Bonnie Buol Ruszczyk

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Before Reacting to Headlines, Look at Your Numbers

Bailey Scarano Blog / By

Key Takeaways  National headlines provide context, but your financial statements tell the story of your business. Revenue alone doesn’t measure financial health; profitability, cash flow, and expenses matter too. Regularly reviewing your financial reports helps you make more informed hiring, pricing, and investment decisions. Strong cash flow management often identifies challenges before they become larger

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multi-generational succession planning meeting

Building Value Before You Exit

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways The most successful business transitions often begin years before an owner plans to retire or exit. Business value is influenced by factors beyond revenue, including management depth, operational processes, customer relationships, and financial reporting. Family succession should be based on honest conversations and realistic expectations rather than assumptions. Starting early gives owners more

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Two business owners doing a mid-year analysis

What Should Business Owners Be Reviewing Right Now?

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways A mid-year review helps business owners assess whether revenue, profitability, and cash flow are tracking as expected. Revenue growth alone does not guarantee stronger financial performance if expenses and operational costs are increasing faster. Business plans are built on assumptions, and changing market conditions may require adjustments to priorities and strategies. Reviewing performance

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Understanding Connecticut Property Revaluations

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Connecticut municipalities periodically conduct property revaluations to bring assessed values in line with current market conditions. A higher property assessment does not automatically mean property taxes will increase by the same percentage. Revaluations are intended to ensure that property taxes are distributed fairly among property owners based on updated values. Property owners should

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Writing note showing Tariff Change. Business concept for Amendment of Import Export taxes for goods and services

Does Your Business Qualify for Tariff Refunds?

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Most small and mid-sized businesses will not qualify for tariff refunds because they were not the importer of record. Refund eligibility is limited to businesses that directly imported goods and paid tariffs to the government. Even without direct eligibility, many businesses felt the impact of tariffs through higher supplier pricing. Recent legal changes

Does Your Business Qualify for Tariff Refunds? Read More »

Closeup on notebook over vintage desk surface, front focus on wooden blocks with letters making Sales Tax text. Business concept image with office tools and coffee cup in background

You May Owe Sales Tax in More Places Than You Think

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Sales tax rules have expanded significantly following South Dakota v. Wayfair, Inc., allowing states like Connecticut to impose obligations based on sales activity, not just physical presence. Connecticut businesses can trigger sales tax requirements through “economic nexus,” even when selling remotely or online. Sales tax in Connecticut may apply to more than physical

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Cyber security software show alert of cyber attack for protection snugly. Danger from virus, phishing and cyber fraud.

That “Official” Filing Notice in Your Mailbox? It May Not Be What It Seems

Bailey Scarano Blog / By

Key Takeaways Some business owners are receiving official-looking mail tied to “beneficial ownership” filings These notices are not coming from the government Most businesses are not currently required to take action The goal is to fraudulently collect payment and sensitive information It’s worth verifying before responding to any unexpected request If you’ve received a formal-looking

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tax planning meeting

Why Filing Your Taxes Is Only Part of the Story

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Tax preparation is backward-looking; by filing time, most decisions are already set. Tax planning happens throughout the year, when there is still time to influence outcomes. Increasing complexity in tax rules makes proactive planning more valuable than ever. Treating taxes as a once-a-year task often leads to missed opportunities and higher liability. Major

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What Actually Changed for 2025 Taxes (And What Headlines Are Getting Wrong)

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Headlines like “no tax on overtime” and “no tax on tips” are oversimplified, and most benefits are partial, capped, and subject to income phase-outs. Overtime tax relief applies only to the premium portion (the “half-time”), not the full overtime pay, and may phase out at higher income levels. Tip income deductions are limited

What Actually Changed for 2025 Taxes (And What Headlines Are Getting Wrong) Read More »

Hand is holding phone with irs scam calls.

Protect Yourself from Common Tax Scams This Season

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways The IRS does not contact taxpayers by phone, text, or email; initial communication is always by mail. Scam calls often use urgency and fear to push individuals into sharing personal or financial information. Official-sounding company names do not mean a call is legitimate; many scams use fabricated or misused identities. Never provide sensitive information or

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Understanding the 2026 Vehicle Lease Inclusion Rule

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways The IRS lease inclusion rule slightly reduces deductions for certain leased business vehicles. The adjustment exists to keep the tax treatment of leasing and purchasing vehicles relatively consistent. The lease inclusion amount depends on the vehicle’s value, the year of the lease, and IRS inclusion tables. As with purchased vehicles, deductions depend on the percentage of business use.

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Business partners reviwing 2026 pricing

Every Business Should Conduct an Annual Pricing Review

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Conducting an annual pricing review helps small and mid-sized businesses maintain healthy profit margins as costs change. Pricing decisions should consider operating costs, economic conditions, tariffs, and supply chain pressures. Reviewing competitor pricing and market positioning helps businesses stay competitive while protecting profitability. Analyzing profitability by product or service line can reveal opportunities

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