Tax Preparation NJ: Planning Services

Tax Preparation Services

Individual Tax Returns (Form 1040)

We prepare federal and state returns for all situations, ensuring comprehensive tax preparation for every client:

• W-2 employees with standard deductions

• Itemizers with mortgage interest, state taxes, and charitable contributions

• Investment income including stocks, bonds, mutual funds, and ETFs

• Rental property owners

• Self-employed individuals and gig workers (Schedule C)

• Retirees with pension, Social Security, and IRA distributions

• Multi-state filers with income in multiple jurisdictions

• Cryptocurrency investors and traders (specialized crypto tax services)

• Assistance with amending a tax return if corrections or updates are needed after filing

 

For eligible taxpayers in New Jersey, free tax preparation options are available through programs like IRS VITA (Volunteer Income Tax Assistance) and AARP Tax-Aide. These services are staffed by IRS-certified volunteers who help qualifying individuals—such as seniors and low-income taxpayers—file accurate returns at no cost.

 

Business Tax Returns

We prepare all entity types:

• Sole Proprietorships (Schedule C): Business income and expenses reported on personal returns

• Single-Member LLCs: Disregarded entity treatment on Schedule C, or elected S-Corp/C-Corp status

• Partnerships & Multi-Member LLCs (Form 1065): Partner allocation schedules and K-1 preparation

• S Corporations (Form 1120-S): Shareholder K-1s, reasonable compensation analysis, distribution planning

• C Corporations (Form 1120): Corporate tax planning, accumulated earnings considerations

 

State and Local Returns

We handle state returns for both individuals and businesses, including:

• Multi-state individual returns with proper income allocation

• State business returns with nexus analysis

• Local tax filings where required (New York City, Philadelphia, etc.)

• State-specific credits and deductions you might be missing

 

Monaco CPA serves clients at multiple locations throughout New Jersey, or can assist you remotely regardless of your location. To learn more about our refund policy, please visit our Refund Policy page.

 

Specialized Returns

Our expertise extends to less common filings:

• Estate and trust returns (Form 1041) — We use advanced tools to simplify estate planning and tax preparation, ensuring accuracy and efficiency.

• Gift tax returns (Form 709)

• Non-profit and exempt organization returns (Form 990)

• Partnership returns with complex allocations

• International reporting (FBAR, Form 5471, Form 8938)

 

Tax Planning Services

True tax savings come from year-round planning, not last-minute preparation. We help you:

Reduce Current-Year Taxes

• Time income and deductions strategically across tax years

• Maximize retirement contributions (401k, IRA, SEP, Solo 401k)

• Accelerate or defer business expenses based on income projections

• Evaluate estimated tax payments to avoid penalties while preserving cash flow

• Implement tax-loss harvesting for investment portfolios

 

For more on how to avoid costly tax planning mistakes small businesses make, review these essential strategies.

 

Strategic tax planning can help you keep more of your money by maximizing deductions and credits, and may even allow you to access your tax refund sooner.

 

Changes in tax laws and regulations can significantly affect your current-year tax planning strategies and outcomes, making it essential to stay informed and adjust your approach accordingly.

 

Plan for Major Life Events

• Marriage and divorce tax implications

• Home purchase and sale optimization (Section 121 exclusion)

• College funding strategies (529 plans, AOTC, LLC credits)

• Retirement planning and distribution strategies, with specialized expertise in issues specific to seniors and the elderly, particularly those aged 60 and above, including retirement-related tax benefits and credits for older adults

• Inheritance and estate planning coordination

 

Business Tax Strategy

• Entity selection and restructuring (LLC vs. S-Corp vs. C-Corp)

• Reasonable compensation analysis for S-Corp shareholders

• Qualified Business Income (QBI) deduction optimization

• Equipment purchase timing and depreciation strategy

• Hiring decisions and employment tax considerations

• Exit planning and business sale tax minimization

 

Quarterly Planning Sessions

For clients with complex situations, we offer quarterly check-ins to help ensure tax planning is addressed in a timely manner. These sessions allow us to:

• Review year-to-date income and project annual taxes

• Adjust estimated payments as circumstances change

• Identify mid-year planning opportunities

• Address new transactions or life changes promptly

 

Our Tax Process

Organized and Efficient

We use a secure client portal (TaxDome) for document collection, eliminating paper shuffling and email attachments. Please bring all relevant tax documents, such as paystubs and proof of income, when visiting our office or uploading to the portal. You upload documents when convenient, and we track what’s received.

