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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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The Advantages and Disadvantages of Accrual and Cash Basis Accounting

Many probably don’t know that there are two main types of accounting. Indeed, many probably don’t even know what an accountant does. As a small business owner, you either hire someone on a temporary basis to do your books, or you do your own books with the help of automated software. At Peter B. Scala,…

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outsourced accounting, CFO services, outsourced CFO

The Benefits of Outsourced Accounting and CFO Services

The functional work of a bookkeeper has come a long way in the last century, particularly for the small business owner who must wear many hats to ensure business success. Unfortunately, owning a small business in the modern business climate is not easy. From paying taxes to managing salaries for payroll, small businesses must stay…

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tax planning, end-of-year tax, accounting

End-of-Year Tax Planning for Your Business

If your fiscal year ends on December 31, it’s time to start planning for preparing for next year’s taxes. There are a few end-of-year tax planning strategies you can implement now that will help your business’s finances next year. While the below are trade suggestions, it’s recommended that you reach out to a tax professional…

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starting your own business, accounting, accountant, business

6 Tips for Starting Your Own Business

The thought of branching out and starting your own business can be an exciting opportunity and time for you. However, you need more than writing up a business plan. If you’re expecting to have employees, you’ll need to complete a variety of state and federal forms and applications to get your business up and running.…

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accounting, small business accounting

Ways to Simplify Your Small Business Accounting

Regardless of your industry, your business needs to stay on top of its accounting. Unnecessary issues and obstacles resulting in slowed business growth could happen if you fail to keep accurate accounting records. Accounting encompasses keeping track of your business expenses, monitoring financial reports, and collecting payments in a timely manner. These tips below will…

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payroll tax deferral

What You Need to Know About the Payroll Tax Deferral

What is the Payroll Tax Deferral? On August 8, 2020, President Trump and the White House issued a Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster[1] for the Secretary of the Treasury, Steven Mnuchin, as a direct response to the novel coronavirus (COVID-19), which has “caused significant, sudden, and unexpected…

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Get in Touch With Me

Contact me for any of my accounting services. I am more than happy to answer any of your questions.

PETER B. SCALA, CPA, LLC

775 PARK AVENUE, SUITE 255 HUNTINGTON, NEW YORK 11743

(631) 923-0200

Service Areas

I provide my services to clients in the New York City Metropolitan area.

Long Island

Westchester County

New York City

New Jersey

Connecticut