THE MONOTELO TEAM Jim Richter, CFP®, CAIA®, EA, CEPA ® President jim@monotelo.com Jim Richter is the President of Monotelo Advisors. Jim sets the strategic direction for the firm, including oversight of all tax and financial planning services at Monotelo Advisors. He brings 20+ years of experience in the financial services industry, including 10 years of hedge-fund specific work across diverse investment products. Prior to founding Monotelo Advisors, Jim spent 7 years as a Managing Director and Partner at a Chicago-based asset management firm. Prior to his time in the asset management industry, Jim spent 9 years as a fixed-income specialist in the banking industry. Jim is a CERTIFIED FINANCIAL PLANNER™ and a Chartered Alternative Investment Analyst with a degree in Finance from the University of Illinois - Chicago. He is an Enrolled Agent, a federally authorized tax practitioner empowered by the US Department of the Treasury to represent taxpayers before the Internal Revenue Service. Jim is also a Certified Exit Planning Advisor (CEPA®), trained to help business owners align their goals and build transferable value to successfully exit their companies. If you asked Jim where he would like to be right now, it would be in the Northwoods of Wisconsin. Ron Rindone, CPA Certified Public Accountant ron@monotelo.com Ron is a Certified Public Accountant with more than 40 years in public accounting. Ron has extensive experience with accounting and taxation in the manufacturing and service industries. He is a member of the Illinois CPA Society. Ron has a deep understanding of the Internal Revenue Code and how it intersects with our small business owners and individual families. He has a Bachelor’s degree in accounting from the University of Illinois. Ron and his wife have one son and two grandchildren. In Ron’s free time he enjoys spending time at his home in Lake Geneva with family and friends. Little known fact about Ron: he has been to the World Series of Poker more than once! Nicknamed “Best Dressed Ron” by the Heartland Poker Tour announcers in 2016, Ron was perfectly fine with his new nickname after he walked away with $74,000 in tournament winnings. Gavin Tabb, CPA Certified Public Accountant gavin@monotelo.com Gavin is a Certified Public Accountant and small business specialist for Monotelo Advisors. He is responsible for supporting our small business clients throughout the United States with seamless payroll, bookkeeping and monthly accounting services throughout the year. Gavin has a Bachelor’s degree in accounting from Northern Illinois University. He is an Intuit QuickBooks Certified User. Gavin and his wife have a five-year old daughter and one-year old son. Mike Matousek, CPA Certified Public Accountant Mike@monotelo.com Mike has extensive experience, spanning over four decades, starting as a staff accountant, and eventually becoming a partner at his own firm. His responsibilities included preparing and filing individual and business tax returns, assisting in audit field work for corporations, assessing the risk of material misstatement in financial statements, and designing audit procedures in accordance with Generally Accepted Auditing Standards (GAAS) for various accounts. As a partner at his firm, Mike was also involved in training and supervising staff, playing a leadership role in the development of his team. His current focus at Monotelo involves researching tax positions for clients to minimize tax liabilities and filing complex corporate tax returns. Mike has a wealth of experience and expertise in tax planning, auditing, and leadership within the field of public accounting. Jessica Padden, EA Tax Specialist jessica@monotelo.com Jessica is a tax specialist and paraplanner with Monotelo Advisors. Her expertise lies in personal tax returns and comprehensive tax planning, especially during significant life transitions. Jessica excels at deciphering the complexities of tax returns, helping clients minimize their taxes by addressing issues such as basis calculations, farm income, and company stock plans. With a Master's in Financial Planning from the American College, she is also an Enrolled Agent and Accredited Financial Counselor. Since 2011, Jessica has been dedicated to helping clients achieve more secure financial futures. Her commitment to her clients is unwavering, and she strives to provide personalized and effective financial solutions. When Jessica is not assisting clients, she enjoys spending her time reading, crafting, or hiking with her family. Starla Dolihite, EA Tax Specialist starla@monotelo.com Starla is a tax specialist with Monotelo Advisors. She serves in our personal tax department where she brings her best to Monotelo clients each day. Her attention to detail and commitment to excellence are what make her special. She is passionate about studying tax law and getting into the nitty-gritty so she can apply that knowledge to make a difference in the lives of our clients. Outside of work she enjoys hiking, mountain biking, paddleboarding and serving in her church. Starla and Brian, her husband of 33 years, have three adult children and one daughter-in-law. If Starla could be anywhere right now it would be working out at the gym, or at the beach. But not just any beach! The beach has to be on the Florida Gulf Coast. Starla and her husband are Florida natives. Starla has a Bachelor Degree in Accounting from the University of West Florida. Starla is an enrolled agent, a federally authorized tax specialist that operates to provide advisory services to American taxpayers about matters concerning the Internal Revenue Service. Renee Katschke Small Business Specialist renee@monotelo.com Renee is a small business specialist for Monotelo Advisors with over 15 years of public accounting experience. Renee works alongside Mary Bresson in our West Brooklyn office serving our small businesses and farming clients. She started her career in banking and has been providing bookkeeping, payroll and sales tax return preparation services since 2006. Renee also supports our team in preparing individual 1040, corporate and partnership tax returns. Marianne Richter Engagement Manager marianne@monotelo.com Marianne Richter is responsible for ensuring that Monotelo is delivering a high level of customer service and meeting the expectations of Monotelo’s small business relationships. Marianne brings 13+ years of diversified training and marketing experience in the consumer goods industry to Monotelo. Marianne and her husband, Jim have two adult sons. Little known fact about Marianne: she is a certified personal trainer and health coach. If Marianne could be anywhere, it would be on a beach. Anita Ruffin Accountant anita@monotelo.com Anita is a seasoned accounting professional who has served in public and corporate accounting over the course of her career. Working in the accounting department at Motorola for a decade, Anita played the role of staff accountant, compensation analyst and team leader in Motorola’s network services business. Anita holds a Bachelor of Science degree in Accounting from the University of Missouri. She and her husband have three adult children and a dog! Anita enjoys traveling, gardening, leading her BSF bible group and spending time with family. If she could be anywhere right now, she would be on the beach, in a tropical island! Cassie Beesley Associate Cassandra@monotelo.com Cassie is a long-time resident of Bunker Hill, and is thrilled to assist Monotelo clients in the local communities she loves. Cassie earned two bachelor’s degrees from Eureka College, one in Mathematics and one in Secondary Education. After graduating from college, Cassie worked as an administrative assistant for over 5 years, where she found her calling in accounting and her love for numbers. In her spare time, Cassie coaches girls and boys volleyball at her alma mater high school. When Cassie is not caring for the needs of Monotelo’s clients, you might find her writing her own fictional stories, or hiking and kayaking

