Your CPA in Madison, NJ
Monaco CPA is a virtual CPA practice serving Madison, New Jersey, providing personal tax preparation, small business accounting, multi-state tax planning, and bookkeeping services to individuals and businesses across Morris County and beyond.
CPA Services in Madison
Monaco CPA is a virtual CPA practice serving Madison, New Jersey, providing personal tax preparation, small business accounting, multi-state tax planning, and bookkeeping services to individuals and businesses across Morris County and beyond.
Founded by Greg Monaco, CPA, the practice is built on a simple idea: you deserve the same level of attention and care that large corporations receive from their accounting firms. Every engagement is handled personally by Greg, whether you are a Midtown Direct commuter in finance, a pharmaceutical executive managing equity compensation, or a Drew University professor juggling consulting income alongside your faculty salary.
Monaco CPA combines deep familiarity with the NJ tax landscape with the convenience of a fully virtual practice. All consultations are conducted via video call or phone, and documents are exchanged securely through an encrypted client portal. No need to find parking on Main Street or wait in a downtown office.
Why Madison Clients Choose Monaco CPA
Madison residents face layered tax complexity driven by high incomes, significant property tax exposure, and a commuter workforce split between Manhattan and the Morris County corporate corridor. With a median household income of $171,471 and average property taxes of $14,959, most Madison households exceed the federal SALT cap before counting any state income tax. The 2025 increase to $40,000 provides relief for earners under $500,000 MAGI, but for Madison's highest-income families, the cap phases back down, making BAIT elections for pass-through entity owners an essential planning strategy.
An estimated 30 to 40 percent of Madison's working residents commute to New York City via Midtown Direct service from the historic Madison station. These households must file both a NJ resident return and a NY nonresident return, claiming a credit for taxes paid to New York. Hybrid work has complicated this further: New York's Convenience of the Employer rule can treat days worked from your Madison home office as NY income, increasing your NY tax obligation. Maintaining a log of daily work location is one of the simplest and most important steps you can take.
Morris County hosts 14 of the world's top 20 pharmaceutical companies, and Madison sits at the center of this cluster. Pharma executives receiving RSUs, incentive stock options (ISOs), and deferred compensation under Section 409A face some of the most intricate tax planning in any profession. ISOs create no ordinary income tax at exercise but generate significant AMT exposure, while ongoing M&A activity in the pharma sector makes golden parachute provisions under Section 280G a recurring concern. Monaco CPA helps model these scenarios before vesting dates and exercise windows arrive.
Beyond commuters and corporate professionals, Madison's economy includes two universities, a growing Giralda Farms campus with law firms and advisory practices, and a vibrant Main Street with nearly 1,900 businesses. Whether you are forming an LLC, evaluating an S-Corp election, managing capital gains from investment accounts, or exploring crypto tax reporting, Monaco CPA provides tax guidance tailored to Madison's professional community. Use our estimated tax calculator to project your quarterly NJ and federal obligations.
Work Directly with Greg
Every engagement handled personally - your CPA knows your name and your situation.
NJ Licensed CPA
Livingston-based virtual CPA licensed in New Jersey, serving clients statewide.
Virtual Convenience
Secure portal, video consultations, and e-filing from anywhere.
Responsive Communication
All inquiries answered within one business day.
Areas We Serve
Monaco CPA serves clients throughout Madison and Morris County, NJ, including:
Services Available in Madison
Accurate, stress-free tax returns for W-2 earners, freelancers, and self-employed individuals.
Year-round strategies to help reduce your tax liability legally.
Returns and compliance for S-Corps, LLCs, partnerships, and sole proprietorships.
Monthly bookkeeping, QuickBooks Online setup, and financial reporting.
QuickBooks Online setup, cleanup, training, and ongoing support from a Gold Certified ProAdvisor.
Payroll processing, tax filings, and compliance for NJ businesses.
What Clients Say
“Greg was very professional in helping me with my taxes. He broke it down and explained all the details. He was very easy to communicate with. His tax planning and strategies helped me save money.”
Brandon B.
“Great service and really efficient. The virtual process was straightforward and saved me a ton of time.”
Eric R.
“Greg took the time to listen to my concerns and answer my tax related questions and put my mind at ease. I would definitely recommend to others.”
Mike D.
These testimonials reflect individual client experiences and do not guarantee similar outcomes. Results vary based on each client's specific facts and circumstances. No client was compensated for providing a review. Tax savings and outcomes depend on individual tax situations and are not typical of all client experiences.
Frequently Asked Questions
How much does a CPA cost in Madison, NJ?
CPA fees in Madison and Morris County vary by service. Individual tax returns typically start at $350, while small business returns (S-Corp, LLC, partnership) start at $750. For Madison households with dual-state NJ/NY filing, equity compensation, or AMT considerations, fees reflect the added complexity. Monaco CPA publishes transparent pricing on our pricing page with no hidden fees.
I commute from Madison to New York City. How are my taxes affected?
Madison residents working in NYC must file both a NJ resident return (NJ-1040) and a NY nonresident return (IT-203). New Jersey provides a credit for taxes paid to New York, and NJ residents are exempt from NYC's city income tax. If you work a hybrid schedule, you need to carefully track days in each state because New York's Convenience of the Employer rule can tax your work-from-home days as NY income.
How does the SALT cap affect Madison homeowners?
Madison's average property tax bill is approximately $14,959 per year, which alone nearly exhausts the previous $10,000 federal SALT cap before counting any NJ state income tax. The 2025 increase to $40,000 provides meaningful relief for households under $500,000 MAGI, but the cap phases back down for higher earners. For pass-through business owners, the NJ BAIT election allows state tax to be deducted at the entity level, bypassing the individual cap entirely.
Does Monaco CPA help with RSU and stock option tax planning for pharma executives?
Yes. Morris County is the epicenter of New Jersey's pharmaceutical industry, and many Madison residents receive RSUs, incentive stock options, and non-qualified stock options. RSUs are taxed as ordinary income at vesting, ISOs can create significant AMT exposure, and NQSOs trigger ordinary income at exercise. Monaco CPA models these scenarios to help you time exercises and plan withholding to avoid surprises.
What is the NJ exit tax and how does it affect Madison homeowners?
When selling your Madison home and moving out of New Jersey, you must prepay the greater of 8.97% of the net capital gain or 2% of the total sale price at closing. With Madison homes regularly selling above $1 million, the withholding can be substantial. This prepayment is credited against your final NJ tax return, but the cash flow impact at closing requires advance planning.
Does Monaco CPA work with university faculty at Drew or FDU?
Yes. University professors and staff face a distinct mix of income types: W-2 salary, sabbatical pay, consulting fees reported on Schedule C, book royalties, and research grants, each with different tax treatment. Consulting income triggers self-employment tax, while royalties may be reported on Schedule C or Schedule E depending on ongoing involvement. Monaco CPA helps faculty navigate these distinctions.
Ready to Work with a Madison CPA?
Start your tax return through the secure portal or send a message to discuss your needs.
Monaco CPA is licensed by the New Jersey State Board of Accountancy (Firm License #20CB00789800). Services are provided remotely to clients nationwide. Monaco CPA does not maintain physical offices outside New Jersey and does not hold CPA firm permits in other states.