CT business CPAs

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You May Owe Sales Tax in More Places Than You Think

Bailey Scarano Blog, Tax & Money Tips / By

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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That “Official” Filing Notice in Your Mailbox? It May Not Be What It Seems

Bailey Scarano Blog / By

Key Takeaways Some business owners are receiving official-looking mail tied to “beneficial ownership” filings These notices are not coming from the government Most businesses are not currently required to take action The goal is to fraudulently collect payment and sensitive information It’s worth verifying before responding to any unexpected request If you’ve received a formal-looking

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Why Filing Your Taxes Is Only Part of the Story

Bailey Scarano Blog, Tax & Money Tips / By

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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What Actually Changed for 2025 Taxes (And What Headlines Are Getting Wrong)

Bailey Scarano Blog, Tax & Money Tips / By

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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Protect Yourself from Common Tax Scams This Season

Bailey Scarano Blog, Tax & Money Tips / By

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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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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Evaluating Trump Accounts in Your Financial Plan

Bailey Scarano Blog / By

Key Takeaways Trump Accounts are a new federal, tax-advantaged savings option for children, available starting with the 2026 tax season. Eligible children (born 2025–2028) may receive a one-time $1,000 federal contribution when an account is opened. Annual contributions are generally capped at $5,000 per child and may come from parents, relatives, and in some cases

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Tax forms 1040. U.S Individual Income Tax Return in an brown envelope on a desk. Time to pay tax in year.

Why the Postmark Change Is a Wake-Up Call for Business Tax Planning

Bailey Scarano Blog / By

Key Takeaways Recent changes to how mail is processed make last-minute filing riskier than many business owners realize. The postmark issue highlights a larger problem: tax season leaves little room for delays or missing information. Small and mid-sized businesses face added complexity around payroll, cash flow, and ownership decisions. Sharing information with your CPA early

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Business growth forecast highlights increasing trends new year 2026. Growth forecast data, growth forecast strategy, and growth forecast planning are key elements.

What Business Owners Should Think Through Before They Grow in 2026

Bailey Scarano Blog / By

Key Takeaways Growth transactions introduce long-term tax and cash-flow consequences that aren’t always obvious upfront. How a deal is structured affects deductions, reporting, and future flexibility. Timing matters—especially for equipment, build-outs, and new hires. Expansion often increases scrutiny around documentation, payroll, and depreciation. Early planning with your CPA can prevent years of avoidable complexity. Growth

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2026 Business Tax Deductions: What Still Works, What’s Evolving, and How to Plan Ahead

Bailey Scarano Blog / By

Key Takeaways Many high-impact business deductions remain available in 2026, but documentation standards continue to tighten. Mileage, equipment, payroll, retirement, and professional fees are still powerful—if tracked correctly. Timing matters more than ever when it comes to depreciation and expensing. The IRS is placing greater emphasis on consistency, substantiation, and recordkeeping. The most effective tax

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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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