Tax & Money Tips

Key Takeaways Election results can trigger significant market volatility, but short-term reactions don’t necessarily indicate long-term trends. Election outcomes do not automatically change tax laws. New legislation is required before federal tax rules change. The tax rules currently in effect remain the starting point for 2026 planning, although Congress could still enact changes. Individuals and

Key Takeaways  A large customer can help a business grow while also creating financial risk if too much revenue depends on that relationship. Revenue concentration is only part of the picture. Consider how much profit, accounts receivable, staffing, equipment, and other costs are tied to your largest customers. Losing a major customer doesn’t necessarily reduce

Key Takeaways  Extra cash can be used to reduce debt, build reserves, reinvest in the business, or make owner distributions. Before paying down debt, consider the interest rate, loan terms, monthly payment, and how the payment would affect available cash. Determine how much cash the business needs for operating expenses, upcoming investments, and periods of

Key Takeaways  Trump Accounts have now been automatically established for eligible children under age 18 with valid Social Security numbers. Parents and guardians still need to claim an account before they can manage it or allow others to contribute. Eligible children born between January 1, 2025, and December 31, 2028, can receive a one-time $1,000

Key Takeaways Connecticut created a new tax credit of up to $1,000 per covered employee for qualifying small businesses offering an ICHRA through the state health insurance exchange. Owners of certain qualifying small businesses conducting R&D in Connecticut may be eligible for a new personal income tax credit based on eligible research and development expenses.

Key Takeaways New IRS business travel per diem rates take effect October 1, 2026. The high-low method increases to $329 per day for high-cost locations and $230 for other locations. The meals portion remains $86 for high-cost locations and $74 for other locations. Per diem rates help substantiate qualifying travel expenses but don’t eliminate the

Key Takeaways The fully loaded cost of a new employee is only the beginning of the hiring analysis. Business owners need to determine what the position must produce to justify that additional cost. For revenue-producing positions, contribution margin can provide a more meaningful break-even target than revenue alone. Support and management positions can create financial

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

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