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 »
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
Why Filing Your Taxes Is Only Part of the Story Read More »
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 »
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
Your Tax Return Isn’t a Measure of Success Read More »
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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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 »
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
The Student Loan Forgiveness Tax Change That Could Blindside You in 2026 Read More »
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
Your Business & the Government Shutdown Read More »
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
New Tax Brackets, Bigger Deductions, and More: Inside the 2026 IRS Adjustments Read More »
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
What the IRS Shutdown Means for Connecticut Businesses Read More »
Key Takeaways Paper refund checks are history. As of September 30, 2025, the IRS began phasing out paper refund checks in favor of electronic payments, making refunds faster, safer, and more reliable. Taxpayers should act now. Double-check your direct deposit details through your IRS Online Account or tax return to avoid refund delays and help family
The IRS Has Gone Paperless Read More »
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
The Roth Catch-Up Rule: What Business Owners Should Know Read More »