At Monotelo Advisors our accountants work hard to free up cash flow by helping you minimize your federal tax liability, giving you more money to reinvest into your future. Simplify Your Taxes with Trusted Experts Accurate, stress-free tax preparation for individuals and businesses. Learn More Schedule Meeting Start your 2024 Tax Return Tax Season Resources Are Hidden Human Resource Risks Costing Your Business? Here’s How Assessing Your People Practices Can Protect Your Bottom Line 3 days ago 5 min read 25 Critical Dates for Income Tax Filers in 2025 Jan 16 3 min read 560 Critical Deadlines and Tax Changes for Small Business Owners Jan 10 4 min read 216 Are Hidden Human Resource Risks Costing Your Business? Here’s How Assessing Your People Practices Can Protect Your Bottom Line Critical Dates for Income Tax Filers in 2025 Critical Deadlines and Tax Changes for Small Business Owners Looking for Financial Planning Help? Our values-based retirement planning will give you the quiet confidence that everything is on track for you to achieve your life goals. Get Started Learn More Run your business, we'll handle your finances. Small business owner? Yes, we can help you with your tax, bookkeeping and payroll needs. But there is so much more to having the right financial partner. Get Started Learn More

Tax and Financial Planning | Monotelo Advisors | 800-961-0298 2205 Point Boulevard, Suite 175, Elgin, IL 60123 Find the location that works best for you. Elgin Office 2250 Point Boulevard Suite 210 Elgin, IL 60123 Phone: 847-923-9015 Fax: 847-929-9134 Mon-Fri: 9:00 am - 5:00 pm Get Directions Call Office Site Title Carlinville Office 260 Alton Rd Carlinville, IL 62626 Phone: 217-854-9530 Fax: 217-854-5206 Mon/Wed/Fri: 8am - 1pm Tue/Thurs: 12pm - 5pm Get Directions Call Office Gillespie Office 112 S Macoupin St Gillespie, IL 62033 Phone: 217-839-4226 Fax: 217-839-4039 Mon-Fri: 7:00 AM - 3:00 PM Get Directions Call Office West Brooklyn Office 2508 Johnson Street West Brooklyn, IL 61378 Phone: 815-628-3500 Fax: 815-628-3600 Mon-Fri: 8:30 AM - 5:00 PM Get Directions Call Office Get Directions Call Office

Contact us Phone: 800-961-0298 Fax: 847-929-9134 Email: Info@monotelo.com Give us a call Schedule an appointment Find an office Schedule an Appointment Client Portal resources Need help with the portal? Click below to get help. View Resources Tax tools & tax tips Refund Tracker W-4 Withholding Calculator Documents checklist Tax Bracket Calculator File Upload Our Team Recent posts & news Critical Dates for Income Tax Filers in 2025 With the tax season rapidly approaching, we put together a list of important dates to help you stay on top of deadlines. Here are the... Small Business Articles Critical Deadlines and Tax Changes for Small Business Owners As the 2024 tax season approaches, small business owners must stay ahead of critical deadlines and be aware of key tax changes to ensure... Important Updates for the Coming Tax Season As the 2024 tax season approaches, taxpayers and businesses must stay informed about critical updates and deadlines to ensure a smooth... The Birth of Jesus: A Shepherd’s Perspective We were just simple shepherds, tending our flocks in the quiet hills near Bethlehem. The night was cool, and the stars were scattered... The Importance of Issuing a 1099: Compliance, Protection and Financial Efficiency Overview Businesses are required to issue a 1099 form to any taxpayer (excluding corporations) who has received $600 or more in... Losing a Loved One: Essential Financial Steps After Losing a Loved One Losing a parent or spouse can be one of the hardest experiences we face in life. Even when the passing is expected, it can be emotionally... View More Stay up to date with the latest tax and market analysis. Subscribe to receive our weekly market and tax analysis. Site Title

Get Started Simplify Your Crypto Tax Filing – Expert Help for Crypto Investors Stay compliant with IRS guidelines while maximizing deductions for your cryptocurrency trades. Book a Free Consultation Expertise in Crypto Taxes Specialists in crypto tax regulations. Accurate Reporting Tools and expertise for tracking and reporting trades. Maximize Deductions Strategies to minimize tax liability. Problem 1 Struggling to track your trades across multiple exchanges? Solution We simplify the process by consolidating all your trading activity into a single, comprehensive report. Problem 2 Confused about tax regulations for staking and DeFi Solution Our experts provide clarity and ensure proper categorization to avoid mistakes Problem Cryptocurrency Tax Challenges Does your tax preparer handle activities like trading, staking, mining, airdrops, DeFi, and NFTs? Are you worried about staying compliant with evolving IRS cryptocurrency taxation guidelines? Are you missing out on deductions for mining equipment or operational costs? Do you struggle to calculate your basis for various positions? Solution Most tax software lacks the ability to robustly track cryptocurrency activities, leading to incomplete or incorrect filings, and increasing the risk of audits or