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.
What is Bonsai Tax?
Several aspects of growing businesses get more complicated to manage as you continue to expand. With Bonsai Tax, we can help you save even more time and resources in offering effortless tax calculations. Using the subscription, you can easily calculate what State & Federal Taxes are owed, download your Schedule C, and calculate deductions for your expenses.
How do I subscribe 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.
How are my Quarterly Taxes calculated?
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.