Taxes have always been one of the most difficult tasks to complete regardless of whether you run an enterprise or not. More so if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. In the event that you do not have the budget to hire an accountant, performing the task on your own can be dangerous. If you overlook one thing, you might have to do it all over again!
Almost everyone wants to skipping this step. But , as it’s a requirement, we have no choice.
So what is the best way to deal with it?
We can always simplify our lives with tools such as TaxJar.
This article will take a look at this well-known life-saving device and how it can assist you. While this is a long read but you’ll be able to determine if TaxJar is what you need right now.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar TaxJar For Magento
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax 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 streamlines processes that take days to complete and is completed in just a few just a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to make their business more neat and simple. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to make sure is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to keep everything in place. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one spot. This means that there is no need to gather data from different channels and then organize it on a single platform. All you need to do is to integrate TaxJar and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they can integrate with:
TaxJar allows clients to file their sales taxes by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When the time is right for filing tax returns for income TaxJar will train you on how to handle these. But, it is up to you and your team members to finish the tax returns in time. TaxJar will only guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. This feature will ensure that everything will be automated from calculating sales tax through recording, and then processing it. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting problems. Your orders from 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 require, including a list of your transactions, reports and data.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let you know how much you’ve collected however, they can also help you track when your following payments are due.
The dashboard allows you to see the overall sales taxes in your business. You can also export the data to CSV format. CSV file, if you want to use it to aid in process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
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 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 the sales tax you pay in advance will help you plan your funds better. You’ll know better how much budget you have to cover other operating expenses.
The best part is that TaxJar offers tutorials and training, not just on their platform, but for anything that has to do with sales tax. Check out their webinars, guides or blog posts for additional info. Additionally, their sales tax calculator can be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the best plan to help you with filing requirements or reporting. It includes the tax on sales, four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small business manager, the plan could be perfect for you. It may not offer all the features of TaxJar however, it does include the basic features you require.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get that is more than the basic features, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
So how different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
If you run a large enterprise, you may want to opt for an upgrade instead. It has all of the features you need to make your tax filing easier. In addition, they offer unlimited integrations with data imports, API integrationsfor team users and AutoFiles.
They also have a team who are devoted to managing your account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar For Magento
However, they did say that the plan is custom-made to each user. So the costs will vary in line with what you require for your company.
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the service is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar let’s take a break. To sum it all up Here are the pros and cons of making use of TaxJar for your company.
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- 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 have access to the API feature
- Only applicable to USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with numerous sales channels, and that utilizes many 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, but it can assist you in meeting your deadlines. It is also a great option for accountants as they offer tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
The use of TaxJar will help you save more time while keeping on top of each deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this will surely help you wrap your mind around it. TaxJar For Magento
However, if managing your taxes is simple, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
FAQ TaxJar For Magento
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions are in USdollars. If you’re using another currency, you’ll have to convert it to USdollars prior to when TaxJar can calculate the tax.