penalties. Monotelo Advisors resolves these issues by: Offering advanced crypto-tax solutions tailored to trading, staking, mining, DeFi, and more Ensuring compliance with the latest IRS guidelines. Maximizing deductions, including those for operational costs and equipment Simplifying basis reporting to ensure precise and accurate tax preparation The Process Step 1 Request access to your secure portal. Sign Up Step 2 Upload Your Documents Upload all your tax documents easily and securely to your portal Step 3 We Prepare and Review Our team will prepare your return and ensure it’s accurate and compliant. If you trade on non-traditional platforms (other than Coinbase or Robinhood, etc.), please provide the transaction basis information. If we notice any missing information, we’ll follow up promptly. Step 4 Review and Approval Once your return is complete, we’ll notify you via text, email, or phone—your choice! You’ll have the option to review your return with one of our tax experts. Step 5 We Handle the Rest After your review, we’ll finalize and electronically file your tax return. Get Started Let's get started! First name Last name Email Phone Street Address City, State, Zip Code Submit Get Started Resources Crypto Tax Prep Checklist 5 Crypto Mistakes to Avoid Should I choose a CPA or an Enrolled Agent? Tax Prep Checklist The Mega Back-Door Roth – A Powerful Retirement Strategy Our Pricing Basic Starts at $350 up to 25 transactions Plus Starts at $425 up to 100 transactions Advanced Starts at $650 up to 1,000 transactions Contact for a quote Get Started Additional schedules from other sources of income or deductions may incur an additional fee. Don’t wait until the deadline – simplify your crypto taxes today! Start Your Crypto Tax Return Now © 2025 by Monotelo Inc. info@monotelo.com 800-961-0298 View our privacy policy

What sets Monotelo Advisors apart is our unique focus on planning ahead to reduce your tax burden every year. File Online File online File your taxes online form your home. Upload your documents, and get started. Schedule a Meeting Schedule An Appointment Need additional tax help? Schedule an appointment to get started. Get your tax return started at Monotelo Step 1: Upload you documents, or schedule an appointment. Step 2: One of our experienced tax professionals will process your return, and maximize your refund. Step 3: Once your return is complete, we will contact you to sign the consent forms. Step 4: After signing the consent forms, you should receive your tax refund in 1-3 weeks. How the process works. Get started Have tax questions, or need more information? Schedule an appointment Give us a call One of our experienced tax experts would be happy to answer your questions, and get your tax return started Critical Dates for Income Tax Filers in 2025 With the tax season rapidly approaching, we put together a list of important dates to help you stay on top of deadlines. Here are the... Critical Deadlines and Tax Changes for Small Business Owners As the 2024 tax season approaches, small business owners must stay ahead of critical deadlines and be aware of key tax changes to ensure... Important Updates for the Coming Tax Season As the 2024 tax season approaches, taxpayers and businesses must stay informed about critical updates and deadlines to ensure a smooth... Helpful tax tips and articles. View More Small Business Tax Services We will help you minimize your short-term and lifetime tax liability to free up the cashflow needed to help you grow your business and build for your future. Learn more Retirement Planning Our Values-Based planning service will build the road map so you can have confidence that all the pieces of the puzzle are working together for you to live your best life possible. Learn more More services from Monotelo

What sets Monotelo Advisors apart is our unique focus on planning ahead to reduce your tax burden every year. Let us help you plan for retirement. Planning for retirement can be stressful, but it doesn’t have to be when you have a step-by-step process in place to guide you. Schedule An Appointment and get started Want to get started or learn more? Schedule a meeting, over the phone, Zoom or in person. Schedule an Appointment Learn More What We Offer Values-Based Retirement planning When your values are clear, your decisions are easy. That’s why your financial plan needs to start with your values, continue with your life goals, and wrap up with a clearly-defined road map to get you there. Explore how our planning process will provide you with a road map to having all your financial decisions in perfect alignment with your most deeply held values and life goals, by scheduling a no-obligation introductory call. Get Started what we offer Bring Alignment to All Your Financial Decisions When your values are clear, your decisions are easy. Peace of mind begins when you have clarity about your values and goals. Peace of minds arrives when there is complete alignment between your values, your goals, and all your financial decisions. Reduce your lifetime tax liability Health care and taxes are two of