CT Tax Help

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Could Your Business Run Without You or Your Key Employees?

Bailey Scarano Blog, Tax & Money Tips / By

Key Takeaways  Businesses become vulnerable when critical knowledge, relationships, access, or decision-making rests with one person. Key-person risk applies to owners as well as employees and can affect day-to-day operations, growth, and eventual succession. Creating backup coverage requires both redundancy and appropriate internal controls, particularly for financial processes. Documentation is important, but cross-training, delegation, and

Could Your Business Run Without You or Your Key Employees? Read More »

Business owners discussing funding

Thinking About a Business Loan? Start With These Questions.

Bailey Scarano Blog / By

Key Takeaways A business loan should support a clear strategy, not solve underlying financial challenges. Reviewing your cash flow, profitability, and financial projections before applying improves decision-making and lender readiness. Loan terms, flexibility, and available business support can be just as important as the interest rate. The Connecticut Small Business Boost Fund offers eligible businesses

Thinking About a Business Loan? Start With These Questions. Read More »

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Before Reacting to Headlines, Look at Your Numbers

Bailey Scarano Blog / By

Key Takeaways  National headlines provide context, but your financial statements tell the story of your business. Revenue alone doesn’t measure financial health; profitability, cash flow, and expenses matter too. Regularly reviewing your financial reports helps you make more informed hiring, pricing, and investment decisions. Strong cash flow management often identifies challenges before they become larger

Before Reacting to Headlines, Look at Your Numbers Read More »

Writing note showing Tariff Change. Business concept for Amendment of Import Export taxes for goods and services

Does Your Business Qualify for Tariff Refunds?

Bailey Scarano Blog, Tax & Money Tips / By

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

Does Your Business Qualify for Tariff Refunds? Read More »

Closeup on notebook over vintage desk surface, front focus on wooden blocks with letters making Sales Tax text. Business concept image with office tools and coffee cup in background

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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tax form with post it saying What's New?

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

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

Hand is holding phone with irs scam calls.

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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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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baby with piggy bank

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

Evaluating Trump Accounts in Your Financial Plan Read More »

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

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

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

What Business Owners Should Think Through Before They Grow in 2026 Read More »

Year Plan 2026 in blocks over budget

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

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

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