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

TO BE AWARE OF UNDER THE 2018 TAX REFORM At the end of last year President Trump signed the Tax Cuts and Jobs Act into law, signaling the largest tax reform in over three decades. We have received a lot of questions recently on how this law will affect our clients. With the tax season now behind us it is time to address how these changes will impact you in 2018. There are many aspects to this law and there is no "one size fits all" explanation for how it will impact our clients. Some of our clients will win and some of them will lose under the new law. With that in mind we have outlined the five changes that we believe are most relevant to you. Personal exemptions historically represented a $4,000 reduction in taxable income for each dependent listed on the tax return. Under the new law these exemptions have been eliminated. However, to help mitigate the loss of these exemptions, the law also made changes to the child tax credit and has added a new credit for non-child dependents. Starting in 2018 the Child Tax Credit has been doubled to $2,000 per child, $1,400 of which is refundable. The phaseout threshold for the Child Tax Credit has also been drastically increased to $200,000 for single filers and $400,000 for joint filers. This means that most taxpayers who were previously prevented from claiming the full Child Tax Credit will now be able to claim the entire credit. Additionally, the law has introduced a new $500 credit for any dependents who are over the age of 17, allowing parents to continue to receive a tax benefit for children in college or other adults residing in their home. SUMMARY There are many moving parts in the new tax law, with a lot of them working to balance one another out. Some of our clients will see a decrease in their tax bill while others will see it increase. Overall, we do not expect any of our clients to see drastic changes, good or bad, with the new code. We expect the majority of our clients to see an increase or decrease in their tax bill of less than $1,000. If you would like to know how the tax reform will directly impact you, please call our office. Interested in a free review of your last three tax returns? Schedule a meeting to get started! Tax Brackets The number of brackets remains at seven. And the percentage charged at each of these brackets has been reduced, with the notable exception of the lowest bracket of 10% which remains unchanged. The majority of our clients who were previously in the 15% or 25% tax bracket will now find themselves in the 12% or 22% bracket respectively. You may have already noticed the impact of these new brackets when your employer adjusted your withholdings earlier in the year, increasing your take home pay. UNREIMBURSED EMPLOYEE EXPENSES The change that could have the greatest impact on our public servant clients is the elimination of the deduction for unreimbursed employee expenses. As the law currently stands, employees will no longer be able to deduct their union dues, work uniforms, tools, or any other expenses related to their employment. The only exception to this is the special $250 allowance for teacher's expenses which remains unaffected. There is currently a bill in congress which seeks to reinstate the deduction for unreimbursed expenses. The "Tax Fairness for Workers Act" would not only bring back the itemized deduction for employee expenses but would go a step further and allow for specific deductions to be taken above-the-line, meaning they would not be subject to many of the limitations that currently restrict their use. It remains to be seen how far this bill will go but we strongly recommend that you keep track of your job expenses until a decision is reached. If the bill passes, this will cause job related expenses to have a greater impact on your tax return. ITEMIZED DEDUCTIONS AND THE STANDARD DEDUCTION One of the most promoted aspects of the new tax law is the nearly doubling of the standard deduction to $12,000 for single, $18,000 for head of household, and $24,000 for joint filers. While the standard deduction amounts are receiving significant increases, many of the allowed itemized deductions are either being handicapped or removed entirely: The deductions for state and local income taxes as well as property taxes are capped at a combined total of $10,000. This means that homeowners in high income-tax states are likely to lose a portion of this former deduction. The deduction for home mortgage interest remains but is limited to mortgages that do not exceed $750,00, down from the previous threshold of $1,000,000. All miscellaneous itemized deductions (including tax preparation fees, casualty losses and all unreimbursed employee expenses) have been eliminated entirely. The increased standard deduction amounts combined with the additional restrictions on itemized deductions increases the chances of the standard deduction being more beneficial than itemizing deductions in 2018. 1 ABOVE THE LINE DEDUCTIONS Above-the-line deductions are more beneficial than itemized deductions as they have far fewer restrictions. The new tax law retains many of these deductions including educator expenses, student loan interest, and contributions to Health Savings Accounts. Two deductions that have been changed are expenses for a job-related move, and alimony payments. Starting in 2018 expenses for a job-related move will only be deductible by active members of the military. Starting in 2019 alimony payments will no longer be deductible. However, this will only apply to divorce agreements settled after the start of 2019. This means that alimony payments from divorce agreements that were already in place prior to 2019 will continue to be deductible. FIVE CHANGES 3 PERSONAL EXEMPTIONS AND THE CHILD TAX CREDIT 2 4 5 At Monotelo, we exist to make a difference with meaningful and actionable financial solutions that positively impact our client's lives. If you have questions about what steps you can be taking to prepare for your retirement years, call us at 800-961-0298