the largest expenditures for retirees. You have little control over one, but enormous control over the other. Our planning process will help you reduce your lifetime tax liability so your money is freed up to allocate in ways that bring you the most joy and fulfillment in retirement. Increase the productivity of your assets Having a partner who can come alongside you to help you maximize the productivity of your assets and navigate the changing phases of retirement can empower you to live your best life possible and leave a meaningful legacy to the people and organizations you care about. Peace of mind up to and through retirement Having a comprehensive financial plan in place brings you confidence that all the pieces of the puzzle are working together for your best life possible. Once your personal retirement plan is complete, we will walk with you to implement and monitor your plan. How We Help Get Started Schedule a Meeting and Prepare Your Financial Documents Schedule a meeting for a day and time that work for you. Prepare to spend 90 minutes with us and bring all your financial information to that meeting, including your tax returns, investment statements, mortgage information etc. Your Financial Road Map Meeting The road map process begins with the initial meeting. In this meeting we will help you will identify your most deeply held values and life goals. We spend the time necessary to discover the things that matter most to you so we can bring perfect alignment between your most deeply held values, your life goals and the all your financial decisions. The Plan A comprehensive financial plan is so much more than a risk tolerance survey and an asset allocation model. You plan will start with your values and your goals, and it will be designed to maximize the productivity of your assets so you can live your best life possible and leave the legacy you want to leave to the loved ones and organizations you care about. Relax and Enjoy Peace of Mind After the discovery and values-based planning process is complete, our team of advisors will come alongside you to help you navigate the changing face of retirement. From the savings and accumulation phase, to the distribution and lifestyle phase, to the health care needs and legacy phase, we will monitor your plan to keep up with your changing needs. How The Process Works Get Started Helpful retirement tips and articles. Long-Term Tax Planning: Proven Methods to Minimize Your Lifetime Tax Liability This marks the final week of our tax planning series, where we'll bring together the key concepts covered over the past few weeks. For... The Mega Backdoor Roth: A Powerful Retirement Strategy The Mega Backdoor Roth has become an increasingly popular strategy for individuals looking to supercharge their retirement savings,... IRA vs. Roth IRA: Pre-Tax vs. Post-Tax Contributions and Conversions This is week five of our 7-week series. If you wish to read our previous articles, you can chose them from the list below: Tax Planning:... View More More services from Monotelo Small Business Tax Services We will help you minimize your short-term and lifetime tax liability to free up the cashflow needed to help you grow your business and build for your future. Learn more Year-End T ax Filing Services We will help you minimize your taxable income by capturing the deductions and credits available to maximize your refund. Learn more

Whether you are just starting out, or are a seasoned veteran, you need someone who will work with you to ensure that you are set up for success. Focus on growing your business, we'll handle the rest. Any competent firm can help you file an accurate tax return, prepare your payroll or manage your monthly bookkeeping needs. And yes, we do that for our clients. But there is so much more to having the right financial partner. At Monotelo, we bring together our deep understanding of the Internal Revenue Code and how that intersects with you as business owner to arrange your affairs to mitigate short-term and lifetime tax liabilities to help you reach your long-term goals. Get started Learn More What we offer Entity Structuring C-Corp? S-Corp? LLC? Or Sole Proprietorship? Monotelo will meet with you to get an understanding of your unique financial situation, your short and long-term business goals, and the implications of your business income on your personal tax return. Then we will guide you to the right solution and walk with you step-by-step to secure the optimal corporate structure for your business. Learn more Get started All In One Business Owner Package You are more than just a business owner. Y our business is just one component of your personal financial picture. And that's why a comprehensive understanding of your personal balance sheet and your other income sources is so essential to helping your achieve your long-term goals, so there's no disconnect between you, your business, and where you want to go in life. Learn more Get started Small Business Service Bundles Monotelo will meet with you to understand your unique needs as a business owner, and suggest a level of