Taxes are always one of the most difficult things to handle, whether you’re running an enterprise or not. More so if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have enough money to engage an accountant making it yourself can be dangerous. If you make a mistake, you might have to do it all over again!
Almost everyone wants to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do about it?
We can make life easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. Although this is quite a long read but you’ll be able to determine if TaxJar is exactly what you need right now.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What exactly is TaxJar? Magento TaxJar Partnership
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all the sales channels you use to ensure that you are in compliance with sales taxes. It streamlines processes that take days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check is that your accounting tax platform is compatible with your sales channel. If you’re selling through multiple channels, it is essential to keep everything in place. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one spot. So, there’s 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 handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they can integrate with:
TaxJar allows clients to file their sales taxes by hand or using TaxJar’s AutoFile feature. In our review we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect all the sales channels you use. Once the time comes for filing tax returns for income TaxJar will train you on how to handle them. It is up to you and your team members to complete the process in time. TaxJar will only help you understand what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. With this feature, everything will be automated from calculating sales tax to recording and processing it. But, it is possible to incur additional charges if they are not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform, you and your team can access everything you need, like a list of your transactions, reports, as well as data.
The most appealing aspect of the feature you’ve chosen is it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payments are due.
The dashboard allows you to see the overall sales taxes for your business. It is also possible to export your data in CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re in the event of a need. Even if you already have your accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have for other operating expenses.
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. Check out their guides, webinars, or blog posts for additional information. Additionally their sales tax calculator should be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing tiers and the features that each of these options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most suitable plan for you if you need help in filing and reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small business manager, the plan should be perfect for you. It might not include all the features offered by TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for something a bit more than just the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher by adding custom features.
How different is it from the starter plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you have a massive business, you might need to opt for premium plans instead. It has all of the features that you require to make your tax filing easier. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of members, and AutoFiles.
There is also a team who are devoted to managing your account. They don’t reveal how much the Premium plan costs you. Magento TaxJar Partnership
However, they did mention that this plan is tailor-fit for every user. Therefore, the cost will differ in line with what you require for your company.
Fortunately, you don’t need to gamble your money just to find out if the platform is for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the advantages and disadvantages of using TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- You can track several sales channels
- 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 to USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business, but it can help you meet your deadlines. This is also an excellent opportunity for accountants since they have 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 on top of each deadline or requirement you need to fulfill. If you live in a place with complicated tax laws, this can surely help you wrap your head around the subject. Magento TaxJar Partnership
But if handling taxes is easy and straightforward, then TaxJar might not be a good investment. 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’re finding the entire procedure simple to follow, you might be better to do it by yourself.
FAQ Magento TaxJar Partnership
What areas does TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions are in USdollars. If you’re using a different currency, you will need to convert it to US$ prior to when TaxJar can calculate your tax.