Tax Planning & Advisory
Written-scope tax analysis based on client-supplied facts.
Quick Answer
- NJ's Business Alternative Income Tax (BAIT) is an annual pass-through-entity election. Qualifying BAIT paid may be deducted in computing income on the entity's federal return, while each eligible owner claims the prescribed refundable credit on the owner's NJ return. The combined result depends on the entity and owner returns, QBI, credits, and costs; no benefit is promised. The elevated individual federal SALT cap is temporary through 2029. For 2025/2026, the cap is $40,000/$40,400 ($20,000/$20,200 MFS), phases down above MAGI of $500,000/$505,000 ($250,000/$252,500 MFS), and cannot fall below $10,000 ($5,000 MFS); current law returns to the ordinary $10,000/$5,000 cap in 2030.
- Estimated-payment obligations and installments depend on projected complete-return tax, actual withholding and credits, required-annual-payment computations, prior- and current-year safe harbors, annualization, payment dates, and applicable federal and New Jersey thresholds and exceptions. Ordinary calendar-year installment dates are adjusted for weekends and legal holidays.
- The QBI deduction under IRC §199A ordinarily allows eligible pass-through business owners to deduct up to 20% of qualified business income - the OBBBA made this provision permanent starting in 2026 and added a minimum $400 deduction for taxpayers with at least $1,000 of aggregate QBI from active trades or businesses in which they materially participate.
- Completed Roth conversions can have different federal and NJ return treatment because NJ basis may differ from federal basis. This is general education: Monaco CPA does not recommend conversions, perform Backdoor Roth analysis, or provide individualized IRA strategy; accepted retirement-account work is limited to return treatment and contribution-limit reporting for a client-established account.
- A fixed-assumption comparison can test whether timing supported charitable contributions changes itemized deductions relative to the applicable standard deduction; no benefit or timing recommendation follows without the complete return and legal transfer facts.
Tax planning and advisory is offered only under an accepted written scope using facts the client supplies. It may include quarterly estimated-tax calculations, entity-tax treatment analysis, NJ BAIT election analysis, and multi-year projections starting at $500/year; the exact scope and fee are confirmed in writing after intake. Monaco CPA does not monitor accounts or deadlines or promise reminders or results.
Tax analysis can address facts and timing points identified in an accepted written scope. The client supplies current information and tracks deadlines.
Major life events and business changes can affect tax treatment; the analysis depends on complete, current client-supplied facts.
Accepted advisory engagements document the covered alternatives, assumptions, and limits; no particular result is promised.
Tell Greg what you need help with
Share the basics through the contact form. Any response, availability, scope, and timing are confirmed only in writing; no call or consultation is promised.
Get StartedView PricingGreg's tax-planning commentary has been featured in Yahoo Finance and GOBankingRates. Any Monaco CPA analysis addresses specified client-supplied facts under an accepted written scope; no account monitoring, reminders, or result are promised.
What's Included
- Tax analysis at the review points stated in an accepted written scope
- Quarterly estimated tax calculations
- Entity structure analysis (LLC, S-Corp, etc.)
- Federal and NJ tax-return treatment and contribution-limit reporting for client-established retirement accounts
- Income timing and deferral strategies
- Deduction classification and timing analysis
- Life event tax planning (marriage, home purchase, etc.)
- NJ-specific tax analysis stated in the written scope, such as BAIT; real-estate-transfer and GIT/REP work is not offered
- Multi-state income-tax return components when identified in the accepted written scope
- Annual tax projection and review
How It Works
The written engagement and intake instructions describe the expected steps from first contact through the accepted work; timing and steps may vary with the agreed scope and client-supplied information.
- 1
Written-Scope Tax Review
After a written advisory scope is accepted, I review the financial and tax facts the client supplies.
- 2
Strategy Development
I document tax alternatives and assumptions covered by the written scope; no outcome is promised.
- 3
Tax-Action Coordination
I explain tax-form and estimate implications of client-selected actions. Legal, investment, payment, and entity-formation execution remain with the client and relevant specialists.
- 4
Client-Supplied Update Review
I review updated facts when the client supplies them under the written scope; account and deadline monitoring and proactive reminders are not included.
Frequently Asked Questions
How is tax planning different from tax preparation?
Is tax planning only for high-income earners?
How often should I meet with my CPA for tax planning?
What is the NJ BAIT election and should I use it?
Ready to Get Started?
Greg reviews written contact-form submissions. Any response, availability, scope, price, and timing are confirmed only in writing; submitting the form creates no engagement and promises no call, consultation, or outcome.
Use of this website does not create a CPA-client relationship.
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.