service that best fits your growing business and your long-term goals. From there we will guide you through the process to get started, and take away the distractions that keep you from growing your business and building your best life possible. Learn more Get started How Monotelo can help your business. Heading 1 Minimize your tax liability Easy year-end tax filing Monotelo makes year-end tax filing easy. By asking the right questions and ensuring your taxes are filed on time, Monotelo will give you the confidence that things are getting done right. Grow your net bottom line Monotelo will help you structure your business so that you minimize your taxable income, and reduce your lifetime tax liability by eliminating the tax inefficiencies. Minimize your tax liability Monotelo will bring our expertise to the table to help you maximize your tax credits and tax deductions to minimize your taxable income and maximize what you keep in your pocket. Year-round support If you wait to see your accountant until tax time, there is no way they can strategically help you. Our team is a vailable year-round to come along-side you, to help you plan strategically and to answer any questions that you have . Get started Section 3 Schedule a free consultation. Monotelo Advisors will meet with you to get to know your business needs and understand your unique situation. Select your service. Monotelo will prepare a proposal and help you determine the service package that is best for your business. Sign the engagement letter. Yes. It's that simple. Get back to business. We will handle the finances, so you can focus on growing your business. How the process works Get started Section 4 Helpful small business articles. Critical Deadlines and Tax Changes for Small Business Owners As the 2024 tax season approaches, small business owners must stay ahead of critical deadlines and be aware of key tax changes to ensure... New FINCEN Requirement: What Business Owners Need to Know The Financial Crimes Enforcement Network (FINCEN) has introduced new regulations that will impact business owners across the United... 9 Key Provisions of the Paid Leave for All Workers Act The Illinois Paid Leave for All Workers Act, effective January 1, 2024, guarantees nearly all workers in the state up to one week of paid... View More Retirement Planning. Our Values-Based planning will build the road map so you can have confidence that all the pieces of the puzzle are working together for you to live your best life possible. Learn more Year-End T ax Filing Services. We will help you minimize your taxable income by capturing all the deductions and credits available to maximize your refund. Learn more More services from Monotelo

Simplify Your Crypto Tax Filing Expert Help for Crypto Investors Struggling to manage transactions across multiple exchanges and wallets? Finding it hard to consolidate data without clear platform reports? Confused about how trading, staking, mining, and NFTs are taxed? Worried about staying compliant with evolving IRS crypto rules? Missing deductions for mining expenses or operational costs? Having trouble calculating the cost basis for your positions? Expertise Specialists in crypto tax regulations Accurate Reporting Technology combined with experience to recognize taxable income from crypto trades Maximize Your Deductions Our advanced planning strategies will help you minimize your tax liability Get Started Today! Our Process Sign Up: Create your account in two minutes. Upload Your Data: Easily upload all your tax documents to your secure portal. Review and File: We handle the rest to ensure accuracy and compliance. We will start your return as soon as all your tax documents have been uploaded to your secure portal and we have your authorization to begin working on the return. If you trade on a non-traditional platform (ie. platforms other than Coinbase or Robinhood that do not provide tax information), we will need the basis information from your transactions. We will follow up with questions if we believe there is missing information. We will notify you when your tax return is complete and give you the option to review it with one of our tax experts. Pricing: 1.Basic (up to 25 transactions): Starts at $350 2.Plus (up to 100 transactions): Starts at $425 3.Advanced (up to 1,000 transactions): Starts at $650 4.Custom Plan: Contact for a quote Additional schedules from other sources of income or deductions may incur an additional fee. Our Guarantee: If we have all of your required tax documents, we guarantee that your return will be filed within compliance of the IRS regulations. Frequently asked questions 5 Crypto Tax Mistakes to Avoid Filing taxes as a cryptocurrency investor can be complex, and even small mistakes can lead to audits, penalties, or overpayment. Here are five common crypto tax mistakes to avoid: 1. Not Reporting Crypto Transactions Many investors mistakenly believe they only need to report crypto gains if they cash out to fiat currency, but this isn’t true. The IRS requires reporting on all taxable events, including: Trading one cryptocurrency for another. Selling cryptocurrency for fiat currency. Using cryptocurrency to purchase goods or services. Receiving crypto through staking, mining, or airdrops. Tip: Keep detailed records of every transaction, including dates, amounts, and fair market value at the time. 2. Miscalculating Cost Basis Calculating the cost basis—the original value of your crypto assets—is critical for determining your gains or losses. Mistakes often happen when: Tracking purchases across multiple wallets and exchanges. Accounting for fees or transaction costs incorrectly. Tip: Use tools or software that integrate with exchanges to track and calculate your cost basis accurately. 