Physicians, dentists, chiropractors, therapists, optometrists, and other healthcare providers spend years mastering clinical skills. Financial management is rarely part of the curriculum. But the accounting and tax obligations of a medical practice are substantial, and the cost of getting them wrong is high. This guide covers the key areas every medical provider needs to understand. … Read More
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Business Advisory Services: How a CPA Can Be Your Most Valuable Business Partner
Most small business owners think of their CPA as someone they see in the spring to file taxes. That relationship is valuable, but it captures only a fraction of what a CPA can offer. Business advisory services turn your CPA into a year-round strategic partner — someone who helps you understand where your business stands … Read More
How to Pick a Nonprofit to Donate To — And How Peters Bandura LLC Can Help
Americans give hundreds of billions of dollars to charitable organizations every year. For many donors, the decision of which nonprofit to support is made quickly, based on familiarity or an emotional appeal. But taking even a small amount of time to evaluate an organization before you give can make the difference between your donation creating … Read More
Navigating the One Big Beautiful Bill Act – What It Means for You and Your Business
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
Understanding QBI W-2 Wages: What Counts for the Qualified Business Income Deduction
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
FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and Persons
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
Maximize Your Tax Savings with the Alabama Accountability Act
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
Maximize Savings with the FICA Tip Credit for Your Restaurant
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
Today in Tax Court: A Complex Case Involving an Alabama Sheriff
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
IRS Free Filing
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