"Greg was very easy to work with. I had a complicated scenario that he was able to manage, with complete confidence. I would highly recommend using him."
"I've had a great experience working with Greg Monaco. He is incredibly detail-oriented and thorough, making sure everything is handled correctly and fully compliant. What really stood out to me is how…"
"Monaco CPA is excellent to work with! Greg is detail-oriented, knowledgeable, and prompt. He's been instrumental in helping me get my business off the ground with a strong financial foundation that includes…"
"If you need a CPA or accountant in Livingston or Essex County, I highly recommend Greg at Monaco CPA. My wife and I switched because my old accountant often didn't return my calls. Greg is different. He…"
"I've been working with Greg Monaco, CPA for a few years now, and he's honestly saved me real money with both personal tax help and crypto tax stuff. He answers quickly, breaks things down in a way that's…"
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Reviews reflect individual experiences and do not guarantee similar outcomes. Tax savings and other results depend on each person's facts and are not typical of all engagements. No reviewer was compensated for providing a review.
Healthcare professionals face unique tax challenges, from practice entity structure and physician compensation planning to retirement accounts and the QBI deduction.
Physicians, dentists, and other healthcare professionals are among the highest-earning professionals in New Jersey, and among the most overtaxed, often because their practice entity structure and compensation planning have not kept pace with tax law.
Tax preparation and planning for NJ medical practices covers solo practitioners and group practices alike. Key strategies include maximizing the Section 199A QBI deduction, implementing S-Corp structures where appropriate, and setting up defined benefit plans that can shelter large amounts of income.
Whether you are a solo practitioner operating as a sole proprietor or a multi-physician group practice operating through a professional corporation, effective tax planning and return preparation can make a significant difference in your bottom line.
Personal Review
Start with the contact form. Share the basics and expect a response within 1–2 business days with a clear next step.
Get StartedView PricingDetermining the optimal entity structure (PC, S-Corp, C-Corp, or a professionally-owned LLC)
Qualifying for the QBI deduction despite the 'specified service trade' limitation
Setting reasonable W-2 compensation as an owner-employee
Maximizing retirement contributions (SEP-IRA, Solo 401(k), defined benefit plan)
Managing NJ CBT on professional corporation income
Deducting medical equipment under Section 179 or bonus depreciation
Handling buy-in and buy-out transactions for group practices
Tracking and deducting continuing medical education (CME) costs
Planning for practice sale and goodwill allocation
Managing payroll for support staff
Tax preparation, planning, and compliance services tailored to your industry.
Analysis of PC and S-Corp structures, and LLCs organized under NJ professional-practice rules, to minimize self-employment tax and NJ CBT while maintaining professional liability protection.
Medical practices are 'specified service trades' under IRC § 199A, but strategic planning can still capture partial QBI benefits at certain income levels.
SEP-IRA, Solo 401(k), and defined benefit pension plan analysis for physicians who want to shelter significant income before year-end.
Annual tax return preparation for professional corporations, S-Corps, and partnerships, plus personal returns for physician owners.
Optimal W-2 salary setting for owner-physicians, payroll compliance for staff, and NJ SUI/SDI registration.
Section 179 and bonus depreciation planning for diagnostic equipment, office furniture, and technology purchased by the practice.
Free Tool
No fixed income threshold decides the election. Use the free calculator to screen sole prop SE taxes vs. S-Corp payroll taxes, including NJ compliance costs - then model the full return before electing.
Screen Your S-Corp Numbers"I've had a great experience working with Greg Monaco. He is incredibly detail-oriented and thorough, making sure everything is handled correctly and fully compliant. What really stood out to me is how proactive and dedicated he is. He goes above and beyond to ensure he has a complete understanding before making any recommendations. Greg is also exceptionally patient and takes the time to clearly explain things in a way that's easy to understand, which is something I truly value and haven't always found with other CPAs. Throughout the entire process, I felt confident that he had my best interests as a top priority. I'm looking forward to continuing to work with him long-term and would highly recommend him to anyone looking for a knowledgeable, responsive, and trustworthy CPA."- Laura M.
These reviews reflect individual experiences and do not guarantee similar outcomes. Results vary based on each person's specific facts and circumstances. No reviewer was compensated for providing a review. Tax savings and outcomes depend on individual tax situations and are not typical of all engagements.
Have a different question about medical practices tax or accounting? Send Greg a message - all inquiries are answered within 1-2 business days.
Medical practices are classified as 'specified service trades or businesses' (SSTBs) under IRC § 199A. For 2026, the SSTB phaseout begins at taxable income of $201,750 (single/HoH) / $403,500 (MFJ) and ends above $276,750 / $553,500. Below the phaseout threshold, SSTB status does not reduce the preliminary deduction, but QBI is reduced by allocable deductions and the taxable-income ceiling still applies.
A professional corporation (PC) or a New Jersey LLC organized and operated under the professional-ownership rules of N.J.A.C. 13:35-6.16 may elect S-Corp tax treatment, but no fixed income level establishes that it is the most tax-efficient structure; the complete return must be modeled. New Jersey does not register a separate 'PLLC' legal form - a professional practice uses an ordinary LLC (or an eligible PC/professional association) subject to those licensing, ownership, control, and naming rules, and no entity ever shields a physician from liability for the physician's own malpractice. An S-Corp divides owner compensation between supportable W-2 wages and pass-through income, changing the payroll-tax calculation; QBI, income tax, benefits, entity costs, and compliance can shrink, eliminate, or reverse the gross payroll-tax difference. Confirm entity choice with healthcare/licensing counsel before filing.
A physician with an S-Corp can contribute up to $70,000 to a SEP-IRA or Solo 401(k) in 2025 ($72,000 for 2026). The Solo 401(k) additionally allows a catch-up of $7,500 for ages 50+ in 2025 ($8,000 for 2026) or $11,250 for ages 60-63 under SECURE 2.0 - SEP-IRAs do not permit catch-up contributions. A defined benefit pension plan can shelter significantly more, sometimes $200,000+ per year, for physicians in their 50s and 60s who want to accelerate retirement savings.
Yes. This practice covers multi-physician and multi-provider group practices organized as partnerships, S-Corps, or C-Corps - including partnership returns, K-1 issuance, and coordinated individual returns for multiple partners.
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Tax advice disclaimer: This material is for general educational information only and is not legal, tax, or accounting advice for your specific facts. A CPA-client relationship is formed only through a signed engagement letter.