1. Not Reporting Crypto Transactions Many investors mistakenly believe they only need to report crypto gains if they cash out to fiat currency, but this isn’t true. The IRS requires reporting on all taxable events, including: Trading one cryptocurrency for another. Selling cryptocurrency for fiat currency. Using cryptocurrency to purchase goods or services. Receiving crypto through staking, mining, or airdrops. Tip: Keep detailed records of every transaction, including dates, amounts, and fair market value at the time. 2. Miscalculating Cost Basis Calculating the cost basis—the original value of your crypto assets—is critical for determining your gains or losses. Mistakes often happen when: Tracking purchases across multiple wallets and exchanges. Accounting for fees or transaction costs incorrectly. Tip: Use tools or software that integrate with exchanges to track and calculate your cost basis accurately. Get Started Today! © 2025 by Monotelo Inc. info@monotelo.com 800-961-0298

TAX PREP CHECKLIST PERSONAL INFORMATION Name, Address, and Social Security Number (SS#) Your spouse's full name and SS# Alimony paid & full name and SS# of ex-spouse Proof of health insurance (Form 1095-A, 1095-B, 1095-C) INFORMATION FOR OTHERS ON RETURN Dates of birth and SS#s Childcare records including tax ID of childcare provider Income of other adults in your home Form 8332 showing custodial parent is releasing their right to claim a child to you (if applicable) EMPLOYEE INFORMATION Form W-2 RETIREMENT INCOME/IRA INFORMATION Pension / IRA annuity income (Form 1099-R) Social Security information (Form 1099 SSA) Form 5498 showing IRA contributions SAVINGS & INVESTMENTS Investment & dividend income (1099-INT, 1099-DIV, 1099-OID) Income from sales of stock or other property (1099-B, 1099-S) Dates of acquisition and records showing cost basis of property sold if not reported on 1099-B RENTAL PROPERTY INCOME Records of income and expenses Rental asset information (cost, date placed in service, etc) SELF EMPLOYMENT INFORMATION Forms 1099-Misc and Schedules K-1 Records of all expenses OTHER DEDUCTIONS AND CREDITS Mortgage interest statement (Form 1098) Real estate and personal property tax records Records of charitable contributions (church, 501c(3), etc.) Records of non-cash donations (Am-Vets, Goodwill, etc) Amounts paid for healthcare, insurance, doctors, etc Miles driven for charitable or medical purposes Records of energy-saving home improvements HSA contributions (Form 5498-SA) Records of estimated tax payments made EDUCATION PAYMENTS Forms 1098-T from educational institutions Summary of all itemized education expenses Records of any scholarships received Forms 1098-E if you paid interest on student loans OTHER INCOME Unemployment income State tax refund (Form 1099-G) Amount of alimony received HSA & long-term care reimbursement (1099A, 1099-LTC) Jury duty records Hobby income and expenses/prizes and awards Save as PDF Have all of your tax doc's? Upload your doc's online, and start your return from home. Get started

Enrolled Agents and Certified Public Accountants Click Here to see IRS Website - Understanding Tax Return Preparer Credentials and Qualifications What is a Certified Public Accountant? Licensed by state boards of accountancy, the District of Columbia, and U.S. territories, certified public accountants have passed the Uniform CPA Examination. They have completed a study in accounting at a college or university and also met experience and good character requirements established by their respective boards of accountancy. In addition, CPAs must comply with ethical requirements and complete specified levels of continuing education in order to maintain an active CPA license. What is an Enrolled Agent? An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by passing the three-part Special Enrollment Examination administered by the Internal Revenue Service. The Comprehensive exam requires the participant to demonstrate proficiency in federal tax planning, individual and business tax return preparation, and representation. Enrolled agents are generally unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before. Enrolled agents are subject to a suitability check and must obtain a minimum of 72 hours of continuing education every three years. Additionally, they must also obtain a minimum of 16 hours of continuing education, including 2 hours of ethics or professional conduct each year.

