Taxes have always been one of the most difficult things to handle, whether you’re running an enterprise or not. Particularly if you don’t have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when you’re packed with things to do. If you don’t have the budget to employ an accountant, making it your own could be risky. If you miss one detail it could mean you have to redo things again!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
So , what can we do about it?
We can always make life easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can help you. Even though this is lengthy it is possible to gauge whether TaxJar is 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.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Integrated With Magento
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it across all of your channels of sales 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 as well as medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure is that your accounting tax system perfectly integrates with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one place. This means that there is no requirement to collect information from multiple sources and then organize it on one platform. All you have to do is to integrate TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing tax returns for income, the team will instruct you on how to handle them. It is up for you and your team to complete the process within the timeframe. TaxJar is there to guide you on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating sales tax to recording and processing it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your team will have access to all the information you need, such as the list of transactions, reports, as well as information.
The best part about this option is the fact that it allows you to update automatically every day. They not only let to know the amount you’ve earned however, they can 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. Additionally, you can export the data to CSV format. CSV file in case you require it in your financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know exactly how much budget you have for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but for anything connected to sales tax. You can look through their webinars, guides as well as their blog to find more info. Apart from that their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of these plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. They claim that it’s the most effective plan if you need help in filing and reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small company proprietor, then this program will be perfect for you. It might not include all the features of TaxJar however, it does include the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
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.
What is the difference from the basic plan?
In addition to accessing every one of Starter plan’s features, you also get access to their support via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to choose the Premium plan instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited integrations with data imports, Integrations with APIs, teams of users and AutoFiles.
There is also a team that is devoted for managing the account. However, they don’t disclose the price of the Premium plan. costs you. TaxJar Integrated With Magento
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ according to what you require to run your business.
Free Trial
Luckily, you don’t have to risk your money to see if this platform is for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to see if the platform is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you need to know about TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only can it help you track your products and revenue however, it will also help you meet your deadlines. It is also a great platform for an accountant since they provide the Tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can help you get more done while keeping track of every deadline and obligation you have to meet. If you’re living in a region with a lot of tax laws, this will surely help you wrap your mind around it. TaxJar Integrated With Magento
However, if managing taxes is easy, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. If you find the entire procedure simple to follow then you’re better off doing it on your own.
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FAQ TaxJar Integrated With Magento
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to US$ before TaxJar determines your tax.
