tax help in CT

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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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The Fed Lowers Interest Rates for Second Straight Time

Bailey Scarano Blog / By

Key Takeaways The Fed’s recent rate cut to around 3.75-4% makes borrowing and refinancing more affordable for Connecticut businesses. Lower rates can boost consumer spending and business confidence, offering potential growth opportunities. Despite the upside, inflation and market uncertainty mean this window for low-cost borrowing may be temporary. Revisit your debt structure and cash flow

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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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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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Smart Benefits: Balancing What Employees Want with What the IRS Allows

Bailey Scarano Blog, Tax & Money Tips / By

Attracting and keeping great employees is tougher than ever. Competitive pay is important, but it’s no longer enough on its own. Today’s workers, especially younger generations, want benefits that support their health, growth, and overall quality of life. For business owners, that means reviewing benefits regularly through two lenses: what employees value and how those benefits

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S-Corp Checklist phrase on the page.

Should You Still Be an S Corp?

Bailey Scarano Blog, Tax & Money Tips / By

The S corporation has long been a favorite structure for small and mid-sized business owners, and for good reason. It offers liability protection, avoids double taxation, and can reduce self-employment taxes by splitting income between salary and distributions. But with the passage of the One Big Beautiful Bill Act (OBBBA) and other tax shifts on the horizon,

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New Retirement Plan Proposal Raises Questions About Risk, Fees, and Transparency

Bailey Scarano Blog, Tax & Money Tips / By

A recent executive order has put a spotlight on potential changes to retirement plan rules, specifically the possibility of allowing private equity investments in 401(k) plans. While this may sound like an exciting opportunity for business owners and employees seeking greater returns, it also brings a host of new risks and complications that deserve careful

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AI vs. Your Accountant: Why Business Owners Need Real Expertise

Bailey Scarano Blog, Tax & Money Tips / By

Artificial Intelligence (AI) is changing how we work, search, and manage everyday tasks. From chatbots answering customer service questions to tools that summarize articles or suggest tax strategies, AI is starting to look like a one-stop shop for business help. But when it comes to your company’s financial future? Relying too heavily on AI could

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