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Stop dreading tax season. Learn how proactive, year-round tax planning helps NJ small businesses save money, reduce stress, and avoid April surprises. Get expert help from Gregory Monaco, CPA in Livingston, NJ.

Taxes are a fact of life for small business owners, but smart planning can keep more money in your pocket. As a business owner in Essex County, New Jersey  – whether you run a boutique in Short Hills or a consulting firm in Roseland – you know every dollar counts. This guide to small business tax deductions NJ entrepreneurs can use will walk you through ways to lower your tax bill legally. We'll cover common deductions, NJ-specific tips, and how proactive tax planning can ma

Cryptocurrency is a rapidly growing field, with decentralized finance (DeFi) and non-fungible tokens (NFTs) leading the way. As new investors enter this space, grasping the tax implications of their activities is critical. This post simplifies concepts like staking, yield farming, and NFT transactions, making them easy to understand for everyone—from beginners to seasoned investors. What is Decentralized Finance (DeFi)? Decentralized finance, or DeFi, is a blockchain-based fi

Go Paperless, Stay Prepared For business owners in Livingston, Short Hills, and across Essex County, paperless bookkeeping in NJ isn’t just about convenience — it’s about clarity. When your receipts, invoices, and bank records are digitized, you reduce stress, eliminate clutter, and keep your books audit-ready all year. Why Paperless Bookkeeping Matters Paper fades, gets lost, or piles up. Digital records are easier to search, organize, and back up. Using integrated apps wit

Intro:  When you’re a busy entrepreneur in New Jersey, bookkeeping tasks often fall to the back burner. Many Livingston  and Short Hills  business owners start out doing their own books, only to discover how easy it is to make errors that cost time and money. In fact, studies have found that 60% of small business owners feel they lack accounting knowledge , and poor financial practices contribute to 82% of small business failures . Yikes! The good news is that these problems

If you’re a small business owner in Livingston, Short Hills, or anywhere in Essex County, NJ, you’ve likely heard about S-Corporations as a way to save on taxes. Running your business as an S-Corp can indeed cut your tax bill but only if you balance your salary and shareholder distributions correctly. Pay yourself too little salary and you risk IRS penalties; pay yourself too much and you might miss out on tax savings. In this guide, we’ll break down S Corp salary vs. distrib

One of the most common mistakes small business owners make — especially new LLCs and S-Corps in Livingston, NJ and across Essex County — is mixing personal and business finances. While it may seem harmless to use your personal card “just once,” doing so repeatedly creates confusion, IRS red flags, and legal risks. Let’s explore why separation matters, how to do it properly, and how your CPA can help you stay compliant and organized. A calculator and tax documents ready for ye

Keeping your books accurate means more than just recording transactions. Every month, your financial records need a checkup — that process is called reconciliation. For small business owners in Livingston, NJ, and across Essex County, regular bank and credit card reconciliations are the foundation of reliable financial statements and smooth tax filings. Here’s your step-by-step playbook to reconcile like a pro (or with your CPA’s help) every month. What Is Bank Reconciliation

Whether you’re a consultant, contractor, designer, or medical professional in Livingston, NJ, understanding your chart of accounts (COA) is critical to managing accurate financial records. This foundational bookkeeping structure determines how every transaction flows into your reports — and ultimately how you make decisions and file taxes . Let’s break down what a chart of accounts is, why it matters, and how to tailor one for your New Jersey service business. What Is a Char

Understanding financial statements can seem overwhelming for many business owners. However, having a solid grasp of these documents is crucial for making informed decisions and steering your business towards success. This guide aims to simplify the essential components of financial statements, allowing you to read them like a Chief Financial Officer (CFO). By the end, you will understand the income statement, balance sheet, and cash flow statement, along with key metrics that

Choosing between cash and accrual accounting is one of the most important decisions a small business owner can make. For businesses in Livingston, NJ, and throughout Essex County, the method you select affects how you record income, manage taxes, and interpret your company’s performance. This guide explains the differences between cash and accrual accounting, how each impacts your books, and how to decide which method best fits your business goals. A calculator and tax docum

Running a small business in Livingston, NJ comes with enough moving parts — managing clients, vendors, and daily operations — that bookkeeping can often slip down the priority list. Yet accurate bookkeeping isn’t just about compliance; it’s the backbone of financial clarity, smarter tax planning , and long-term profitability. In this guide, we’ll walk through the fundamentals of small-business bookkeeping, why it matters, and how you can implement simple, effective practices

As a small business owner in New Jersey, the world of taxes can feel like a maze. The good news is that you may be missing out on valuable deductions that can lighten your tax load. Even small deductions can make a big difference in your finances. In this post, we will reveal the top five tax deductions that many small business owners overlook, along with practical examples and tips on how to take advantage of them. Understanding these deductions can lead to substantial savin

In the fast-paced world of small business, especially in thriving communities like Livingston, NJ, keeping up with your finances can quickly become overwhelming. Between serving customers, managing employees, and driving growth, bookkeeping often ends up on the back burner — and that’s where costly mistakes can happen. A professional bookkeeper does far more than record numbers; they help business owners make informed decisions, maintain compliance, and plan confidently for t

As the year winds down, it’s the perfect time to take control of your finances and focus on year-end tax planning. Proactive tax strategies can significantly reduce your liabilities and help you take full advantage of available deductions and credits. This comprehensive checklist will guide you through key actions to complete before December 31, so you can maximize your tax savings and enter the new year with financial confidence. A calculator and tax documents ready for year

As cryptocurrency becomes more mainstream, understanding the tax regulations is more important than ever—especially as we approach 2025. Crypto investors need to be aware of how to track transactions, report capital gains, and avoid common filing mistakes. Doing so can save you from potential legal troubles and financial penalties down the line. In this post, we will break down key aspects of crypto taxes and offer you practical strategies to ensure IRS compliance. A calculat

In the fast-paced world of small business finance, maintaining accurate bookkeeping is not just a necessity; it’s a cornerstone of success. For business owners in New Jersey, developing strong bookkeeping habits can significantly improve decision-making and ensure tax readiness. This blog post will explore five essential bookkeeping habits that every NJ business owner should build, along with practical QuickBooks tips to streamline the process. By the end of this post, you’ll

As a business owner, your focus is on growth and innovation. However, effectively managing your finances is key to your long-term success. The Monaco CPA Services Guide can be your go-to resource for navigating the complexities of financial management. Created by Gregory Monaco, CPA, the founder of Monaco CPA – Accounting & Advisory Solutions, this guide aims to help entrepreneurs, small businesses, and investors understand and enhance their financial strategies. In this pos

As a small business owner in New Jersey, you juggle many responsibilities. From managing daily tasks to planning for future growth, it can be easy to overlook one critical area—tax planning. However, taking a proactive approach to tax planning can spare you from unforeseen surprises at year-end and let you concentrate on running your business effectively. In this article, we’ll delve into how proactive tax planning can help you tackle the complexities of small business taxes,