Contact us Phone: 800-961-0298 Fax: 847-929-9134 Email: Info@monotelo.com Give us a call Schedule an appointment 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 7 Money-Smart Principles Every Parent Should Teach In today’s fast-paced, consumer-driven world, raising financially wise children is one of the greatest gifts a parent can give. Money... Student Loan Alert: Strategic Moves to Make as SAVE Ends Millions of federal student loan borrowers are facing a new financial reality as the SAVE (Saving on a Valuable Education) plan... Understanding the New Tax Relief for Seniors and Hourly Workers: Tips, Overtime, and Social Security Explained President Trump recently signed a sweeping tax-and-spending bill into law, promising major relief for millions of Americans. While some... Big Beautiful Bill Articles 25 Takeaways From the Big Beautiful Bill The newly passed legislation, referred to as the "Big Beautiful Bill” (BBB), brings one of the most comprehensive overhauls to the U.S.... Big Beautiful Bill Articles New Illinois Sales Tax Changes: What Local Business Owners Need to Know Before July 1, 2025 Beginning July 1, 2025, a new round of sales tax rate changes will take effect across Illinois, as announced by the Illinois Department... Making the Most of a New Rate Environment After over a decade of historically low borrowing costs, we’re now operating in a different world. Interest rates are up, credit is more... View More Stay up to date with the latest tax and market analysis. Subscribe to receive our weekly market and tax analysis. Site Title

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 7 Money-Smart Principles Every Parent Should Teach Aug 12 4 min read Student Loan Alert: Strategic Moves to Make as SAVE Ends Aug 4 7 min read Understanding the New Tax Relief for Seniors and Hourly Workers: Tips, Overtime, and Social Security Explained Jul 21 3 min read 7 Money-Smart Principles Every Parent Should Teach Student Loan Alert: Strategic Moves to Make as SAVE Ends Understanding the New Tax Relief for Seniors and Hourly Workers: Tips, Overtime, and Social Security Explained 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

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 Helpful small business articles. Turning Your Residence into a Legitimate Tax Strategy For self-employed professionals and business owners, making the most of available tax strategies can significantly impact your bottom... Are Hidden Human Resource Risks Costing Your Business? Here’s How Assessing Your People Practices Can Protect Your Bottom Line Debbie Rabishaw is a consultant who works with small and medium-sized businesses ranging from 2 to 200 employees. She has seen firsthand... 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... 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 Checkout our book written for small business owners!

Free Book For Christian Business Owners Who Want To Use Their Business To Secure Their Financial Future Order your complimentary new book "Building Your Financial Legacy" below and get a free Financial Planning Consultation (value $800.00) In this must-have book, you'll gain and understanding of: Techniques for reconciling the drive for business with desire to prioritize faith and family. Insights on managing common financial concerns such as increasing business value, securing a financial future and building a legacy. The importance of a holistic approach to financial planning, including business acceleration, tax planning, risk management and estate planning. How to develop a comprehensive, durable financial plan of action that address all the areas of wealth management. Yes! Mail Me The Free Book (And show me the calendar so I can schedule my free Financial Consultation) Meet The Author! Jim Richter’s journey as a financial professional reflects his deep commitment to integrating faith with professional expertise. As a Certified Financial Planner™ (CFP®) and Chartered Alternative Investment Analyst (CAIA), Jim has navigated the complexities of financial planning with a holistic approach that aligns with a biblically centered world view. His career spans the capital markets where he began advising institutional investors on how to successfully navigate the complexities of the bond market to then launching a successful asset management company out of the Great Financial Crisis of 2008 to now successfully serving over 1,000 tax and financial planning clients at Monotelo Advisors. This diverse experience has shaped his understanding of comprehensive financial planning. Jim’s goal is to serve small to mid-market business owners, providing them with tailored financial strategies that honor their values while addressing their unique needs. By offering a range of services—including business value acceleration and tax and financial planning expertise —Jim ensures that his clients receive a durable cohesive financial plan. For Jim, the integration of faith and finance is not just a professional principle but a personal conviction. His approach emphasizes that, despite societal shifts, adhering to one’s core values can drive both personal fulfillment and professional success. Balancing personal ambition with a commitment to putting God first, Jim aims to help business owners navigate their financial journey while staying true to their beliefs, ensuring that their financial legacy reflects their values and aspirations. In Building Your Financial Legacy Jim Richter outlines the 10 blind spots a business owner should know and address in order to achieve the best possible business success, succession and retirement. Yes! Mail Me The Free Book (And show me the calendar so I can schedule my free Financial Consultation)

