Uncategorized

At Peters Bandura, LLC, we’re committed to keeping you informed about major legislative changes that impact your finances. The One Big Beautiful Bill Act (OBBBA), signed into law by President Donald Trump on July 4, 2025, is a sweeping tax and spending bill that brings significant updates to the tax code. Passed by the House … Read More

Qualified Business Income (QBI) W-2 wages are a key component in calculating the QBI deduction under Section 199A of the Internal Revenue Code. This deduction, introduced by the Tax Cuts and Jobs Act of 2017, allows eligible taxpayers to deduct up to 20% of their QBI from certain pass-through entities (like sole proprietorships, partnerships, S … Read More

Running a small business as a Limited Liability Company (LLC) comes with many benefits, including flexibility in taxation and liability protection. However, managing the accounting for an LLC requires a clear understanding of key financial concepts—assets, liabilities, equity, revenue, cost of goods sold (COGS), expenses, and net income—and how these elements flow into your income … Read More

In a significant regulatory shift, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, announced on March 21, 2025, that it has issued an interim final rule eliminating the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). This … Read More

Looking for a smart way to reduce your tax burden while supporting education? The Alabama Accountability Act (AAA) offers taxpayers a unique opportunity to claim a state income tax credit by contributing to a Scholarship Granting Organization (SGO). These organizations fund scholarships for students attending non-public schools across Alabama, and your donation can offset up … Read More

In the food and beverage industry, tips are a significant part of employee earnings, and restaurants must pay FICA and Medicare taxes on these tips. However, there’s a silver lining for restaurant owners: the FICA Tip Credit. This credit can significantly reduce your tax liability, and here’s how it works: What is the FICA Tip … Read More

The story begins before Sheriff Franklin took office in Morgan County, Alabama, where sheriffs were traditionally responsible for providing food for inmates, funded by a state allowance. Excess funds from this allowance were legally considered the sheriff’s personal property. Prior to Franklin, this system was exploited, with inmates receiving minimal meals like corn dogs while … Read More

The IRS has announced that its Free File Guided Tax Software will be available this Friday, 1/10/25. Eight private-sector partners will provide online guided tax software products for taxpayers with AGI of $84,000 or less in 2024. Additionally, one partner will offer a product in Spanish. For more information, visit https://www.irs.gov/filing/irs-free-file-do-your-taxes-for-free

Governor Kay Ivey announced on Thursday that the application period for the CHOOSE Act, Alabama’s new Education Savings Account (ESA) program designed to enhance educational outcomes for K-12 students, is now open. Families can submit their applications online for the 2025-2026 academic year via the CHOOSE Act website, with the application window open until April … Read More

Improving your basic budget-building skills is a powerful step toward financial empowerment. Mastering the fundamentals can help you gain control over your spending, save for a specific goal, or simply build a safety net. In this guide, we’ll explore practical strategies to enhance your budgeting prowess and set you on the path to financial success. … Read More