Busy Bee Accounting Services

KEY REMINDERS! 1. Sales Tax Filings due October 31st for Quarterly filers 2. With the vast amount of changes in credits and deductions for the 2021 Tax Year, If you have not previously had a tax planning session, it may be worth your while to get with your tax preparer to go over how current changes may affect your upcoming taxes 3. Lend a helping hand to whomever submits the 1099-NEC and 1099-MISC Filings for your business by collecting information from your vendors NOW instead of during the year end crazies.

Monday Brain Food! Tea and Toast How you get your Monday started?

APPLICABLE TO BOTH INDIVUDAL AND BUSINESS TAXES We are now in Quarter 4 and as the year wraps up, more and more changes are still being made to tax law for 2021 taxes. As a way to prepare yourself for the changes to come and understand what these taxes changes really are that are being mentioned in the media, it is important to understand a few key terms such as the difference between deductions and credits and what refundable versus non-refundable credits are: -DEDUCTIONS: A... deduction reduces taxable income and often comes with special "phase-outs" that can change the amount of the deduction your a actually eligible for based on your income and tax filing status. Deductions can directly affect which tax bracket a taxpayer falls under. -CREDITS: A credit is a dollar for dollar reduction to your tax liability meaning that credits are taken into account after what you owe in taxes is calculated. There are two types of credits: Non-refundable & Refundable. > Non-refundable Credits: These credits can only reduce tax liability to zero but never result in a refund -Examples: Mortgage Interest Tax Credit, Adoption Tax Credit > Refundable Credits: Can reduce tax liability below zero and the amount beyond the tax liability results in a tax refund. - Examples: Child and Dependent Care Credit, Earned Income Tax Credit > Credits can also be Partially Refundable! HOPE THIS HELPS

The IRS has done it again.... Many taxpayers are in a panic lately as the IRS INCORRECTLY issues Letter 6470 notifying taxpayers they have errors in calculation of their Recovery Rebate Credit (Being the credit received for those who did not receive the last Stimulus Payment and claimed it due with their tax return). These notices have been found to be very vague, contain no actual amounts from the filed return, and come after the refund containing the Recovery Rebate Credit ...was already issued. Due to this notice being a math error notice, taxpayers have 60 days to respond to the IRS giving them notice that they disagree with the issues letter. If you have received this letter, do not ignore it! If you need help replying, contact your tax preparer for advise

We are excepting new clients! We provide the following; Bookkeeping, payroll, tax preparation, tax filing, and accounting services. We specialize in small business and take pride in helping and protecting our clients. Please give us a call @ (559)676-2129 https://www.busybeeaccounting.com/... Very competitive and reasonable rates Tell your friends and family! Mention this ad and receive a free hour consultation! Good day See more

For those of you effected by COVID-19 filed unemployment, and have questions please click the link below. California EDD Unemployment update as of 4/19/2020: https://www.edd.ca.gov/about_EDD/pdf/news-20-10.pdf

BEE healthy and safe, from the Busy Bee family to you.

Don't be like Dony, let Busy Bee Accounting help you with your tax planning. Make your appointment today...taxes don't have to be the worst part!

Would the support of a dedicated bookkeeper help you grow your business?

Fun night at OCI tonight! Glad to be able to support our local schools.

If the new Tax Reform is giving you a headache give us a call! We have spent over 20 hours studying up all the new tax laws to insure we find all new deductions that you are eligible for. Let us take the stress out of tax season for you! Call for your appointment 559-580-5412.

We now have a website to better serve you www.busybeeaccounting.com