Freelancer & Self-Employed Tax

Tax preparation and quarterly estimates for freelancers and independent contractors.

5.0 · 9 Google ReviewsNJ CPA Firm Lic. #20CB00789800

Freelancer and self-employed tax services include Schedule C preparation, self-employment tax calculation, quarterly estimated tax payments (Form 1040-ES and NJ-1040-ES), home office deduction analysis, and business expense maximization. Monaco CPA helps NJ freelancers and 1099 contractors minimize their tax burden and stay compliant.

Freelancing and self-employment come with real tax complexity that W-2 employees never face: self-employment tax, quarterly estimated payments, Schedule C preparation, and a long list of business deductions you need to know about.

Monaco CPA works with NJ freelancers, independent contractors, sole proprietors, and gig workers to prepare accurate returns, maximize deductions, and set up quarterly estimated taxes so you never get hit with underpayment penalties.

Whether you're a designer, consultant, writer, tech contractor, or any other type of self-employed professional, I'll help you understand your tax obligations and keep more of what you earn.

What's Included

Schedule C business income and expense preparation

Self-employment tax calculation (Schedule SE)

Quarterly estimated tax setup (1040-ES + NJ-1040-ES)

Home office deduction analysis

Vehicle and mileage deduction tracking

Business expense identification and maximization

Health insurance premium deduction

Retirement contribution strategy (SEP-IRA, Solo 401k)

Multi-state income reporting

IRS notice support

How It Works

Income & Expense Review

I review your 1099s, business income, and expenses to identify every deductible item.

Schedule C Preparation

I prepare your Schedule C with accurate business profit/loss and all eligible deductions.

Estimated Tax Planning

I calculate your quarterly estimated tax payments for federal and NJ to avoid underpayment penalties.

Year-Round Strategy

I help you plan retirement contributions, track deductible expenses, and prepare for next year.

Frequently Asked Questions

What is self-employment tax?

Self-employment tax is the 15.3% tax that covers Social Security (12.4%) and Medicare (2.9%) contributions that would otherwise be split with an employer. As a self-employed individual, you pay both halves - but you can deduct half of SE tax on your return.

Do I need to make quarterly estimated tax payments?

Generally, yes - if you expect to owe $1,000 or more in federal taxes after withholding, you're required to make quarterly estimated payments. NJ has a similar requirement. I calculate the correct amounts and set up a payment schedule for you.

What home office deductions can I claim?

If you use part of your home regularly and exclusively for business, you can deduct a portion of rent or mortgage interest, utilities, insurance, and depreciation. I use either the simplified method or actual expense method, whichever gives you a larger deduction.

Can I deduct business expenses paid with personal cards?

Yes - the key is that the expense must be ordinary and necessary for your business. I'll help you identify which expenses qualify and recommend separating business and personal finances going forward.

“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 easy to understand, and you can tell he actually cares about doing right by you.”

Dylan P.

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.

Ready to Get Started?

Start your tax return or send a message to discuss how I can help.

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