TAX IMPACT OF THE PAYCHECK PROTECTION PROGRAM Small businesses that have their Paycheck Protection Program loans forgiven are likely to lose the deduction on their PPP expenses according to new guidance from the Internal Revenue Service. The wage and business expenses that companies use to qualify for loan forgiveness will not be deductible according to an IRS notice published last Thursday. “This treatment prevents a double tax benefit,” the agency said in the notice. “This conclusion is consistent with prior guidance of the IRS.” The new guidance clarifies a point of confusion in the $670 billion small business loan program to help businesses struggling from the shutdowns caused by the coronavirus. The law states that the forgiven loan will not be taxed as debt forgiveness, but it did not specify whether companies could write off the expenses they covered with the stimulus money. The tax code permits companies to write off business expenses, such as wages, rent and transportation expenses, but generally doesn’t allow write-offs for tax-exempt income. While the ruling adds to the list of challenges that businesses face, it is reasonable for the IRS to tell small businesses that they can’t write off expenses on income that was never taxed in the first place (no double-dip!). It is possible that the deduction for these PPP expenses could be reinstated. Since the IRS issued the notice several senators have spoken out against it stating that it is contrary to the intent of the PPP and that a fix could come in subsequent legislation. However, until such legislation is passed, be aware that you will not be able to deduct any expenses covered with funds from a forgiven PPP loan. Small businesses have reported numerous issues in trying to apply for the funds, which restarted last Monday after the initial round of funding ran out after just 13 days. Round 2 of the program, run by the Small Business Administration, provides funds to cover eight weeks of payroll costs. It is designed to encourage companies to keep their people away from the unemployment line, and fully engaged in the workforce.

A 529 college savings plan or a Roth IRA can help you realize tax-free earnings to fund your child's college education. Save as PDF Read more articles Share 1 2 HOW TO SAVE HOW TO SAVE FOR YOUR CHILD'S COLLEGE EDUCATION The cost of a college education is rising by three to four percent a year, so it is never too early to start saving for your child’s future college tuition. Before you start saving however, make sure to consider the options that will maximize your savings while minimizing your tax burden. 529 Plans A 529 plan allows you to contribute to a tax-advantaged account in order to fund college tuition. While contributions to a 529 plan do not provide a federal tax deduction, you may qualify for a deduction on your state tax return for your contributions. Additionally, you can pull out your contributions and earnings from the account tax free when you use them for qualified education expenses. Qualified education expenses include tuition, fees, books, supplies, and equipment required for enrollment. If your child is enrolled at least half-time (6 or more credit hours per semester), room and board are also considered to be qualified expenses. 529 plans come in two varieties: Prepaid tuition plans and college savings plans. Prepaid Tuition Plan With a prepaid tuition plan you can pay for your child’s tuition ahead of time, based on the current rates. For example, if your child is 8 and one year of qualifying college tuition is $10,000 today, you can contribute $10,000 to the fund today and your child’s first year of tuition will be fully covered when they start college in ten years - regardless of the cost of tuition at that time. You are not required to prepay a full year at once, you can pay into the fund over multiple years but each year the required amount will increase. With a prepaid tuition program, you do not need to worry about how well the fund is performing, or about tuition costs. The fund bears the risk, not you. College Savings Plan A college savings plan operates more like a traditional investment account such as an IRA or 401K. You contribute funds to the plan that grow over the years until you are ready to withdraw them to cover education expenses. While a college savings plan does not provide the same guarantee as a prepaid tuition plan, it provides more flexibility on how the funds are used. It also has the potential to provide a greater return on investment than the prepaid tuition plan where earnings of the account will be no greater than the rise in tuition cost. Roth IRA as a Last Resort If your child is about to enter college and you do not have a 529 plan in place to cover the tuition, you can pull funds from your Roth IRA without incurring the early penalties and taxes that you would normally face when taking early distributions. We caution against using a Roth IRA to cover your child’s college expenses, because the Roth IRA is one of your best retirement tools. It is however a valid option. If you choose to tap into your Roth IRA to cover education expenses you need to meet two requirements to avoid taxes on the distributions: Wait Five Years: You need to wait at least five years after first funding your Roth IRA before you withdraw any of the earnings of the account. Qualified Expenses: You must use the entire distribution for qualified education expenses. Be sure that you do not take out more than what is needed to cover these qualified expenses. Failure to meet these two requirements will result in you paying the normal tax rate on the earnings of your account, effectively eliminating the tax benefit of your Roth account. Additionally, you will pay a 10% early withdrawal penalty on any distributions that don’t meet these requirements. Takeaway A 529 plan provides a tax-efficient way to save for your child’s college education. A Roth IRA can also provide tax-efficient savings for education, but your goal should be to not touch your Roth until you retire. You should consider all the options with the following priorities: In an ideal world, you would first max out your Roth IRA contribution of $5,500 per year (if you are married your spouse can contribute another $5,500 per year to their Roth). You would then contribute to a 529 college savings or prepaid tuition plan. (You should not contribute to a 529 plan if you have not already maxed out your Roth IRA as the 529 Plan creates more restrictions). If you cannot contribute to a Roth IRA due to income limitations, you can still contribute to a 529 plan. Be sure to reach out to Monotelo if there are any questions about how to fund your children’s college education or the tax implications of an existing account. We are here to help you keep more of what you earn. Read more articles Share Failing to order your affairs to minimize your tax burden could cost you significant money - so don't wait to take action. If you have additional questions or need some planning help, please reach out to us.

