by Michael Eckstein | May 29, 2018 | General, Tax
Summary Tax Cuts and Jobs Act capped the state and local income tax (SALT) deduction at $10,000 New York State passed two workarounds IRS implies the charitable funds workaround may not be ‘charity’ for federal tax purposes Future IRS opinions may create collateral...
by Michael Eckstein | Jan 1, 2018 | Tax
On December 22, the President signed into law the Tax Cuts and Jobs Act of 2017 (TCJA). TCJA is the largest tax overhaul since the 1986 Tax Reform Act and it will affect almost every individual and business in the United States. Generally, the new law goes into effect...
by Michael Eckstein | Dec 1, 2017 | Uncategorized
I’m proud to announce that, starting January 1st, I will be expanding to Forest Hills, Queens to better serve the area. I hope this move will help give my clients that live in Queens, and NYC, greater access to both myself and my services. For now, I’ll...
by Michael Eckstein | Oct 2, 2017 | General
I’m extremely proud to announce that I’ve been nominated for both the best Accountant and Accounting Firm in the ‘Bethpage Best of LI’ awards. The ‘Best of LI’ awards celebrate the Long Island’s best activities, businesses, and...
by Michael Eckstein | Jul 1, 2017 | Uncategorized
IRS CP2000 notices are one of the most common notices. You typically get a CP2000 notice when there’s a discrepancy with what you reported on your tax return and what was officially reported to the IRS by others. Usually, these notices results in an increase in...
by Michael Eckstein | Apr 1, 2017 | Bookkeeping
As a small business owner, your business is your baby and it can be difficult to delegate tasks. But, everyone makes mistakes from time to time, especially when it comes to bookkeeping. Keeping these 4 common mistakes in mind can save you from lots of unnecessary...
by Michael Eckstein | Feb 13, 2017 | Business
Entrepreneurs are experts at what they do. They know the ins and outs of their products and services. But, oftentimes, they aren’t experts at running a business. Whether it’s bookkeeping or growing your business, everyone needs a little help from time to...
by Michael Eckstein | Feb 2, 2017 | Business
When opening a business, you may have to spend money on equipment, vehicles, legal fees, and leasehold improvements before you can start making money. All of these expenses can be deducted, but they have receive a special tax treatment because they were incurred...
by Michael Eckstein | Jan 23, 2017 | Business
Owning your own business is the American dream. Sometimes, when you take the leap, everything looks great in the beginning. You’re your own boss, you’re making money, and people really appreciate the work you’re doing. Then, after a few months or...