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TAX TALK In our articles we will frequently use tax-specific phrases that while second nature to us, may be confusing to many of our readers. To clear up some of that confusion we have provided some definitions for the most common phrases below. Adjusted Gross Income Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income. Gross income includes your wages, dividends, capital gains, business income, retirement distributions as well as other income. Adjustments to Income include such items as Educator expenses, Student loan interest, Alimony payments or contributions to a retirement account. Many deductions and credits on your tax return are determined by your AGI. Tax Credits vs Tax Deductions There are two ways your tax burden can be reduced: Tax Credits which directly reduce your tax bill, and tax deductions which indirectly reduce your tax bill by lowering the amount of your taxable income. Let’s say you have taxable income of $10,000 which is taxed at 25%, your tax bill on that income is $2,500. If you receive a tax deduction of $1,000 it will bring your taxable income down to $9,000, reducing your tax bill to $2,250 and saving you $250. IF instead you have a tax credit of $1,000 it will directly reduce your $2,500 tax bill down to $1,500, saving you the full $1,000. Filing Status. Your filing status determines the deductions and credits you qualify for and how much tax you pay on your income. Depending on your situation, you may qualify for more than one filing status, in which case you can choose the one more beneficial to you. These are the five filing statuses: Single. This is the normal filing status for taxpayers who are not married or who are legally separated Married Filing Jointly . Taxpayers who are married can file a joint tax return, reporting all of their income and expenses together Married Filing Separately. Taxpayers who are married can instead choose to file separate tax returns, each reporting their own income and expenses. It is generally better to file a joint return to keep taxes low, but in rare circumstances it can be more beneficial to file separate. Head of Household. Taxpayers who are unmarried and provide more than half the cost of maintaining a home for themselves and at least one other qualifying person can file head of household. This filing status provides larger deductions and lower tax rates than filing single making it the best option for taxpayers who qualify. Qualifying Widow(er) with Dependent Child. Taxpayers whose spouse died within the last 2 years can choose this filing status if they have a dependent child. This status allows them to claim the same deductions and tax rates as if they were filing a joint tax return. Your filing status for any given year is determined by your marital status on the last day of the year. A couple who get married December 31st can file a joint return for that year even though they were unmarried for the majority of the year. This rule does not apply in the death of a spouse. When a spouse dies the surviving spouse can file a joint tax return for the year of death. Itemized Deductions vs Standard Deduction There are two ways you can take deductions on your tax return: you can itemize deductions or use the standard deduction. The standard deduction is a set amount and is based on your filing status. If you itemize your deductions you will take the actual amount you spent on allowable deductions which include: Mortgage interest paid on your personal residence State income taxes paid Real estate taxes paid on your personal residence Medical expenses paid including out-of-pocket premiums paid Charitable donations Each of these deductions is subject to various limitations. Since the passage of the Tax Cuts and Jobs Act in 2017, most taxpayers will benefit more from taking the standard deduction than from itemizing their deductions.