 

Thorough Review

Every return undergoes multi-point review:

1. Data entry verification against source documents

2. Prior-year comparison to identify missing items

3. Reasonableness checks on deductions and credits

4. Tax optimization review for missed opportunities

5. Final quality control before filing

 

Clients are encouraged to ask questions at any stage of the review process to ensure clarity and confidence in their tax filings.

 

Clear Communication

Before we file, you receive a complete review package explaining:

• Comprehensive information about your tax liability or tax refund, including how Monaco CPA helps you understand your tax refund and options for accessing it efficiently

• How this compares to prior years

• Key items affecting your return

• Planning recommendations for next year

 

We don’t just hand you numbers—we ensure you understand them.

 

Timely Filing

We meet all deadlines. Returns are e-filed for fastest processing, and we monitor for acceptance confirmation. Extension requests are handled when necessary, with clear communication about timing.

 

New Jersey Tax Expertise

As a New Jersey-based firm, we have deep expertise in NJ-specific tax issues:

• NJ income tax with rates up to 10.75%

• Property tax deduction limits and credits

• NJ treatment of retirement income (some exclusions available)

• Pass-through business income taxation

• Estate and inheritance tax (NJ has separate inheritance tax)

• NJ Gross Income Tax vs. Corporation Business Tax considerations

 

We ensure your federal and NJ returns work together optimally.

 

IRS and State Tax Problem Resolution

Received a notice? We help with:

IRS Notices and Letters

• CP2000 (proposed changes due to income matching)

• CP503/CP504 (balance due notices)

• Letter 6173 and 6174 (cryptocurrency reporting)

• Notice of Deficiency (90-day letters)

 

Audit Representation

As CPAs, we can represent you before the IRS without your presence. We:

• Respond to document requests

• Communicate with examiners

• Negotiate settlements when appropriate

• Appeal unfavorable determinations

 

State Tax Issues

We handle New Jersey Division of Taxation inquiries and audits, as well as other state agency matters.

 

Back Tax Returns

Haven't filed in years? We help you catch up with past-due returns and work toward resolution of any balances owed.

 

Who We Serve

Individuals and Families

• Young professionals starting to build wealth

• Families with multiple income sources and dependents

• High-net-worth individuals with complex portfolios

• Retirees managing distributions and RMDs

 

Small Business Owners

• Freelancers and consultants

• Professional service providers (attorneys, doctors, consultants)

• E-commerce and online businesses

• Contractors and tradespeople

 

Cryptocurrency Investors

• Traders with exchange activity

• DeFi participants

• Miners and stakers

• NFT creators and collectors

 

Learn more about our crypto tax services →

 

Why Monaco CPA?

• Licensed CPA Expertise: Every return is prepared and reviewed by a trained and licensed CPA, not seasonal preparers or software alone.

• Year-Round Availability: We don’t disappear after April 15. Tax planning and support continue throughout the year.

• Modern Technology: Secure portal, electronic signatures, cloud-based systems—working with us is convenient and efficient.

• Transparent Pricing: You’ll know the cost upfront before we begin work. No surprise bills at filing time.

• Personal Attention: You work directly with Gregory Monaco, CPA & MBA—not passed between staff members.

 

FAQs: Tax Services

When should I start working with a tax professional?

Ideally, before year-end when planning strategies can still be implemented. However, we help clients at any stage—even those who need to file back returns.

 

Do you offer payment plans for tax prep fees?

Yes, we can arrange payment plans for our services if needed.

 

How do you charge for tax preparation?

We provide fixed-fee quotes based on the complexity of your return. You'll know the cost upfront.

 

Can you help if I'm behind on filing?

Absolutely. We regularly help clients catch up on multiple years of unfiled returns and work with the IRS on resolution.

 

Do you prepare returns for other states besides New Jersey?

Yes. We prepare returns for all 50 states and handle complex multi-state situations.

 

Get Started With Tax Services

Ready for tax preparation that goes beyond the basics? Schedule your free consultation to discuss your tax situation.

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Phone: (862) 320-9554

Email: Greg@MonacoCPA.CPA

Website: www.MonacoCPA.cpa

 

© 2025 Gregory Monaco, CPA LLC. All Rights Reserved.