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Why It’s Important to Take Care of Back Taxes Before the IRS Contacts You

By Anil Melwani / August 25, 2017 / Comments Off on Why It’s Important to Take Care of Back Taxes Before the IRS Contacts You

If the IRS has yet to contact you about your owed taxes, you might feel like you’ve managed to stay under their radar. It’s tempting to put off taking care of the amount you owe as long as possible. You probably think that since the IRS isn’t contacting you, the problem isn’t as serious. This […]

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What Do I Do If I Can’t Pay Back Taxes?

By Anil Melwani / August 18, 2017 / Comments Off on What Do I Do If I Can’t Pay Back Taxes?

Are you struggling to pay your back taxes? Don’t worry, you’re not out of options. If you can’t afford your tax bill, or you’ve been avoiding an unexpectedly large bill for months or even years, you can feel hopeless. The worst thing you can do in this situation is to avoid taking any action at […]

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What to Do If You Incorrectly Filed Your Taxes

By Anil Melwani / August 18, 2017 / Comments Off on What to Do If You Incorrectly Filed Your Taxes

Lindsay Fein was surprised when she learned her previous employer failed to claim her state income tax for the final two years she worked there. They notified her of the error the following year, and she was left unsure of how to proceed. She knew she needed to pay the taxes she owed, but she […]

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How to Overcome the Stress of A Tax Issue

By Anil Melwani / August 11, 2017 / Comments Off on How to Overcome the Stress of A Tax Issue

The first income tax in the United States was enacted in 1862 by President Abraham Lincoln to help pay for Civil War expenses. At this time, taxes were relatively straightforward. Those earning over $10,000 a year owed 5% while those who earned between $600-$10,000 paid 3%. Today, the United States tax code is lengthy and […]

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Tax Withholding and Foreign Partners in a Partnership

By Anil Melwani / August 7, 2017 / Comments Off on Tax Withholding and Foreign Partners in a Partnership

With the Internet and constant worldwide connectivity of modern day life, entrepreneurship and business ownership has become global. It is no longer rare for a United States based small business to have a partnership with a foreign company or business owner. With the onset of global partnerships, it is important for business owners to know […]

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How to Anticipate How Much You’ll Owe in Taxes

By Anil Melwani / August 4, 2017 / Comments Off on How to Anticipate How Much You’ll Owe in Taxes

One of the most common questions tax advisors get is whether people usually end up paying more or less than they were expecting to in taxes to the IRS each year. Generally, those who manage a close estimate are the ones who keep accurate records about their finances throughout the year. Here are some tips for accurately anticipating how much you’ll owe in taxes.

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The Benefits and Drawbacks of SIMPLE IRAs

By Anil Melwani / August 3, 2017 / Comments Off on The Benefits and Drawbacks of SIMPLE IRAs

Business owners have a choice when it comes to offering retirement benefits to their employees. In my experience as an NYC tax accountant, employees can find great benefit in serving at a company that offers retirement options. Small business owners may consider offering a SIMPLE IRA to their employees. A SIMPLE IRA is a Savings Incentive Match Plan for Employees Individual Retirement Account.

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5 Misconceptions About Back Taxes

By Anil Melwani / August 1, 2017 / Comments Off on 5 Misconceptions About Back Taxes

If you own taxes to the IRS, you’re likely overwhelmed with feelings of embarrassment and anxiety. Once you begin owing back taxes, it’s hard to know where to even begin with paying them back. You might be struggling to find money to pay them, or you’re unsure the steps you should take back financial control of your life. Don’t let these five misconceptions about back taxes keep you from taking action!

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Retirement Plans for Small Businesses

By Anil Melwani / May 23, 2017 / Comments Off on Retirement Plans for Small Businesses

Whether you are an individual worker looking over retirement plans offered by your employer, or a small business owner considering the choices you will present to your own employees, a solid retirement plan is key. Giving your employees options to help them save for retirement adds value to your company and shows you care about […]

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How Much Does it Cost to Get an MBA?

By Anil Melwani / May 16, 2017 / Comments Off on How Much Does it Cost to Get an MBA?

Earning an MBA is a great educational achievement for anyone to accomplish. However, this achievement comes with hard work, dedication, and a hefty tuition and expense bill. As an experienced NYC tax accountant for small business owners and individuals, I have a few ways to assist my clients in claiming deductions and credits for tuition […]

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