During his first appearance on October 5th, Melwani advised individuals and small business owners, using his years of experience in the business to warn against common mistakes. His expertise working with freelancers and start-ups provides unique, valuable insight for business owners who might struggle with preparing taxes.
Hurwitz asked Melwani to elaborate on the most important tax considerations for businesses, to which Melwani provided three top tips: establish payroll and sales taxes, set aside quarterly estimated tax payments, and organize bookkeeping with software like QuickBooks or Excel. He also advised that hard-copy records be kept on hand for a period of at least three years. By doing this, Melwani points out, businesses are protected against any I.R.S. and/or State audit scenarios that might arise.
To hear the interview, visit http://www.blogtalkradio.com/
In his upcoming interview with Hurwitz on December 12, Melwani is expected to discuss additional ways for businesses to get their records ready for the 2012-13 tax season, including what has changed over the past year that business owners need to know about. For example, a new requirement has been instated that requires businesses to report annual credit card sales separately from total annual sales. As president of Armel Tax & Accounting Services, which supports individuals and small businesses all over Manhattan, Melwani is perfectly situated to shed light on these changes and to share successful strategies.
The upcoming interview will be hosted by The Manhattan Chamber of Commerce and BlogTalkRadio at http://www.blogtalkradio.com/
Armel Tax & Accounting Services was founded by Melwani in 2008. Businesses in Manhattan and across the nation come to Armel for tax preparation & planning, bookkeeping, payroll, and start-up consulting and formation services. Before 2008, Melwani served as the Vice President of Armel Enterprises Inc., a company specializing in the import and distribution of home furnishings. He oversaw the financial operations of this small business for five years, serving as the basis for his small business organization expertise today. After graduating from Babson College, he worked in the audit engagement team at Deloitte & Touche, with clients such as Forever 21, LensCrafters, Merrill Lynch and the Rockefeller Investment Group.