The Busy Bee Blog

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 hard earned dollars have to leave your wallet. Depreciation allows you...

Having Your Cake & Eating It Too…The Best Of Both Worlds. Using A Vacation Home As Rental Property & For Personal Use
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 long ago if you had a second home that was in a desirable location...

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 activities are more commonly referred sideline activities. Think Direct...

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 limited to a narrow range of investment options, such as CDs and publicly...

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, the dependent care credit, and the health insurance premium tax...
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