Taxes are always one of the most difficult tasks to complete regardless of whether you run your own business or not. More so if you don’t have a degree in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is filled with tasks to complete. If you don’t 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!
Most people want to skip this step. However, since it’s mandatory, we have no choice.
So what is the best way to deal with it?
It is always possible to 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. Even though this is an extensive read but you’ll be able to determine if TaxJar is the tool you require in the present.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Magento
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and finish within just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to keep everything organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check you have a tax accounting system seamlessly works well with your sales channel. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to be penalized for missing a single minor point.
TaxJar lets you display your key metrics in one place. So, there’s no need to gather data in multiple channels and organize it into one platform. All you need to do is connect TaxJar, and the platform will do all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. In this review, we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect all those sales tools. Once the time comes for the filing of income tax returns TaxJar will train you on how to handle these. But, it is up for you and your staff to complete everything in time. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing it. However, there might be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting woes. The orders you place through your online channels can be combined into one dashboard using this platform. Once you’re on the platform you and your staff can access everything you need, such as an inventory of your transactions, reports, as well as the data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. They not only let you know how much you’ve accumulated, but they also help you track when your following payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. You can also export the information to CSV format. CSV file if you need it for your accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. It means you don’t need to hunt for your paperwork when you need them in the event of a need. Even if you already have your accountant, this feature will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have for other operational expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just on their platform, but for anything that has to do with sales tax. You can look through their webinars, guides, and blog for more information. In addition, their sales tax calculator can be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They say it’s the most suitable plan for you 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 tips.
If you’re a small-scale business owner, this plan will be ideal for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration features.
If you’re looking for a bit more than just the basics Professional could be the one for you. The price starts at $99 but it can go higher by adding custom features.
So how different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to choose an upgrade instead. It includes all of the features you need to aid in your tax preparation. Additionally, they permit unlimited import integrations of data, Integrations with APIs, teams of members as well as AutoFiles.
They also have a team who are devoted for managing the account. But, they don’t divulge the amount that the Premium plan is going to cost. TaxJar Magento
However, they did mention that this plan is tailor-fit for each user. The cost of the plan will be different in line with what you require for your business.
Luckily, you don’t have to risk your money to find out if the platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a breather. To sum it all up Here are the advantages and disadvantages of making use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple 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 clearly laid out TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then should try this.
It’s not just a way to help you track your products and revenue however, it will help you meet your deadlines. It’s also an excellent opportunity for accountants since they offer the Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Using TaxJar can help you save more time while keeping on top of each deadline and requirement you have to meet. If you’re in an area with complex tax laws, this can certainly help you to get your head around the subject. TaxJar Magento
If handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire process easy to do, you might be better to do it by yourself.
FAQ TaxJar Magento
Which areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar determines your tax.