Bailey Scarano Blog

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Why the Postmark Change Is a Wake-Up Call for Business Tax Planning

Bailey Scarano Blog / By

Key Takeaways Recent changes to how mail is processed make last-minute filing riskier than many business owners realize. The postmark issue highlights a larger problem: tax season leaves little room for delays or missing information. Small and mid-sized businesses face added complexity around payroll, cash flow, and ownership decisions. Sharing information with your CPA early […]

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Business growth forecast highlights increasing trends new year 2026. Growth forecast data, growth forecast strategy, and growth forecast planning are key elements.

What Business Owners Should Think Through Before They Grow in 2026

Bailey Scarano Blog / By

Key Takeaways Growth transactions introduce long-term tax and cash-flow consequences that aren’t always obvious upfront. How a deal is structured affects deductions, reporting, and future flexibility. Timing matters—especially for equipment, build-outs, and new hires. Expansion often increases scrutiny around documentation, payroll, and depreciation. Early planning with your CPA can prevent years of avoidable complexity. Growth

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2026 Business Tax Deductions: What Still Works, What’s Evolving, and How to Plan Ahead

Bailey Scarano Blog / By

Key Takeaways Many high-impact business deductions remain available in 2026, but documentation standards continue to tighten. Mileage, equipment, payroll, retirement, and professional fees are still powerful—if tracked correctly. Timing matters more than ever when it comes to depreciation and expensing. The IRS is placing greater emphasis on consistency, substantiation, and recordkeeping. The most effective tax

2026 Business Tax Deductions: What Still Works, What’s Evolving, and How to Plan Ahead Read More »

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Are GoFundMe Donations Tax Deductible?

Bailey Scarano Blog, Tax & Money Tips / By

Crowdfunding has become one of the most common ways for families, small businesses, and communities to support people in need. Whether it’s helping a neighbor with medical bills, assisting a local business after a fire, or supporting a friend experiencing hardship, GoFundMe and similar platforms make giving quick and easy. But when tax season arrives,

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2026 Inflation Adjustments to Retirement Limits

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Retirement contribution limits are increasing across 401(k), IRA, and other plans beginning in 2026. Higher caps offer business owners more room for tax-advantaged savings and stronger retention tools for top employees. New rules require certain high-income employees to make catch-up contributions as Roth (after-tax) contributions. Reviewing plan design and contribution strategy before year-end

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The Student Loan Forgiveness Tax Change That Could Blindside You in 2026

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways A major tax change is coming: student loan forgiveness under IDR becomes taxable again starting January 1, 2026, unless Congress extends current relief. Borrowers nearing the 20- or 25-year forgiveness point could face thousands, or even tens of thousands, in unexpected federal taxes. Increased taxable income may reduce eligibility for key credits such

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The Fed Lowers Interest Rates for Second Straight Time

Bailey Scarano Blog / By

Key Takeaways The Fed’s recent rate cut to around 3.75-4% makes borrowing and refinancing more affordable for Connecticut businesses. Lower rates can boost consumer spending and business confidence, offering potential growth opportunities. Despite the upside, inflation and market uncertainty mean this window for low-cost borrowing may be temporary. Revisit your debt structure and cash flow

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Your Business & the Government Shutdown

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways The IRS remains open during the shutdown, but processing refunds and correspondence is significantly slower. Businesses should expect cash-flow disruptions if clients rely on government contracts or regulated industries. SBA loan delays could affect refinancing, expansion, or new equipment purchases. Benefit and insurance premiums may rise due to uncertainty in federal oversight. Proactive

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New Tax Brackets, Bigger Deductions, and More: Inside the 2026 IRS Adjustments

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways The IRS has released inflation-adjusted increases for more than 60 tax provisions for Tax Year 2026 (returns filed in 2027). The standard deduction for married filing jointly rises to $32,200, and other filing statuses also get meaningful increases. Top marginal tax rate stays at 37%, but bracket thresholds shift upward. Other key changes: larger AMT exemptions, boosted estate exclusion, higher credits

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What the IRS Shutdown Means for Connecticut Businesses

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Nearly half of IRS employees were furloughed on October 8, 2025, as the government shutdown entered its second week. The agency continues to process electronic filings and payments, but most other operations, including audits and taxpayer assistance, are paused. Extension filers with October 15 deadlines must still submit returns and payments on time, even though IRS

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Old couple, laptop and discussion about retirement paperwork, life insurance and finance investment at home. People do taxes online, pension policy documents and budget, woman and man with bills.

The Roth Catch-Up Rule: What Business Owners Should Know

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways Roth-only catch-ups begin in 2026. Under the SECURE 2.0 Act, employees earning more than $145,000 will be required to make all catch-up contributions to a Roth account, meaning taxes are paid now instead of later. Higher contribution limits for ages 60-63. Starting in 2025, eligible savers can contribute up to $11,250, giving business owners

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