Tax & Money Tips

Business partners reviwing 2026 pricing

Every Business Should Conduct an Annual Pricing Review

Bailey Scarano Blog, Tax & Money Tips / By

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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Employee Meals, Perks, and Tax Deduction Changes Every Small Business Owner Should Know for 2026

Bailey Scarano Blog, Tax & Money Tips / By

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

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Close-up of a businesswoman's hand with a pencil writing something.

Your Tax Return Isn’t a Measure of Success

Bailey Scarano Blog, Tax & Money Tips / By

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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Is Your Business Really Eligible for R&D Credits

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways The federal R&D tax credit is legitimate but far narrower than many promoters suggest. Qualifying activities must meet the IRS’s strict four-part test, including technical uncertainty and experimentation. Routine improvements, off-the-shelf technology adoption, and standard process changes generally do not qualify. The IRS is closely scrutinizing R&D claims, particularly those pushed by aggressive

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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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Person doing some retirement planning

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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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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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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Steel door saying "Sorry We're Closed" in front of US Capitol

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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