Armel Tax, NYC Accounting Firm, Dispels Common Tax Misconceptions

NEW YORK - March 26, 2013 - PRLog -- New York City, New York – March 19, 2013 – We are in the thick of tax season, which means individuals and businesses are working hard to get their affairs in order before the April deadline. Because information spreads so rapidly these days, it is easy to be caught off-guard and fall victim to some common misconceptions. Armel Tax, one of the premier accounting firms in New York City, wants to dispel these rumors and claims with verifiable, trustworthy facts to make it easier for the self-employed individuals and small businesses looking to file their taxes correctly.

As president of the Armel Tax accounting firm in NYC, Anil Melwani is all too familiar with businesses that fail to heed his advice and are surprised to be slapped with interest and penalties down the road. For example, many filers become confused when it comes to extensions. Anyone who is filing for extensions should take note, says Melwani: “You should still make estimated payments to avoid penalties and interest.” These estimated extension payments should be based on whatever income and deduction amounts you have including any estimated amounts. He adds that you should always round up when making estimated payments, pointing out that “it is cheaper—no penalties or interest—to get a refund than to owe later.” It is this common-sense approach to taxes and finance that makes Armel Tax one of the most sought-after accounting firms in New York for self-employed individuals and small businesses.

If you make quarterly estimated payments, the first one for 2013 is due on April 15th.  This deadline also applies to most owners of LLCs, partnerships, and/or S-Corporations.  Like many accounting firms across the country, Armel Tax is opening its doors to help as many clients as possible before the deadline.  Armel Tax is accepting new clients through April 15th and encourages those who might be interested in their services to download their 2012 tax organizer at www.armeltax.com. Online tools like these are helping filers to get organized before contacting an accounting firm, saving time and money as they prepare to file taxes. The benefits of using an organizer like this cut both ways: the filer has a better understanding of what is needed to file, and the accounting firm can look it over and provide an accurate quote for their services—before the filer ever comes into the office.

Of course, this is not a substitute for the personal service, as Melwani is quick to point out. “While we always like meeting our clients face to face, if it is more convenient for you, we can accept your documents via e-mail, fax or our secure, easy-to-use online portal,” he says to prospective customers. These tools are merely meant to help the process along, to give customers more resources and constant connectivity to the tax process. If you forget a file at home, you can upload it later, saving everyone time and stress. Armel Tax provides a comprehensive Tax Center to its clients to track refunds, look up important due dates, and calculate the effective tax rate. It's easy to do homework with these resources at hand, and it helps accountants to know where clients stand and what needs to be done next. This makes the time used during appointments better spent and is one of the main purposes of these new online portals.

If you are a self-employed individual or small business in New York City, accounting firms like Armel Tax are ready to serve you and help you prepare for the upcoming tax deadline. To find out more, readers can visit www.armeltax.com.