Bailey Scarano Blog

Tax Changes Reform Impact on Your Return Amount Due IRS 3d Illustration

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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Don’t Fall for Fake Tax Advice

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways The IRS is cracking down on bad tax advice. Connecticut business owners should be cautious of social media “hacks” and AI-generated tips which can lead to rejected claims, audits, and IRS penalties of up to $5,000 per false filing. AI tools can’t replace professional judgment. Chatbots don’t understand your business structure, cash flow,

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Five Year-End Tax Strategies Every Connecticut Business Should Consider

Bailey Scarano Blog, Tax & Money Tips / By

As summer winds down, these final months give business owners a chance to do more than close the books; they provide an opportunity to reduce taxes, strengthen cash flow, and prepare for what’s ahead. Here are five key tax areas where Connecticut businesses can benefit from a proactive year-end review. Estimated Tax Payments If your

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The Hidden Costs of Misclassifying Workers in Connecticut

Bailey Scarano Blog, Tax & Money Tips / By

For small and mid-sized businesses, every decision about payroll and staffing carries extra weight. One area that often gets overlooked, but can cause major headaches down the road, is worker classification. Whether someone should be treated as an employee or an independent contractor isn’t just a matter of preference. It’s a legal distinction with real tax and compliance implications.

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Smart Benefits: Balancing What Employees Want with What the IRS Allows

Bailey Scarano Blog, Tax & Money Tips / By

Attracting and keeping great employees is tougher than ever. Competitive pay is important, but it’s no longer enough on its own. Today’s workers, especially younger generations, want benefits that support their health, growth, and overall quality of life. For business owners, that means reviewing benefits regularly through two lenses: what employees value and how those benefits

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Should You Still Be an S Corp?

Bailey Scarano Blog, Tax & Money Tips / By

The S corporation has long been a favorite structure for small and mid-sized business owners, and for good reason. It offers liability protection, avoids double taxation, and can reduce self-employment taxes by splitting income between salary and distributions. But with the passage of the One Big Beautiful Bill Act (OBBBA) and other tax shifts on the horizon,

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Budgeting for Connecticut’s Paid Sick Leave Expansion

Bailey Scarano Blog / By

Connecticut has started phasing in major changes to its paid sick leave law, and for small business owners, this is not something to put on the back burner. Previously, Connecticut’s paid sick leave mandate only applied to employers with 50 or more employees in certain service-related occupations. But under Public Act No. 24-8, signed into law

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New Retirement Plan Proposal Raises Questions About Risk, Fees, and Transparency

Bailey Scarano Blog, Tax & Money Tips / By

A recent executive order has put a spotlight on potential changes to retirement plan rules, specifically the possibility of allowing private equity investments in 401(k) plans. While this may sound like an exciting opportunity for business owners and employees seeking greater returns, it also brings a host of new risks and complications that deserve careful

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