The Busy Bee Blog

Filing your tax return is a significant milestone for most individuals, a task that offers a sense of accomplishment and relief. It's that time of the year when you diligently gather your financial...

"The hardest thing in the world to understand is the income tax," once said the brilliant Albert Einstein. The tax code is undoubtedly complex, often appearing as a labyrinthine web of rules and...

Finding a trustworthy and knowledgeable tax preparer makes all the difference when it comes to filing your taxes. You need someone who understands the complexities of the tax system and can assist...

When your S corporation pays for or reimburses your health insurance costs as an employee who owns more than 2% of the company, the payments are put in box 1 of your W-2 and not in boxes 3 or 5....

Basic estate planning is a must and it starts with creating a will. Even if you are one of the richest people in the world, you still need a will. Below are reasons why you'll want to have a will...

Health Savings Accounts (HSAs) are meant to go with health plans with high deductibles and help you pay for medical costs. Due to the triple tax benefit, they can also be a great way to save for...

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....

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...

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...

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...

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...

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...

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...

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,...

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,...

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...

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....

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...

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...

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...

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...

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 hobby vs business tax rules and wondering why you should care? For...

Tax-advantaged IRA retirement accounts 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 limited to a...

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,...

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...