Eckstein Tax Services

Published Quotes



Tax Quotes

“People owe back taxes for many reasons, ranging from honest mistakes and lost paperwork to willful ignorance and tax evasion, said Eckstein. In most cases, the IRS just wants the money and will work with you.

But if you're blatantly deceptive, don't stick to payment plans or ignore collection attempts, the IRS can take action that leaves you broke, such as seizing your accounts and garnishing your wages.”

Writer: Michelle Smith

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“Canceled debt income is taxed as ordinary income and that can significantly increase your tax burden. On top of that, canceled debt income will often increase total income by enough to disqualify you from claiming many deductions and credits, thereby limiting your ability to decrease your tax burden.”

Writer: Melanie Lockert

Student Loan Hero

"These [capital loss] sales reduce the gain from other stock or bond transactions, and if these losses exceed total gains for the year, they will then directly reduce taxable income by a maximum of $3,000," says Michael Eckstein, owner of Michael Eckstein Tax Services in Huntington, New York.

Writer: Geoff Williams

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“Alimony payments are a hard-fought battle in many divorces, and no one wants to pay them,” said Michael Eckstein of Eckstein Tax Services in Huntington, N.Y. “But, for the person stuck paying them, they’re tax deductible.”

Writer: Alaina Tweddale

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"Unbeknownst to most, legal settlements and awards can be taxable. Their taxability is usually complicated and often depends on the details of a particular case," Eckstein says. "To oversimplify things, the taxability of compensatory damages depends on what loss the award was meant to make whole, whereas punitive damages are generally taxable."

Writer: Geoff Williams

US News & World Report
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“The FBAR must be filed if you had $10,000+ in foreign accounts at any point during the year,” says Michael Eckstein, a tax accountant for EcksteinTaxServices.com. “Form 8938 must be filed if you had $50,000+ in foreign accounts at the end of the year, or $75,000+ at any point.”

Writer: Douglas Matus

Self Lender

"Technically, tax returns can be electronically filed up until the last second of tax day," said Michael Eckstein, owner of Michael Eckstein Tax Services in Huntington, N.Y. “But that doesn’t mean you should leave them to the last second,” he said. “Procrastinating can lead to mistakes and maybe even a penalty if it doesn’t get sent on time.”

Writer: Cameron Huddleston

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Personal Finance Quotes

“Before spending your hard-earned raise, reassess your budget. Consider paying down loans or saving more. This may not have an immediate, tangible benefit, but you’ll be in a much better financial position in the future,” says tax accountant Michael Eckstein in Huntington.

Writer: Sheryl Nance-Nash

Newsday

Says Michael Eckstein, a tax accountant in Huntington, “Between emergency funds, retirement accounts, and down payments for houses, there’s a lot worth saving for. A simple reminder to save a few extra dollars a month would go a long way.”

Writer: Sheryl Nance-Nash

Newsday

In many cases, people go broke cosigning for a family member or a friend.

Michael Eckstein of Eckstein Tax Services recalled one woman in her 20s who co-signed for her aunt's loan. The aunt stopped paying, and her niece was left to pay the loan, plus interest, to avoid ruining her credit at a young age.

Cosigning a loan might seem like a simple favor, but it can land you in some serious trouble, he said.

Writer: Michelle Smith

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Michael Eckstein, owner of Michael Eckstein Tax Services in Huntington, New York, says that new parents need to adjust the amount of money that their employers withhold from each of their paychecks for taxes.

To do this, ask your employer for a new W-4 form. Once you have that form, indicate that you have a new child.

Eckstein says that it's important to do this because children bring with them new deductions and credits. You should also tell your employer to reduce the amount of money you’re withholding to account for these new tax benefits.

Writer: Dan Rafter

Wisebread

“Refunds are made of your hard-earned money, and they should be spent like a normal paycheck," said Michael Eckstein, a tax accountant with Eckstein Tax Services. "That means avoiding the urge to splurge, and paying down debt or saving for the future.”

Writer: Caroline Banton

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"When it comes to picking your investments, past performance isn't the only factor to consider," said accountant Michael Eckstein. "There are a lot of other factors involved in choosing a good investment, such as overall portfolio diversity, personal risk tolerance and fees."

Writer: Roger Wohlner

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“These [employee benefit] plans often offer tax-advantaged benefits, but some benefits may require a pretax contribution,” he said. “If you’re fortunate enough to work for a company with a comprehensive employee benefits package, they’re a great way to pay certain expenses while keeping overall taxable income lower.”

Writer: Chuck Epstein

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Set your automated savings plan to withdraw money from your account the day after your paycheck usually clears. “This will save you from overdrafting because you accidentally spent too much before the automatic withdrawal,” says Michael Eckstein, an accountant with Michael Eckstein Tax Services in Huntington.