The tax deductions that are available to the average taxpayer have shifted over the years. What was available a few years ago may not be available today and what is available today may shift in the coming years. For taxpayers who itemize deductions, you can deduct the medical expenses you paid for yourself, your spouse or your dependents to the extent that they exceed 7.5% of your 2019 adjusted gross income (AGI). WHAT EXPENSES ARE DEDUCTIBLE IN 2019? For example – if you and your spouse’s combined income was $110,000 last year and you contributed $10,000 to your IRA, your AGI would be $100,000. You could deduct any medical expenses that exceed $7,500. But you could only deduct those medical expenses if you are itemizing (not taking the standard deduction). * Note- the threshold jumps from 7.5% to 10% in 2020. One of the changes under the recent Tax Cuts and Jobs Act is that you can no longer deduct miscellaneous employee business expenses. This change has a more-significant impact on union members, public servants and sales professionals who are not fully reimbursed for their travel, cell phone or entertainment expenses. For small business owners and independent contractors, your business expenses must be ordinary and necessary to be deductible. This means they must be common and accepted in your industry and they must be helpful and appropriate for your specific trade or business. Here is a more in-depth summary of what you can and cannot deduct on your 2019 tax return: Medical Expenses Deductible Preventative Care, Treatment, Surgeries, Dental and Vision Care: You can also deduct visits to psychiatrists, psychologists, prescription medication, glasses, contacts and hearing aids. Alcoholism Treatment: Amounts paid for inpatient treatment to a therapeutic alcohol addiction center are deductible. This includes meals and lodging provided by the center during treatment. Fertility Enhancement: The cost of the following infertility treatment procedures are deductible: In vitro fertilization, including temporary storage of eggs or sperm. Surgery, including an operation to reverse prior surgery that prevented you from having children. Guide Dog and Service Animals: The cost to purchase, train and maintain a guide dog or service animal to help a visually impaired, hearing disabled or physically disabled person are deductible. These expenses include food, grooming and veterinary care. Stop Smoking Programs are deductible, but the cost of non-prescription drugs is not deductible. Not Deductible Any Reimbursed Medical Expenses that were paid by your employer or insurance company are not deductible. Weight Loss Programs that focus on general health are not deductible. However, if the weight loss treatment is for a specific disease diagnosed by a doctor (obesity, heart disease, etc), the expense is deductible. Nonprescription Drugs and Medicine (except for insulin) are not deductible: Only prescription drugs are deductible. Health Club Dues: Any expenses paid to improve your general health that are not related to a medical condition are not deductible. Cosmetic Surgery: Any surgery that does not meaningfully promote the proper function of the body, prevent or treat an illness or disease is not deductible. You can, however, deduct cosmetic surgery if it is necessary to improve a deformity arising from a congenital abnormality, personal injury or disfiguring disease. Miscellaneous Deductions Deductible Gambling Losses to the Extent of Gambling Winnings: Gambling losses can include wagers, or other expenses incurred in connection with the gambling activity; but they are limited to the extent of the gambling winnings. In other words – you cannot take a net gambling loss, but you can use your losses to wipe out any gambling winnings. Casualty Losses: ”Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return if the loss is caused by a federally declared disaster declared by the President.” IRS Website Theft Losses – The amount of your theft loss is generally the adjusted basis of your property because the fair market value of your property immediately after the theft is considered to be zero. Losses from Ponzi-Type Investment Schemes: Deductible as theft losses from income-producing property. Home Office: You can take a home office deduction if you are self-employed and you use part of your home regularly and exclusively for business purposes. Club Dues: Club dues (as we state below) are not deductible. The following organizations, however, are not treated as clubs organized for business, pleasure, recreation or social purpose (unless one of the main purposes is for entertainment): Boards of trade Business leagues Chambers of commerce Civic or public service organizations Professional organizations Real estate boards Trade associations Not Deductible Unreimbursed Employee Expenses are no longer Deductible under the new tax code , unless you are a performing artist or serve in the Armed Forces as a reservist. Commuting Expenses: The cost of traveling from your home to your work is not deductible. There is an exception is for qualified performing artists and Armed Forces reservists. They can deduct the cost of hauling tools or instruments to and from work. Fines and Penalties: Any amounts paid to settle a liability for a fine, a civil or criminal penalty or a parking tickets are not deductible. Club Dues: Membership in any club organized for business, pleasure, recreation or social purpose is not deductible – this includes athletic, luncheon, sporting, airline, hotel and country clubs. Campaign Expenses: This applies to a candidate for any office and includes qualification and registration fees and legal fees. Lobbying Expenses and Political Contributions: According to the IRS: “You can’t deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate aren’t deductible.” Political Action Committees (PACs) are included in this list as well. Read more articles Failing to order your affairs to minimize your tax burden could cost you significant money - so don't wait to take action. If you have additional questions or need some planning help, please reach out to us.

