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 easily calculate your estimated State and Federal taxes, download your Schedule C, and calculate deductions for your business expenses, all in one place
Subscribing to Bonsai tax
To subscribe to Bonsai tax, simply navigate to your account settings and click on the "Plans & Billing" section.
From here, you will be able to subscribe to Bonsai tax, which will give you immediate access to the "Taxes" section.
Quarterly taxes
With regards to the quarterly estimates on Bonsai tax, taxes spread your earnings across the entire year, in order to differ payments to other quarters. Each quarter is weighted differently as well, with the totals indicated as such:
Q1 is January through March, calculating 3/12 of the full year's tax estimate
Q2 is April through May, calculating 2/12 of the full year's tax estimate
Q3 is June through August, calculating 3/12 of the full year's tax estimate
Q4 is September through December, calculating 4/12 of the full year's tax estimate.
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.