Note: Bonsai tax is only available to users who are registered in the United States and for those who currently operate as an individual, sole proprietorship, or a single-member LLC business.
Overview
Bonsai Tax is a separate, paid subscription designed to help you save time and simplify your tax calculations.
With a Bonsai Tax subscription, you can:
Calculate your estimated federal and state taxes.
Track deductible business expenses.
Download your Schedule C.
Manage your tax information in one place.
Subscribing to Bonsai tax
To get started, navigate to Settings and select Plans & Billing.
From there, find the Bonsai Tax add-on and subscribe to gain access to the Taxes section of your account.
From here, you will be able to subscribe to Bonsai tax, which will give you immediate access to the "Taxes" page here.
Set up your tax profile
Once you've subscribed, navigate to the Taxes page to set up your tax profile. Follow the on-screen prompts to enter your tax information.
You can edit your tax profile at anytime by navigating to Taxes > Edit Tax Profile
Connect a Credit Card for Expense Tracking
To help track your business expenses and identify potential tax deductions, connect a credit card to your Bonsai account.
Find your Schedule C
Once you've set up your tax profile and entered your relevant financial information, you can access your Schedule C. Look for Schedule C on the right-hand side of the page. From there, you can access and download your Schedule C for your tax records.
Quarterly Tax Estimates
Bonsai Tax helps you estimate your federal and state taxes throughout the year. Each quarter is weighted differently as well, with the totals indicated as such:
Q1: January–March (3 months)
Q2: April–May (2 months)
Q3: June–August (3 months)
Q4: September–December (4 months)
These periods represent the distribution of the annual tax estimate across the year. As you earn more through Q1, certain tax payments may be separated into the different quarters, in order to assist you with paying your quarterly taxes throughout the year.
FAQ
Do I need Bonsai tax to import expenses?
No. Importing expenses is a part of most of our subscription plans already and is already baked into the platform. While you will need Bonsai Tax to automatically calculate your deductions, the subscription plan is not required for importing your expenses.
Will Bonsai tax replace the need of an accountant?
While Bonsai tax will assist with your tax calculations, you are always free to utilize your accountant where needed. However, Bonsai tax can help eliminate the need of tax calculations, if your accounting is all done on Bonsai.