At Monotelo, we use our unique knowledge of the job-related expenses of our public-servant clients to reduce what they are paying in taxes. We Understand We understand the challenges that teachers face - the challenge of sharing your knowledge and making progress when so many variables are outside your control. Our monthly publication shares tips and strategies to reduce your federal and state tax liabilities. Tax Tips and Strategies Learn More Tax Season Checklist Use our tax season checklist to make sure you have everything needed to file an accurate return while maximizing your potential deductions. Fee Schedule View our competitively priced tax services. Testimonials Hear what our public servants have to say about their Monotelo experience.

TAX ISSUES LIBRARY TAX CREDITS AND DEDUCTIONS FOR COLLEGE TUITION An overview of the tax credits and deductions available to you for qualified college expenses. Download TAX IMPLICATIONS OF TRANSFERRING A VEHICLE TO YOUR BUSINESS What you should know about deducting vehicle expenses for a personal vehicle vs. a vehicle owned by your corporation Download I’m Ginger Add your content or connect to a database. Adopt Me

JULY 2016 MONOTELO QUARTERLY ARE YOU PROTECTING YOURSELF From Your Corporate Income? While there are potential tax savings with a corporate structure in place, it is critical that the corporation be the entity that actually earned the income. WHAT DOES THAT MEAN? A fundamental principle of tax law is that income is taxed to the entity who earns it; and any attempts to divert the income away from its true earner are not recognized by the IRS. AND WHAT DOES THAT MEAN? It means the corporation (not the business owner) must be the entity that contracts for the services that it will have you (the business owner) provide. It means the corporation needs to be the entity that gets paid (not the business owner) for the services provided. It means the corporation must have control over the income it receives. Once it receives the income, it can then direct it to the business owner via payroll or a shareholder distribution. WHAT ARE THE MAIN TAKEAWAYS HERE? If you have self-employment income, you should consider the potential tax benefits of a corporation At Monotelo, we believe that clients who have self-employment income should consider the potential benefits of structuring their business as a corporation. That is because a corporation can provide asset protection and potential tax benefits that are not available to the self-employed individual who files a Schedule C with their tax return. 1. Have your clients or customers write their check directly to the business. Do not accept checks written to you personally. A check made out to you and signed over to the business puts the business owner at risk of double taxation and penalties. 2. Have the corporation pay you a salary for the services you are providing to the corporation. 3. Make sure that all contracts and agreements with clients are between the client and the corporation, not between the client and the business owner. Save as PDF October 2016

