Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have a degree 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 funds to hire an accountant, making it your own could be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So what is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can benefit you. Although this is quite an extensive read it is possible to determine if TaxJar is the tool you require right now.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar Magento TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it across all the sales channels you use to ensure that you are in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and can be completed in a matter of minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by business owners who run online businesses to make their business more simple and organized. Let’s explore their features and services.
Features and services
One of the most important things you’ll need to ensure is that your accounting tax software is compatible in conjunction with the sales channels you use. If you have multiple sales channels, you need to keep everything in place. The last thing you want is to get a penalty for missing a single minor point.
TaxJar lets you display your most important data in one location. This means that there is no requirement to collect data in multiple channels and then organize it on a single platform. All you need to do is to integrate TaxJar, then the system will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. In this review, we’ll dig at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. Once the time comes for filing income tax returns The team will guide you on how to manage these. However, it will be up for you and your team members to finish the tax returns in time. TaxJar is there to help you understand what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. With this feature, everything is automated, from calculating sales tax to recording and processing them. But, it is possible to incur extra fees if not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be combined into one dashboard using this platform. From there, you and your team will have access to all the information you need, such as the list of transactions, reports, and the data.
The greatest benefit of this option is the fact that it allows you to automatically update every day. Not only will they let you know how much you’ve earned, but they also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the sales tax totals for your business. You can also export the data as the form of a CSV file in case you require it to aid in process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. That means you won’t have to search for your documents when you need them in a pinch. Even even if you already have an 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 money more efficiently. You’ll know better how much budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also for anything connected to sales tax. You can look through their webinars, guides as well as their blog to find more information. In addition their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. That’s why for this section, we’ll look into 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. The company claims that it’s the most effective plan if you need help with filing requirements and reporting. It includes sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale company proprietor, then this program could be ideal for you. It may not have all the features offered by TaxJar, but it has all the basics you require.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking to get different from the standard features and options, then the Professional plan could be the one for you. The price starts at $99 but you can increase it if you add custom features.
How different is it from the starter plan?
In addition to having access to each of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to go for an upgrade instead. It comes with all the features that you require to make your tax filing easier. Additionally, they permit unlimited import integrations of data as well as Integrations with APIs, teams of members, and AutoFiles.
There is also a team who are devoted in managing your accounts. They don’t reveal how much the Premium plan will cost you. Magento TaxJar
However, they did say that this plan is customized for every user. The cost of the plan will be different depending on what you need to run your business.
Luckily, you don’t have to bet your life on it to determine if this service is right for you. If you’re still considering other options, they have a 30-day free trial. This should be enough time to gauge whether the software is an excellent fit for you.
Pros and Pros and
We’ve covered everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of using TaxJar for your business.
- 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 simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- 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 check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies with many sales channels and utilizes plenty of platforms. If that sounds like what you do, then you should try this.
It’s not just a way to help you track your products and revenue It can also help you meet the deadlines you set. It’s also an excellent option for accountants as they offer tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can allow you to get more done while keeping the track of each deadline and requirement you have to fulfill. If you’re living in a place with complicated tax regulations, this will certainly help you to get your mind around it. Magento TaxJar
However, if managing your taxes is straightforward and straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
FAQ Magento TaxJar
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it into USUSD before TaxJar can calculate your tax.