The Busy Bee Blog
What is the $75 Rule?
The $75 rule says that you don't need a receipt for some business costs that cost less than $75. But as small business tax advisors, we want to stress that not all tax deductions follow this rule....
Tax Credits for Electric Vehicles in 2023
Have you recently purchased an electric vehicle (EV)? The IRS recently issued new guidance on electric vehicles and how you might be able to save on taxes. There are four ways you can potentially...
Tax Free Education Benefits for Your Kiddos
Did you know you can receive tax-free education benefits for your kids? This is a lesser-known strategy that we want to cover today. If your children work in your business, consider giving them...
Featured On KRCA News Segment
We recently enjoyed being included in a news segment on KRCA. KRCA is one of Sacramento's top news channels and it was an honor to be on the segment. View the video below and check out the article...
A Bee’s View of Meals & Entertainment
As you may already know, there have been some significant changes to the business meal deduction for 2023 and beyond. The deduction for business meals has been reduced to 50 percent, a significant...
It’s Tax Time Again – Avoid IRS Trouble With These Tips For Mailing Your Return
Maybe you’ve heard the horror stories about mail sent to the IRS. It remains unanswered for months. Reportedly, the IRS has mountains of unanswered mail pieces in storage trailers, waiting for IRS...
Mistakes to Avoid With Health Insurance and Your S-Corp
Here are two important issues related to health insurance deductions for S corporations. First, if you own more than 2 percent of an S corporation and provide health insurance coverage, there are...
Understanding Reasonable Compensation & Your S-Corp
As a business owner, you have hundreds, if not thousands, of decisions to make. But perhaps your most important is deciding whether to classify your company as a C Corporation, S Corporation,...
Selecting the Right Business Entity Type for Your Business
As a business owner, you have hundreds, if not thousands, of decisions to make. But perhaps your most important is deciding whether to classify your company as a C Corporation, S Corporation,...
FREE Money!?!? But Is It Taxable?
Chances are you are one of the more than 16.5 million Californian’s who received the Middle Class Tax Refund. Eligibility is determined by current California residency, timely filing of 2020 taxes...
Let’s Talk About Travel Per Diem
Because you run your own business, it’s safe to say that recordkeeping is one of the many administrative monkeys on your back. The idea of a set-dollar travel per diem may seem mighty appealing....
Why Time Stress Is Crippling Your Success
“Everyone owns my time but me.” Is this something that sounds familiar to you? There's a lot that can distract business owners and consume their time. We often refer to this as time stress. In Amy...
California Expands Pay Transparency Requirements
Beginning January 1, 2023, employers in California will be subject to several new requirements aimed at promoting pay equity, as follows: Employers with 15 or more employees (located anywhere) will...
W-9 vs 1099 Forms: What They Are & How to Make Tax Season EASY
If you’re a small business owner that works with independent contractors, you need to be familiar with two tax forms: Form W-9 and Form 1099. What are these forms, and how do they work in...
10 Reasons Small Businesses Need to Outsource Bookkeeping
Small businesses often face challenges when it comes to managing their finances. With limited resources and a small team, it can be difficult to stay on top of all the tasks involved in bookkeeping....
Grants & Tax Credits for Small Business Owners
From The Small Business Owner’s 2022 Economic Relief Guide Before you try anything else, you might want to look into applying for financial assistance through grants. The extra cash will be able to...
How to Manage Inflation for Small Businesses
To say that entrepreneurs and small businesses have taken a beating since 2020 would be putting it mildly. Small business owners have weathered the COVID-19 pandemic, and supply chain and hiring...
5 Reasons to Consider a Quickbooks Advisor
QuickBooks is an accounting software designed to help businesses keep track of their finances, including income, expenses, and inventory. For small business owners, it can be challenging to manage...
Depreciation of Real Estate
When you own rental property, depreciation is your best friend. One reason depreciation is so valuable is that, unlike deductible rental property expenses such as interest and maintenance, in which...
Tax Implications of Owning a Vacation Home
Chances are if you have a second home (one that may have been inherited or purchased with the best of intentions) you’ve considered the extra income stream with services like AirBnb or VRBO. Not too...
Is It A Business Or Is It A Hobby?
Are you a part of the growing gig economy? Do you run a side hustle? Wondering if it’s a business or a hobby? Are you reading this and wondering why you should care? For the purpose of taxes these...
A Word About Self-Directed IRAs
Tax-advantaged retirement accounts such as IRAs are a great way to save for retirement. But when you establish a traditional IRA with a bank, a brokerage, or a trust company, you are ordinarily...
2021 Tax Credits to Know
For tax year 2021, Congress is giving away billions of dollars in additional tax credits on your Form 1040 individual tax return. These temporarily expanded tax credits include the child tax credit,...
5 Reasons to Take Your Business Taxes to a Professional
Tax season is one of the most stressful times of the year for small business owners in the Sacramento area. With so many forms, deadlines, and deductions to keep track of, it's easy to become...
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