The Busy Bee Blog

Depreciation of Real Estate

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...

Is It A Business Or Is It A Hobby?

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

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

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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