At Monotelo, we use our unique knowledge of the job-related expenses of our public-servant clients to reduce what they are paying in taxes. We Understand We understand the feelings of excitement and camaraderie firefighters get when you finish a good call. We understand the lifelong commitment you have made to staying physically fit and mentally sharp for anything that comes your way. Our monthly publication shares tips and strategies to reduce your federal and state tax liabilities. Tax Tips and Strategies Use our tax season checklist to make sure you have everything needed to file an accurate return while maximizing your potential deductions. Learn More Tax Season Checklist Get Started with Monotelo Start your free review of your past three years of tax returns Testimonials Hear what our public servants have to say about their Monotelo experience.

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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. Real Estate Agents At Monotelo we start every relationship with a tax conversation. We work hard to free up cash flow by helping you minimize your federal tax liability. That's because every dollar you pay the federal government is one less dollar available for you to reinvest back into your business, or one less dollar available for you to reinvest into your future. Learn More This video provides a brief summary on how we reduce the tax liability for our real estate agents. Why Monotelo? Tax Tips and Strategies Strategies that you can implement in your business to simplify the filing process while reducing your tax burden. How We Work With Clients The biggest enemy to the accumulation of wealth is the 23-43% cut the government is going to take on your income. That is why we start every relationship with a tax conversation. Monotelo White Papers Read about some of our previous cases, the challenges we faced, and the solutions we developed to help our clients make better financial decisions.

WHITE PAPER INTRODUCTION COULDA-WOULDA-SHOULDA!!! This case was more of a “could have, would have, should have” than it was an opportunity to go back and correct the mistakes of the past. We are choosing to share this case because we think it demonstrates why it’s so important to pursue wise counsel when making big financial decisions. The case involved a high-earning couple. He was a highly paid executive and she was a high-producing realtor. They were planning to make some improvements to their home while also investing in a few income properties. THE CHALLENGE Having a high percentage of their nest egg wrapped up in their retirement accounts, they decided to pull $200,000 out of one of their IRA’s to fund their purchases. When this couple decided to pull the money out of their IRA, they were fully aware of the 10%, $20,000 penalty they would have to pay on the early withdrawal. Given the size of their retirement accounts, it seemed harmless at the time. They, however, had no idea how this decision would come back to haunt them. In creating another $200,000 of taxable income for that year, they not only incurred the $20,000 early withdrawal penalty, they also • Moved themselves into the highest tax bracket (39.6%) • Lost all their exemptions (which cost them over $5,000) • Lost a significant portion of their itemized deductions (which cost them $2,000) When all was said and done, they paid about $95,000 in federal income tax and penalties on their early withdrawal, and netted about $105,000 of the $200,000 they withdrew. THE SOLUTION If this family had sought our advice at the time, we would have recommended that they avoid the $95,000 tax bill by simply choosing to take out a small home equity line of credit. In doing so, they would have retained the full $200,000 in their retirement account and paid no additional taxes. Had this family not been able to borrow against their home we would have encouraged them to do two things: Split the IRA distribution over two years: Not make the $40,000 contributions that they were making to their 401K and IRAs, and use the additional cash flow to reduce the amount needed from the retirement account. This course of action would have enabled them to use their itemized deductions and more of their personal exemptions. They would have put themselves into a lower tax bracket, reduced their tax liability by around $20,000 over the two years, and had another $10,000 in their retirement accounts when all was said and done. Not all decisions lead to this kind of negative outcome, but in this case, the lack of wise counsel caused this family to go down a road that was less than optimal. Having the right advisory team in place would have saved them over $30,000. Coulda-woulda-shoulda! Save as PDF More White Papers WLW: Win One, Lose One, Win One JSZ: Junior Sam Zell SOO: Starting Over, And Over