Writer: Sheryl Nance-Nash

Newsday

"It's important to check your credit periodically – annually is fine – to make sure there are no inappropriate items," says Michael Eckstein of Michael Eckstein Tax Services in Huntington, New York. "If you find any inaccurate information, you can contest it with the credit reporting agencies."

Writer: Jeff Brown

US News & World Report
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"While couples can split many costs, that doesn't put single women at a disadvantage. In fact, being single can be a huge advantage,” accountant Michael Eckstein tells Bustle. “When you're single, you never have to clear ideas with a second person and you never have to compromise. This makes decisions a lot simpler and allows for extra savings opportunities.”

Writer: Lindsay Tigar

Bustle



Small Business Quotes

“Whether it’s sales, payroll, income, or even excise taxes, nothing makes taxes simpler than good record-keeping. Good record-keeping makes finding information easier and, at its core, tax returns are all about finding and reporting information.”

Writer: Deborah Sweeney

Mycorporation.com

“Apps have made record keeping easier and more convenient,” says Michael Eckstein, a tax accountant and founder of EcksteinTaxServices.com. “But the best app is the one you use consistently. Try each of the popular record keeping apps and pick the one that you find the most straightforward and intuitive.”

Writer: Unattributed

Business.com

"Double check your records to make sure they're clear and understandable," said Michael Eckstein of EcksteinTaxServices. "Many accountants charge extra to fix unorganized records."

Writer: Pam Baker

Small Business Computing

“Cash flow management should be based on your product sales,” notes tax accountant Michael Eckstein. “Cash flow problems can be minimized by buying or producing new products well ahead of when they’re expected to run out.” Why? Because “whether you’re purchasing from China or building in your living room, there’s a lot that can go wrong. Leaving buying or building a new product to the last minute can create supply setbacks and cash flow problems.”

Writer: Lee Polevoi

Avalara TrustFile

Tax accountant Michael Eckstein says that business credit history becomes increasingly important in a rising interest rate environment, particularly for business owners who rely on credit lines, or have plans to finance expansion.

Writer: Stephanie Taylor Christensen

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Miscellaneous Quotes

Michael Eckstein, an enrolled agent who started Michael Eckstein Tax Services about a year ago, has also found that many of his clients crave a closer professional relationship with their accountant than they were able to get at bigger firms. His one-man firm focuses on individual tax preparation and bookkeeping.

“A lot of the clients coming to me say their previous accountant wasn’t very human and couldn’t get back to them,” said Eckstein, whose firm in Huntington, Long Island, serves clients in New York City. “I have one new client who called his accountant six times and the accountant never returned a call.”

The big challenge for small accounting startups is raising their profile. Without a corporate marketing department behind him to spread the word, Eckstein has focused on building a unique web presence.

His website features a picture of the bearded 2013 graduate of Stony Brook University, wearing hip eyeglasses and promising, “I'm not your parents' curmudgeonly accountant, and I'm not here to make life difficult. I'm here to make a trip to the accountant a pleasant experience and to guide you through the intricacies of the tax code.”

Eckstein has found that being different has been helpful in attracting clients. “Right now, there are a lot of cookie-cutter accountant websites,” said Eckstein. “My website is different from all of theirs. A lot of clients have complemented it.” The key for Eckstein will be finding more of them, so that he can build his startup in a crowded marketplace.

Writer: Unattributed

Crain's New York Business

“As Michael Eckstein, who owns Michael Eckstein Tax Services in Huntington, New York claims, “It’s incredibly important for a financial advisor to understand their area of practice. We’re being paid for accurate facts or advice.” Many clients rely heavily on the advice of financial professionals, Eckstein explains. “Because they’re paying us, our clients are taking us on our word and, oftentimes, don’t verify what we tell them.” To Eckstein, that means “Not being an expert is, at least, disingenuous and, at worst, unethical.”

Writer: Unattributed

National Financial Educators Council

“My biggest challenge in selling financial services is two fold…

On one hand, my services aren’t glamorous and, on the other, I’m not a salesman by any stretch of the imagination.

I’m a tax accountant. I prepare taxes, keep records, and consult. These aren’t glamorous services. I don’t help people make money. I help them save it. It’s a hard angle to pitch. No one wants to pay money just to save.

On top of that, I’ve never considered myself a salesman. I know the days of not selling yourself are long gone. But, that’s not the type of business I want to run. I want my clients to know that I keep their best interests in mind and that I don’t see them as walking piggy banks.

So, I find myself between a rock and a hard place. I either pitch hard to overcome the banality of my services or continue down my current path. For now, I’ll stay steady on my course.”

Writer: Angela Stringfellow

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