Taxes have always been among the most difficult things to handle regardless of whether you’re running your own business or not. More so if you don’t have a background in accounting or finance. Tax-related issues can be overwhelming, especially when you’re packed with things to do. In the event that you do not have the budget to employ an accountant, performing the task on yourself can be risky. If you overlook one thing, you might have to redo things again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and explain how it can assist you. Although this is quite an extensive read but you’ll be able to gauge whether TaxJar is what you need in the present.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar? Magento 2 TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all of your sales channels to ensure compliance with your sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even 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.
Services and features
One of the most important things you’ll need to ensure is that your accounting tax platform is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to keep everything in place. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your most important data in one location. This means that there is no need to collect data from different channels and sort it into a single platform. All you have to do is to integrate TaxJar it will take care of the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to make sales tax filings manually or through TaxJar’s AutoFile feature. In this review, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income The team will guide you on managing the tax returns. But, it is up to you and your team members to complete the process in time. TaxJar is only there to guide you on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. Through this feature, everything will be automated from calculating sales taxes through recording, and then processing them. But, it is possible to incur extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. All orders made through 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 require, including an inventory of your transactions, reports, and information.
The greatest benefit of this feature is that it allows you to update automatically every day. Not only will they let to know the amount you’ve accumulated however, they can also help you determine when your next payment is due.
The dashboard allows you to see the overall sales taxes for your business. It is also possible to export the information as CSV format. CSV file in case you require it to aid in accounting and financial planning processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the sales avenues you use. 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 make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have for other operational costs.
The best part is that TaxJar provides training and tutorials not only for their platform , but also all things that has to do with sales tax. Check out their webinars, guides or blog posts for additional information. In addition their sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. This is why in this section we’ll examine TaxJar’s pricing structures and what each of those plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most effective plan for those who need assistance with filing requirements and reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and an CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller company manager, the plan will be perfect for you. It may not offer all of TaxJar’s features but it comes with the essentials that you need.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration features.
If you’re looking for different from the standard features Professional might be the right one for you. The price starts at $99 but it can go higher when you add additional features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to go for the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, Integrations with APIs, teams of members, and AutoFiles.
They also have a staff that is devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. is going to cost. Magento 2 TaxJar
However, they did mention that this plan is tailor-fit for each user. So the costs will vary according to what you require for your business.
Fortunately, you don’t need to risk your money to see if this platform is the right one 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 gauge whether the service is the right choice for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid out TaxJar can be a great platform companies with multiple sales channels and uses numerous platforms. If that sounds like what you do, then you ought to try this.
Not only will it assist you in keeping track of the sales and profits of your business, but it can also help you meet your deadlines. It is also a great option for accountants as they offer a Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this can definitely help you get your mind around it. Magento 2 TaxJar
But if handling your taxes is simple, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the whole process easy to do then you’re better to do it on your own.
FAQ Magento 2 TaxJar
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate your tax.