Bailey Scarano Blog

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Could Your Business Run Without You or Your Key Employees?

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways  Businesses become vulnerable when critical knowledge, relationships, access, or decision-making rests with one person. Key-person risk applies to owners as well as employees and can affect day-to-day operations, growth, and eventual succession. Creating backup coverage requires both redundancy and appropriate internal controls, particularly for financial processes. Documentation is important, but cross-training, delegation, and […]

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Still Paying Student Loans? Your Repayment Options Are Changing

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways  Federal student loan repayment options are changing, including the planned phaseout of PAYE by July 1, 2028. The new Repayment Assistance Plan (RAP) became available July 1, 2026, while IBR remains available for certain existing borrowers. The best repayment option depends on factors including your loan types, borrowing history, income, and financial priorities.

Still Paying Student Loans? Your Repayment Options Are Changing Read More »

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New Overtime Rules: Is Your Payroll Ready?

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Beginning with 2026 Forms W-2, employers must separately report qualified overtime compensation in Box 12 using code TT. The deduction generally applies only to the overtime premium required under the FLSA, not an employee’s full overtime wages. There is no minimum employee threshold, so small businesses with overtime-eligible employees may also be subject

New Overtime Rules: Is Your Payroll Ready? Read More »

Business people gathered around a desk in a modern office, discussing documents. The atmosphere is professional, emphasizing teamwork and collaboration among business workers.

Five Tax-Related Conversations Business Owners Should Be Having Now

Bailey Scarano Blog / By

Key Takeaways Recent tax law changes make this a good time to revisit equipment purchases and capital investments. Review whether your current business structure still aligns with your tax and business goals. Consider whether changes to charitable giving rules warrant a new giving strategy. Strong accounting processes make tax planning and business decision-making more effective.

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Business owners discussing funding

Thinking About a Business Loan? Start With These Questions.

Bailey Scarano Blog / By

Key Takeaways A business loan should support a clear strategy, not solve underlying financial challenges. Reviewing your cash flow, profitability, and financial projections before applying improves decision-making and lender readiness. Loan terms, flexibility, and available business support can be just as important as the interest rate. The Connecticut Small Business Boost Fund offers eligible businesses

Thinking About a Business Loan? Start With These Questions. Read More »

Business risks in the business. Requires planning Meditation must be careful in deciding to reduce the risk in the business. As the game drew to a wooden block from the tower

The Business Risks You May Be Overlooking

Bailey Scarano Blog / By

Key Takeaways Many of the biggest business risks come from internal processes, not external events. Relying too heavily on one employee, customer, or supplier can create unnecessary vulnerability. Strong internal controls help protect assets, reduce errors, and improve financial confidence. Regularly reviewing workflows and documenting processes strengthens business continuity. Building resilience means preparing your business

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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

Before Reacting to Headlines, Look at Your Numbers Read More »

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

What Should Business Owners Be Reviewing Right Now? Read More »

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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

Understanding Connecticut Property Revaluations Read More »

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

You May Owe Sales Tax in More Places Than You Think Read More »

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