Iota Finance

That $300K “alimony deduction”? The IRS said nope. A physician tried to deduct $300K per year as alimony. But the Eleventh Circuit shut that down—hard. Why? Because the payments were part of a property settlement, not true alimony. Even though he made monthly payments by court order, the original divorce agreement clearly labeled them as non-taxable, non-deductible property transfers. ?? Lesson: Just because a payment feels like alimony doesn’t mean the IRS sees it that way. If it’s tied to asset division—even with a court enforcing it—it’s likely not deductible. #TaxPlanning #Alimony #DivorceFinance #IRSCompliance #CPATips

The way you lead, how you treat people, what you prioritize—that’s your message. Make sure what you're building reflects who you really are. #PurposeDriven #LeadershipwithIntegrity #LiveYourValues #MindfulSuccess

In honor of World Poetry Day, here’s a creative tribute to the unsung heroes of the financial world—from the midnight oil to the unshakeable ethics. Accountants get a bad rap… but behind the spreadsheets are some of the most principled, persistent, and quietly powerful professionals in business. James Francis Nelson’s poem “Accountants” celebrates the grind, the grit, and the grace behind the numbers. Give it a read—and if you know an accountant who fits this description (or are one), tag them below ?? #WorldPoetryDay #AccountingLife #FinanceProfessionals #IntegrityMatters #BehindTheNumbers

Think You Can Deduct a Theft Loss? Think Again. Many taxpayers assume they can deduct stolen money or cryptocurrency—but thanks to tax law changes, most personal theft losses are no longer deductible. Here’s the breakdown: ? Business-related theft? Deductible. ? Investment-related theft? Maybe, but only if it meets strict IRS criteria. ? Personal theft? Only if tied to a federally declared disaster. And if the theft happened inside your retirement account? Generally, no deduction at all. Tax laws are complex—don’t assume you qualify for a write-off. Always check the details before filing. #TaxDeductions #TheftLoss #TaxPlanning #IRS

?? Thinking of writing off your "guard dog"? Think again. Yes, a true guard dog can be a business deduction—but that means a professionally trained protection dog, not your family’s fluffy Golden Retriever. If you’re stretching the definition, the IRS will notice. Bad tax advice can land you in hot water fast. Before you take any risky deductions, talk to a tax pro who actually knows the rules. Ever heard a wild tax deduction myth? Drop it in the comments! ?? #TaxDeductions #SmallBusinessTax #TaxPlanning #BusinessExpenses #TaxAdvice

?? West Virginia Business Owners & Residents: Tax Deadlines Extended! ?? If you were impacted by the severe storms, floods, or landslides in West Virginia, the IRS has extended various tax filing and payment deadlines to Nov. 3, 2025. ? Who qualifies? Businesses & individuals in Logan, McDowell, Mercer, Mingo, Wayne, and Wyoming counties (and any added later by FEMA). ? What’s extended? ??? 2024 income tax returns (was April 15, now due Nov. 3) ?? Quarterly estimated tax payments (April 15, June 16, Sept. 15 now due Nov. 3) ?? Payroll & excise tax returns (April 30, July 31, Oct. 31 now due Nov. 3) ?? Business & nonprofit filings (various deadlines now Nov. 3) If you’re affected but don’t have a West Virginia IRS address on file, you may need to contact the IRS for relief. Need help navigating disaster-related tax relief? We can guide you. Send us a message. #TaxRelief #WestVirginia #IRSUpdates #SmallBusiness #TaxDeadlines

?? Wishing you a Happy St. Patrick’s Day—may your profits be high, and your taxes be low! ?? But remember, even leprechauns aren’t safe from the IRS… ??

Tax season: the time of year when we all question our life choices. ??♂? Drop your tax season woes below! ?? #TaxSeason #SmallBizLife #EntrepreneurStruggles #TaxTime

?? March 15 is TODAY! ?? Partnership and S-corp tax returns are due! If you’re scrambling right now, just remember: nothing says accounting like filing an extension at the last minute. ???? Tag your accountant friends who are too busy to see this! ?? #TaxDeadline #March15 #PublicAccounting #NoSleepTillApril

? The March 15 tax deadline is TOMORROW—and if you’re just now thinking about it, you’re officially in last-minute territory. If you own an S corp or partnership, today is your final chance to: ? File your tax return (Form 1120-S or 1065) OR ? Request an extension (which only gives you more time to file, not to pay) Miss the deadline? You could face $210+ per partner/shareholder in late-filing penalties—per month. Act NOW to avoid unnecessary fines. If you need help, reach out ASAP! #taxdeadline #lastminute #businesstaxes #march15 #taxplanning