The Life of an Estimate in QuickBooks Online

Estimates-or quotes, or bids-are useful tools when you’re pitching a sale of products or services. Here’s how QuickBooks Online handles them. Sales estimates are standard procedure in many professions. You wouldn’t authorize a car repair without one. Nor would you OK a remodeling job on your kitchen or a summer’s worth of yard landscaping without […]

Gift Tax Treatment of Tuition Plans

Article Highlights: Purpose of Qualified Tuition Plans Gift Tax Implications Special Five-Year Election Change of Beneficiary Eligible Expenses Direct Payment of Tuition Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable […]

Electric Vehicle Credit on the Decline

Article Highlights: Tax Credit Credit Phase-Out Tesla General Motors Determining the Credit Off-Road Vehicles and Golf Carts Allocation Between Business and Personal Use Credit Reduces Basis Business Standard Mileage In 2009 Congress created a tax credit for the purchase of electric vehicles as a stimulus for car companies to manufacture “green” vehicles, and as an […]

What is an IRS Penalty Abatement and Am I Eligible for One?

There are different types of IRS penalties that can be assessed against you. The most common penalties include those for failing to file a tax return, filing your return late, or accuracy-related penalties if you didn’t correctly state items on your tax return. But were you aware that sometimes, the IRS can issue penalty abatements if you […]