Online Accounting, LLC

05/28/2024

Book and video updates are in the works!

Follow to make sure you catch release dates and other news, and view our current selection of industry-specific guides to QuickBooks here: https://onlineaccounting.com/quickbooks-training/

04/30/2024

How can you make next tax season easier for yourself? Set up your individual taxpayer account at https://www.irs.gov/your-account

If this is your first time signing in be sure to have your SSN and ID ready!

04/29/2024

https://onlineaccounting.com/quickbooks-training/

12/22/2023

11/09/2023

Another frequently asked question from our clients is how to approach purchasing a new car as a business owner. Here are the key things to consider:

The first part of this decision should be based on the amount you plan on spending to purchase the vehicle. If, for example, you are a contractor and you are getting ready to purchase at $50,000 Ford F150 that you plan on using exclusively for work, you would want to have your business purchase the vehicle and pay for all the expenses related to that vehicle including: gas, oil, auto repairs, tire maintenance, insurance, registration fees, licenses, and depreciation (or lease payments).

The second part of this decision is the amount of time you plan on using the vehicle for personal vs business. If you have a personal car that you use for both personal and business and the car is inexpensive to maintain, like a Prius, you would want to track the business-related miles and have your business pay you back using the Standard Mileage Method.

Standard Mileage Method:

Under the Standard Mileage Method, you take the total miles driven for work and multiple them by the standard mileage rate set by the IRS. In the first six months of 2022, that rate was 58.5 cents per mile. As of July 1, 2022, the IRS increased the rate to 62.5 cents per mile for the remaining of the year.

Visit onlineaccounting.com/learn-support/ for more resources. And let us know what questions we should answer next!

11/03/2023

Online Accounting has been devoted to helping small businesses gain financial control for over 35 years. We believe in celebrating the unique strengths of each client and staff member, and getting even better at what we do each year!

Learn more about the Online Accounting and our basic business values here: https://onlineaccounting.com/about/

11/01/2023

If you are planning to by or sell cryptocurrency, make sure you know the rules!

Buying and selling Cryptocurrency is about the same as buying and selling stocks and bonds. You don’t need to report the purchase of crypto to the IRS, you only need to report the gain or loss at the time you sell or use it to purchase a good or service.

Many Crypto exchanges are providing end-of-year tax documents to help traders categorize their gains/losses correctly on their tax return. If you use an exchange that does not provide these documents you will need to manually calculate your crypto income using the FIFO (First In First Out) method.

If you have a tax or accounting question, you are probably not the only one. Check out our blog and the FAQs on our website for educational content inspired by the most common questions and issues we encounter with our clients. Visit https://onlineaccounting.com/learn-support/

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