Posts by Peter B. Scala, CPA

Should You Be Hiring Employees or Independent Contractors?

employees, independent contractors, small business taxes

When putting together a business plan, you’ll likely be planning for a day when you can afford to expand your team and start hiring people to work for you. As an owner, it allows you to delegate certain daily tasks and free up more of your time — without the company taking a hit.  In…

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Small Business Owners Need to Understand These Financial Reports

small business owners, financial reports, income statements, cash flow statements, balance sheets

Measuring the success of your business can be done in a wide variety of ways. Small business owners need to know how to measure success in each of these ways, especially since certain areas of your business may thrive while other areas struggle.  Because of this, understanding financial reports becomes extremely important for small business…

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Planning an Effective Pay Scale for Your Small Business

small business, pay scale, payroll planning, certified public accountant

Any small business that plans on growing will have to eventually hire employees or individual contractors to help carry the day-to-day workload. As much as business owners wish they could do it themselves — that way they know it’s being done right — there simply isn’t enough time in the day to support that.  Before…

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What Do You Need to Know About the July 15 Tax Deadline?

tax deadline, july 15 tax deadline, small business tax return

2020 has been such a crazy year, and we’re only halfway through it. From the very beginning, small businesses knew this year was going to be different and present a wide variety of challenges that have never been seen before.  Now well into June, small businesses are being forced to dig deep and find a…

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What Should You Do When You Receive a Tax Notice?

tax notice, tax notice from the IRS, small business tax return

Every year, small business owners are faced with the stressful task of reporting income to the IRS and filing a tax return. There’s no way around it, and it must be done each year by April 15th — or July 15th in 2020’s case.  Failing to do so will require a tax notice from the…

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What Is Cost Management & Why Is It Important?

Cost management is a term used by small business owners in every industry. It involves a series of strategies, processes, and methods of managing costs, expenses, and other financial decisions. You’d be surprised how often you’re making costly decisions! It’s common for new small business owners to not have the necessary advice or guidance right…

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How Can Your Small Business Avoid Paying High Taxes

avoid paying high taxes, small business, high taxes, tax season

Taxes are a necessary evil for any small business owner and will often be one of the most stressful times of the year. Not only is it a strenuous process that requires diligence and time, but there’s that lofty tax bill at the end of it — as if that’s supposed to be some kind…

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Preparing for an Accurate Business Valuation

accurate business valuation, business valuation, value your business

There are a variety of reasons why a company might be interested in receiving a business valuation. They come in handy during disputes with shareholders, anytime you’re preparing to buy or sell a company, mergers, planning a company’s exit strategy, litigation support, and much more.  However, when it comes to business valuation, they are only…

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Does Your Small Business Have a Succession Plan?

small business, succession plan, succession planning

Starting your own business was a major turning point in your life. Ever since then, you’ve been stuck “in the now” as you manage and monitor your business on a daily basis. While this is what you signed up for, it can easily take away from your ability to look ahead.  As a result, one…

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How to Safely Reopen Your Business During COVID-19 Pandemic

reopen your business, covid-19 pandemic, social distancing, small business

As we start to see the lockdown restrictions easing up in many states across the United States, businesses are beginning the process of reopening. Since the COVID-19 pandemic is something that many businesses have never faced (at least in this century), there is a wide range of factors to consider when you reopen your business. …

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