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For those who enjoy a bit of gambling, the tax implications are not to be taken lightly.   Imagine gambling over the year, losing money, and then having to pay $13,898 in taxes on your gambling activities. This is a feasible quagmire for the casual gambler. In this article, we’ll delve into a real-life example […]

Most people are familiar with the common deductions like mortgage interest, charitable donations, and medical expenses.   However, the tax code holds some truly bizarre and spooky tax deductions that might just spook you. In honor of Halloween, let’s look at strange deductions that can ward off those evil taxes. Ship Repairs for Whalers   […]

Audit preparedness is a critical aspect of maintaining a healthy and compliant business.   Most business owners don’t have time to proactively prepare for an audit. While audits are rare; reliance on luck as a their only defense against an audit can end terribly for business owners. Being proactive and efficient in your approach can […]

Effective tax planning is crucial for business owners to optimize their financial health and eventual net-worth.   While ISCPA takes the lead with our clients with proactive tax planning and communication, ordinary CPAs do not. This is why many business owners become frustrated by CPAs who fail to communicate critical information or are not proactively […]

Running a business can be challenging, and every dollar saved matters.   If you’re a business owner, you’ll want to take advantage of every opportunity to reduce your tax burden and invest back into your business. One important opportunity is Section 179 of the Internal Revenue Code. What is Section 179?   Section 179 is […]