Is moving from Manhattan to Jersey City actually better for taxes?

It depends. You save NYC's resident tax (up to 3.876%) but lose capital loss carryforwards (which NY allows). If you have years with large losses followed by large gains, NJ's rules can cost more than NYC tax avoided.

Jersey City CPA Services

Q: I live in Jersey City but work on Wall Street. Where are my taxes filed?

You file as NJ resident. NY wages are subject to NY withholding, but you receive credit on your NJ return. Investment income including crypto gains is taxable only to NJ—you avoid NYC's 3.876% resident tax on those gains.

Accounting, Tax & Advisory Services for Jersey City Residents and Businesses

Jersey City is New Jersey's second-largest city and a major financial hub—directly across the Hudson from Manhattan's Financial District. Home to Goldman Sachs offices, hedge funds, and a concentration of finance professionals, Jersey City residents often have sophisticated financial needs. Whether you're a Wall Street commuter, a small business owner in the Heights, or a crypto investor seeking specialized expertise, you need a CPA who understands both your local situation and the complexities of modern finance.

At Monaco CPA, we provide comprehensive accounting, tax, and advisory services to Jersey City residents and businesses throughout Hudson County. Work directly with Gregory Monaco, CPA, MBA—not junior staff or seasonal preparers. Get proactive planning year-round, not just at filing time.

Book a Free 15-Minute Consultation →

As Featured In

Monaco CPA has been featured in Nasdaq, Yahoo Finance, GOBankingRates, and BeInCrypto for cryptocurrency tax expertise.

Why Jersey City Clients Choose Monaco CPA

Direct CPA Access

You work directly with Gregory Monaco, a licensed New Jersey CPA with an MBA. No handoffs to junior staff, no call centers, no runaround. Every tax return, financial question, and strategic decision gets expert-level attention from someone who knows your situation.

Proactive, Not Reactive

I don't just tally numbers at year-end—I plan ahead. Expect quarterly check-ins, year-round tax planning, and strategies to minimize your tax burden before it's too late. No last-minute scrambling or surprise tax bills.

Clarity, Always

Say goodbye to accounting jargon. I explain your financials in plain English, provide clear dashboards, and ensure you always understand where your money is going. Every report comes with actionable insights, not confusing spreadsheets.

Services for Jersey City Residents and Businesses

1. Bookkeeping & Accounting

Stay Organized, Stay Confident

I handle your day-to-day financial recordkeeping so you always have an accurate picture of your finances:

Monthly bank reconciliations and transaction categorization
Accounts payable (bills) and receivable (invoices) management
Clean, GAAP-compliant financial statements
QuickBooks Online setup and management
Payroll processing coordination
Transaction-heavy bookkeeping for high-volume businesses
Catch-up bookkeeping for messy or behind records

With up-to-date books, you can make informed decisions and avoid cash flow surprises. Plus, as a CPA-led service, I ensure everything is GAAP-compliant and tax-ready. Spend less time in Excel and more time on your business.

Learn more about bookkeeping services →

2. Cryptocurrency Tax Accounting

Simplify Complex Crypto Reporting

Crypto investors and blockchain entrepreneurs, this one's for you. Jersey City's finance-savvy population often has sophisticated crypto portfolios. I provide specialized accounting and tax services for Bitcoin and digital assets:

Capital gains/losses calculation across all wallets and exchanges
Rev. Proc. 2024-28 compliant wallet-by-wallet cost basis tracking
Form 1099-DA reconciliation and matching
Form 8949 and Schedule D preparation
DeFi transaction reconciliation (liquidity pools, yield farming, bridges)
Staking and mining income reporting
NFT creator and collector taxes
High-volume trading reconciliation for active traders

My expertise in this ever-evolving area means I help you minimize surprises at tax time and stay ahead of new IRS rules. Don't let the complexity of crypto taxes intimidate you—I make it easy and compliant.

Learn more about crypto tax services →

View all crypto tax guides →

3. Tax Preparation & Planning

Maximize Savings, Minimize Stress

Taxes done right, with strategy in mind. I prepare federal and New Jersey state tax returns for individuals, families, and businesses—ensuring accuracy and timely filing every time:

Individual and family tax returns (Form 1040, NJ-1040)
Small business returns (Schedule C, Form 1120-S, Form 1065)
Multi-state filing for Jersey City residents working in New York
Quarterly estimated tax planning to avoid underpayment penalties
Year-round tax planning to legally minimize your tax bill
IRS and NJ Division of Taxation notice response
Entity selection guidance (LLC vs. S-Corp optimization)

I don't stop at form-filing: I work with you throughout the year on proactive tax planning. That means identifying deductions and credits, advising on timing of income and expenses, and structuring transactions to legally lower your tax bill. My goal is that you never pay more tax than you owe.

Learn more about tax services →

New Jersey crypto tax guide →

4. Fractional CFO & Advisory

More Than Compliance—A Partner for Growth

Think of this as CFO-level guidance tailored to small business budgets. Jersey City's growing business community includes many scaling companies that need strategic financial leadership without the full-time cost:

Budgets and financial forecasts
Profitability analysis by product, client, or project
KPI dashboards that matter for your industry
Business structure optimization (LLC vs. S-Corp evaluation)
Cash flow forecasting to prevent crunches
Pricing strategy and growth planning
Investor-ready reporting and financial modeling

I help you align your finances with your growth goals. You'll get to make decisions with an experienced CPA by your side, without the six-figure cost of a full-time CFO. I don't just report history—I help you shape the future.

