You’ve got plenty of tax time to file next year’s taxes, but will you be ready when tax season rolls around? When it comes to tax planning, it’s never too early to get started. Taxes can be complicated, but they don’t have to be. There are several steps you can take throughout the year to … Read More

January 16 Individuals: Pay the fourth installment of 2023 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income tax through withholding. Employers: Deposit Social Security, Medicare and withheld income taxes for December 2023 if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for December 2023 if the monthly deposit rule … Read More

January is tough. The holidays are over. Tax forms are starting to trickle in. You probably have a lot of things on your to-do list that you didn’t get done in December because you were so busy. Now you don’t know when you’ll have time to catch up because the new month and new year … Read More

The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle: Effective Jan. 1, 2024, the standard mileage rate for the business use of a car (including vans, pickups, and panel trucks) is 67 cents per mile. (This is up from 65.5 cents per mile for 2023.) … Read More

Your filing status options for your 2023 income tax return depend on your marital status on Dec. 31. The married-filing-jointly status is typically the most beneficial way for married taxpayers to file, but it’s a good idea to take a “what-if” look at the married filing separately status. For example, if one spouse has high … Read More

The 2023 individual income tax return filing season will open soon. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft. In a tax identity theft scheme, a … Read More

Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. For many hard-to-value items, such as closely held business interests, real estate, art and collectibles, an appraisal may be necessary. Retirement and Estate Planning To enjoy … Read More

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know the options for setting it up. Here are the basics of operating as an LLC and why it might … Read More

If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and in some cases the full cost) of eligible property in the year it’s placed in service. Alternatively, you may follow regular depreciation rules and spread deductions over several years or decades, depending on … Read More

Reliable Nonprofit Tax Preparation Services Whether you’re a foundation or association stakeholder, tax season can prove especially challenging for nonprofits. If you’re looking for a tax partner to help you take advantage of tax season while reducing costly mistakes, you can rely on Peters Bandura, LLC. Our firm is privileged to offer efficient Birmingham nonprofit … Read More