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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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
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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
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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
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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
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Key Takeaways Tax preparation is backward-looking; by filing time, most decisions are already set. Tax planning happens throughout the year, when there is still time to influence outcomes. Increasing complexity in tax rules makes proactive planning more valuable than ever. Treating taxes as a once-a-year task often leads to missed opportunities and higher liability. Major
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Key Takeaways Headlines like “no tax on overtime” and “no tax on tips” are oversimplified, and most benefits are partial, capped, and subject to income phase-outs. Overtime tax relief applies only to the premium portion (the “half-time”), not the full overtime pay, and may phase out at higher income levels. Tip income deductions are limited
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Key Takeaways The IRS does not contact taxpayers by phone, text, or email; initial communication is always by mail. Scam calls often use urgency and fear to push individuals into sharing personal or financial information. Official-sounding company names do not mean a call is legitimate; many scams use fabricated or misused identities. Never provide sensitive information or
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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.
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Key Takeaways Conducting an annual pricing review helps small and mid-sized businesses maintain healthy profit margins as costs change. Pricing decisions should consider operating costs, economic conditions, tariffs, and supply chain pressures. Reviewing competitor pricing and market positioning helps businesses stay competitive while protecting profitability. Analyzing profitability by product or service line can reveal opportunities
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Key Takeaways Beginning in 2026, many employer-provided meals such as breakroom snacks and on-site lunches are no longer tax deductible under updated IRS rules. Business meals with clients and meals during overnight travel remain 50% deductible when properly documented. Certain events, such as company-wide celebrations or meals treated as taxable compensation, may still qualify for
Key Takeaways A large tax refund or low tax bill does not automatically indicate financial success. Tax returns are backward-looking and limited in what they reveal about cash flow, profitability, and long-term stability. Business success is better measured by factors like sustainable cash flow, retained earnings, and strategic planning. Over-focusing on minimizing taxes can obscure
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