Posts by Peter B. Scala, CPA

Practical Tax Advice For Contract Workers

We live in a fast-paced society of internet-connected smartphones and other electronic devices, many of which we believe we couldn’t live without. But, few understand what happens behind the scenes to make our lives run efficiently. For instance, providing meals for a family is as easy as installing an app on your smartphone, answering a…

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A Practical Guide to E-Commerce Accounting

The Covid-19 pandemic caused fundamental changes to the e-commerce universe. On a global scale, consumers began buying everything online. Although many service industry jobs disappeared, some entrepreneurs started businesses selling things through online retailers, increasing the need for e-commerce accounting. This targeted form of accounting helps small businesses compete in competitive marketplaces. From eggs and…

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Common Tax Scams and How to Avoid Them

For the past several years, the IRS has been publishing “The Dirty Dozen,” a list of twelve tax scams the IRS wants taxpayers to look out for. This yearly list has “well-known” scams that criminals try year after year, usually around tax time. The telephone seems to be the best tool for these scammers. Even…

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How Your Local CPA Can Help Your Small Business Beat Inflation

The financial world is still talking about the Bureau of Labor Statistics’ news that inflation rose to a 40-year high of 8.5% in March 2022. As Americans fill their gas tanks and plan weekly grocery budgets, prices are going up everywhere! The Federal Reserve raises interest rates to hedge against Covid-19 has created a volatile…

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What to Look for in CFO and CPA Services

Do you find yourself looking for expert tax advice that goes beyond the standard online software? Perhaps you’re one of the millions of people that tried online selling? According to the latest numbers, there are about 32.5 million small businesses in the U.S. with many of these having only one or two employees.  Regardless, businesses…

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How to Prepare For a Tax Audit and Red flags You Should Avoid

The tax filing deadline has come and gone as households throughout the U.S. wait for tax refunds. Unfortunately, some taxpayers will come under scrutiny from the IRS, scrutiny that for most is routine. However, for a small cross-section of taxpayers, an IRS tax audit represents the beginning of a long process of detailed financial scrutiny.  …

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Practical Small Business Tax Deductions For The Upcoming Tax Season

As the new year rolls on, small business owners are painfully aware that tax season is here. Many business owners enjoyed tax breaks and other program incentives during the pandemic. However, as these advantages wind down, finances are returning to normal despite inflationary concerns.  The most important date for a small business to remember is…

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Making Sense of Your Small Businesses Tax Burden

Owning and operating your own small business is as close to financial independence as you can get without being rich. Of course, most would prefer being rich, but the majority of us never will be rich. Instead, a desire to succeed and live healthier happier lives than previous generations motivates the American psyche to work…

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Things to Avoid to Increase Your Small Business’s Chances of Success

Some say America was built by small businesses. Indeed, one former Congressman noted small businesses are the backbone of the American economy. Owning a small business and being a successful member of the community is part of the American Dream. Sadly, many small businesses fail before they can make an impact on the economy. What…

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Ethics and Trust: How CPAs Earn the “Trusted Advisor” Label

In some circles, CPAs occupy a place of trust alongside used-car salespeople and lawyers. But this doesn’t need to be true in every group. CPA ethics have come a long way in the last generation. Spurred in part by high-profile criminal actions by top executives at Enron, today’s CPAs follow ethical practices. Doing otherwise leads…

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