Learn more about fractional CFO services →

Who I Help in Jersey City

Individuals & Families

Whether you're a W-2 earner or a family with multiple income sources, I make tax time stress-free. Annual returns, IRS notice response, retirement planning, and maximizing every deduction you're entitled to.

Small Businesses & Freelancers

Focus on running your business—I handle the accounting. Bookkeeping, entity selection (LLC vs. S-Corp), quarterly estimates, payroll, and strategies to legally reduce taxes. Consider me an extension of your team.

Crypto Investors & Traders

From casual investors to full-time traders, I handle cryptocurrency's unique tax challenges. Capital gains calculation, cost basis tracking, staking and mining income, DeFi transactions, and NFT sales. Complex portfolios with thousands of transactions? I use advanced tools to reconcile high-volume activity.

Finance Professionals

Many Jersey City residents work on Wall Street and have sophisticated financial situations—token compensation, complex investment portfolios, multi-state income. I understand your world and provide the expert guidance you need.

Industry Specializations

Crypto & Digital Assets: Bitcoin, Ethereum, DeFi, NFTs, mining, staking, international compliance
E-Commerce & Online Business: Multi-state sales tax, inventory management, platform optimization
Professional Services: Consultants, freelancers, project profitability, contractor management
Real Estate Investment: Rental properties, 1031 exchanges, cost segregation studies

Jersey City vs. NYC: Tax Comparison

Many Jersey City residents chose JC specifically to avoid NYC's resident tax. Here's how the numbers compare:

New Jersey Tax Rules: What Jersey City Residents Must Know

The New Jersey Capital Loss Trap (TAM-2015-1(R))

Per New Jersey Technical Advisory Memorandum TAM-2015-1(R), New Jersey's Gross Income Tax has harsh rules for capital losses:

No capital loss carryforward: Unlike federal rules, NJ losses not used in the current year are lost forever
No deduction against ordinary income: Federal rules allow $3,000 of net capital losses to offset ordinary income; NJ allows zero
No preferential rates: NJ taxes all gains at ordinary income rates up to 10.75%, regardless of holding period

This makes strategic timing of gains and losses essential for Jersey City residents with investment income.

Complete New Jersey crypto tax guide →

New Jersey Income Tax Rates (2025)

By the Numbers

100% Secure - All documents handled through encrypted TaxDome portal. Bank-level security, AICPA best practices for confidentiality.
24-Hour Response - Questions answered within one business day. You won't be left waiting for critical financial answers.
50 States Served - Based in New Jersey, delivering services nationwide through virtual meetings and cloud technology.

How It Works

Connect: Schedule your free 15-minute consultation. I'll discuss your needs, answer questions, and provide transparent pricing. Book online or call (862) 320-9554.
Upload: I set you up on the secure TaxDome portal. Upload documents—tax returns, QuickBooks files, statements—quickly and safely. No paper shuffling required.
Review: I analyze your information, identify opportunities, and prepare deliverables—books, returns, or financial plans. I may follow up with questions to ensure accuracy.
Relax: Your accounting and tax matters are handled. I deliver results on time, walk you through everything, and provide year-round support—not just once-a-year service.

Areas We Serve in Jersey City and Hudson County

I serve Jersey City and surrounding Hudson County communities:

Jersey City: Downtown Jersey City, Exchange Place, Paulus Hook, Newport, Journal Square, The Heights, Bergen-Lafayette, Greenville
Hudson County: Hoboken, Weehawken, West New York, Union City, North Bergen, Secaucus, Bayonne, Kearny, Harrison

All services delivered via secure portal and video consultation—convenient for busy finance professionals.

View all service areas →

Frequently Asked Questions

I live in Jersey City but work on Wall Street. Where are my taxes filed?

You file as a New Jersey resident. Your wages earned in NY are subject to NY withholding, but you receive credit on your NJ return for taxes paid to NY. Your investment income (including crypto gains) is taxable only to NJ—you avoid NYC's 3.876% resident tax on those gains. I handle coordinated NJ-NY returns regularly.

I moved from Manhattan to Jersey City to save on taxes. Is it actually better?

It depends. You save on NYC's resident tax (up to 3.876%), but you lose the ability to carry forward capital losses (which NY allows). If you have years with large losses followed by large gains, NJ's rules can cost more than the NYC tax you avoided. I help you model both scenarios.

My books are a mess—can you help?

Absolutely. I perform catch-up bookkeeping for new clients regularly. I'll categorize transactions, reconcile accounts, and fix past errors. By the time I'm done, your books will be up-to-date and tax-ready. I won't judge the past—I'll just get things in order so you can move forward confidently.

I received tokens from my employer. How are they taxed?

Token compensation is taxed as ordinary income at fair market value when vested (or earlier if you file a Section 83(b) election within 30 days of grant). Subsequent sale creates a separate capital gain/loss event. Both events are subject to NJ tax—and NJ's loss rules apply to any losses on sale.

Can I use mark-to-market as a professional trader?

Not for spot cryptocurrency. Section 475(f) MTM election is only available for securities and commodities as defined in the IRC. The IRS treats crypto as intangible property, so MTM is not available regardless of your trading background.

What's your pricing?

Pricing varies by service complexity. I provide transparent quotes after understanding your situation during your free consultation. No surprise fees.

Get Started with a Jersey City CPA Who Understands Your Needs

Experience the Monaco CPA difference: direct access to an experienced CPA, same-day responses, proactive planning, modern technology, and transparent pricing. I maintain a select client base to ensure exceptional service quality.

Free 15-Minute Consultation • No Obligation

Book Free Consultation →

Phone: (862) 320-9554
Email: Greg@MonacoCPA.CPA

📍 Livingston, NJ | Serving Jersey City, Hudson County, and clients nationwide

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