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Online Accounting, LLC
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We've got a big thing cooking up that's almost ready to be taken off the heat. Stay tuned for a big announcement later this week, especially if you're in the construction industry!
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Treasure Valley, you have made us so proud to be your accountant! We've been nominated for Best of Treasure Valley by people in our community who know who we are and what we do, and we couldn't be more excited. All we have to say is a big THANK YOU!!
Just to be nominated is incredible, and we couldn't have done it without our amazing friends, clients and colleagues. It's not over yet, though! Let your voice be heard and go to http://www.bestoftreasurevalley.com to vote for us!
#bestoftreasurevalley #boiseaccountants
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A behind the scenes shot from our second-to-last bout of filming last month. We're so excited to get this series out to you guys! If you're in the construction industry, stay tuned for our new QuickBooks Desktop for Contractors video series coming out later this month.
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Important changes to tax laws for 2018! The IRS has released its new laws for the 2018 tax season, and we caught some changes that are going to affect a great deal of our clients, so we knew we needed to let everyone know. If you are a Sole Proprietorship, LLC, Partnership, S Corp, Trust or an Estate, you need to read this!


New changes to entertainment write-offs: all expenses incurred while entertaining clients are NO LONGER DEDUCTIBLE.
This includes: golf outings, sporting events, concerts, country club dues, and the like. Meal expenses get a bit more complicated, especially when clients are involved.

We are currently waiting on more definitive regulations to clarify the meals aspect, but to plan for this we are suggesting a change to the way your chart of accounts is laid out; this way you can accurately track these expenses according to the new rules. We recommend splitting your current “entertainment” account into two sub-accounts: one for all Entertainment, and then one specifically for Client Meals. All expenses occurred that have to do with clients and meals will go into the Client Meals sub-account, even when an employee was present. Expenses occurred while traveling for a business trip should still be maintained in a separate travel account, which will include lodging, transportation, telephone costs, etc. Employee meals while traveling, however, should still be coded to the Meals account you have been using.  

This infographic breaks down some expense examples, and what percentage of them are deductible.
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Looking for a new personal car or company vehicle? Or just wanting to figure out the best way to take deductions for business mileage? Below are some tips on two different methods of deduction.
Don’t want to keep track of every receipt and mile driven? The Standard Mileage Method has you covered!
For this method you simply determine how many miles you drove total that year, then determine which percentage of these miles were driven for business. After multiplying your total miles by the percentage in which it was used for business purposes, simply multiply this number by the standard mileage rate! For the tax year 2018, the standard mileage rate was 54.5 cents/mile. We recommend using an app such as MileIQ to keep track of mileage, as if you are audited by the State or the IRS, they will ask you to produce a mileage log.
This method may be the easiest, but if you can’t already tell, definitely is not the most accurate! If you are in need of the most precise numbers for your own or tax purposes, the Actual Expenses method is the way to go. Actual Expenses takes into account every purchase you made towards the operation of the vehicle.
To calculate your vehicle deduction with the Actual Expenses Method, one must figure out/keep track of all expenses related to the vehicle. Some of these costs can include: lease payments or cost of the vehicle (over 5 years), auto insurance, gasoline, maintenance, registration fees, etc. Once you have this (not estimated!) figure for the year, you then multiply this figure by the percentage of the vehicle’s business use.
As you can see, only ONE of these methods uses the standard mileage rate! Decide which method works better for you, your lifestyle, and your specific use of your business/personal car and start keeping track of your excursions right away for the most accurate numbers.
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After Tax Day, the accountants will play! We decided to beat the summer heat with our first annual Sunbeam rafting and camping trip in Sunbeam, Idaho. Thanks to our friends White Otter Rafting the office employees (and whoever else was brave enough!) got to slide down the rapids of the Stanley River. We loved getting to joke around with Doug and the gang, and even met an aspiring mortician! (Karen tried to convince her to be an accountant instead, of course.) After cooling off with the fishies, we took our kids, husbands and dogs with us while we explored and camped Sunbeam, finding a hidden river beach, an old dredge and a ghost town in Custer, Idaho in the process. Haven’t met us yet, but dreaming about it? Call us for a consultation today and we’ll save you so much YOU’LL be the one taking the next trip!
Fun Fact: We doubled the population of Sunbeam!
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Have you made a business out of your ability to be creative? Do you provide staging, feng shui, interior design, or personal styling services? Or do you deal in merchandising art or other creative products? Have you realized that being creative comes much easier to you than handling and recording your finances? Tearing your hair out while trying to figure out QuickBooks or some other software you found? Then you’re in luck! Just this year we have updated and republished the Interior Designer’s Guide to QuickBooks Desktop. This book can help anyone who provides creative services or products navigate and set QuickBooks up like none other. Bringing in high-quality images and screenshots, step-by-step instructions, and real-life examples that will lead you to understanding what you are doing, and why, setting you up to be a data entry pro! From the more simple tasks like entering checks, to the slightly more complicated tasks like reconciling, invoicing and setting up your chart of accounts for your unique uses, this book goes through them all. It also comes with a skeleton file available for download that saves an incredible amount of time not having to start from scratch. It comes preconfigured with a customized Chart of Accounts specifically for the design industry, a usable Items list that makes sense, and instructions on tracking costs by jobs so you can easily figure out which jobs or type of jobs are more profitable than others. Start invoicing customers and entering checks immediately! If you, or someone you know, is a creative Designer that is in need of QuickBooks help, don’t wait a second more to check out our website for the Interior Designer’s guide to QuickBooks Desktop.
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TIp 5 for People Who are Self-Employed: As a self-employed small business owner, there are several retirement plan options available to you, but understanding which option is most advantageous to you can be confusing. The "best" option for you may depend on whether you have employees and how much you want to save each year.
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Tip 4 for People Who are Self-Employed: If you are a frequent trade show exhibitor (or you are in the business of "food"), you know that offering free food is a sure way to get people to visit your booth. Did you know it's also a tax write off? Typically associated with a promotional campaign, food offered to the public free of charge is 100 percent deductible.
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Tip 3 for People Who are Self-Employed: Don't overlook the deductible benefit of business gifts during the holidays or at any other time of the year. As a self-employed individual, you can deduct the cost of gifts made to clients and other business associates as a business expense. The law limits your maximum deduction to $25 in value for each recipient for which the gift was purchased with cash.
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