Tax & Money Tips

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

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

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.