details. Additionally, their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set 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 levels and what each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It includes taxes on sales and sales as well as four annual AutoFiles for free, as well as a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small-scale company manager, the plan could be ideal for you. It might not include all of TaxJar’s features but it comes with the essentials that you need.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for something that is more than the standard features, then the Professional plan may be the best option for you. It starts at $99, but it can go higher by adding custom features.
What is the difference from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone, API access, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to opt for the Premium plan instead. It has all of the features needed to aid in your tax preparation. In addition, they offer unlimited integrations with data imports API integrationsfor team users, and AutoFiles.
There is also a team who are devoted for managing the account. However, they don’t disclose how much the Premium plan costs you. Magento 2 TaxJar Vs
However, they did say that this plan is customized to each user. So the costs will vary in line with what you require for your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is right for you. If you’re still considering various options, they provide 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.
Pros and Pros and
After we’ve gone over everything you should know about TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of using TaxJar for your company.
- Has the 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 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
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with multiple sales channels and uses plenty of platforms. If that’s what you’re doing, then you ought to try this.
Not only will it aid in tracking your revenue and products, but it can also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they provide tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to fulfill. If you live in a region with a lot of tax regulations, this will definitely help you get your head around it. Magento 2 TaxJar Vs
However, if managing your taxes is simple, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure simple to follow and you’re comfortable with it, you may be better to do it by yourself.
FAQ Magento 2 TaxJar Vs
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions are in US$. If you’re using another currency, you’ll have to convert it into USdollars before TaxJar can calculate your tax.