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Find the Best Package for Your Needs Pa Package offering Monthly Accounting Services Allocation of business transactions to correct accounts Reconciliation of bank statements Preparation of monthly Profit & Loss statement Preparation of monthly Balance Sheet statement Annual Corporate Tax Return preparation (Partnership or Corp) Annual Report preparation and submission to Secretary of State Officer Compensation Analysis Quarterly estimated tax payments Monthly Payroll Federal 941 Quarterly Payroll Filing State Quarterly Payroll Filing Year-End 940 Payroll Filing W-2 Issuance to Employees 1099 Issuance to Independent Contractors Client Portal Access Determination of federal and state tax notices Quarterly Conference Call Estimated and Revised Annual P&L Adjustments to Officer Compensation Misc. Business and Accounting Issues Personal 1040 Return Preparation Financial Planning Services Values & Vision Family Strategic Plan Cash Flow & Budget Planning Distribution Planning Employee Benefits Planning Key Employee Compensation Planning Personal Financial Statements Social Security Claiming Strategy Lifetime Tax Minimization Planning Tax Projections Bookkeeping Bronze Gold Platinum Platinum Plus MONTHLY PRICE Starting At $150 Starting At $200 Starting At $300 Starting At $400 Starting At $500 Schedule a Meeting

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By failing to plan ahead, you will find that most of your medical expenses are worthless on your tax return. With a little planning, you can prevent this. If you fail to plan ahead, you will struggle to claim your medical expenses as an itemized deduction when April 15th arrives. You will lose the ability to deduct the bulk of these expenses because they need to surpass 10% of your Adjusted Gross Income (AGI) to be usable as an itemized deduction . This means that taxpayers who make $100,000 during the year will not be able to deduct the first $10,000 in medical expenses. That handicap essentially means you will not be able to deduct any medical expenses, unless you incur heavy medical bills in a single year. And if you are paying AMT (the Alternative Minimum Tax) - don't even think about it. When it comes time to pay your income tax bill, most Americans want to pay the lowest amount possible. One of the ways taxpayers seek to do this is by increasing the number of deductions they take on their tax return each year. So it's not surprising that one of the common questions we receive from our clients is whether or not they can deduct their medical expenses. While the simple answer is "yes," the reality for most taxpayers is "no." However, with a little planning, that answer can be "yes." If you fail to plan ahead, you will struggle to claim your medical expenses as an itemized deduction when April 15th arrives. You will lose the ability to deduct the bulk of these expenses because they need to surpass 10% of your Adjusted Gross Income (AGI) to be usable as an itemized deduction . This means that taxpayers who make $100,000 during the year will not be able to deduct the first $10,000 in medical expenses. That handicap essentially means you will not be able to deduct any medical expenses, unless you incur heavy medical bills in a single year. And if you are paying AMT (the Alternative Minimum Tax) - don't even think about it. The best way to counteract this nasty little piece of the tax code is to set up an HSA (Health Savings Account) and contribute to it each year. When you contribute to an HSA you get the privilege of deducting the amount of your contributions from your income and you bypass the 10% threshold. You can do this even if you don't choose to itemize your deductions! And as an added bonus (do we sound like an infomercial?) - the money you put into your HSA, as well as the earnings of the account, can be taken out tax free as long as they are used for qualified medical expenses. While you cannot pay your health insurance premiums with funds from an HSA, you can pay most other medical expenses. Additionally, once you turn 65 you can use the HSA to pay your Medicare or other healthcare premiums. Requirements for an HSA In order to qualify for an HSA you must have a high-deductible health plan - defined as a healthcare plan with: 1 An annual deductible of at least $1,350 for individual coverage or at least $2,700 for family coverage. 2 Maximum annual out-of-pocket expenses of $6,750 for individual coverage and $13,500 for family coverage. Once you have your HSA set up you can contribute up to $3,500 per year for individual coverage and $7,000 for family coverage. If you are over the age of 55 you can contribute an additional $1,000 annually. Save as PDF 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. Avoiding the 10% Threshold for Medical Expenses How do you setup an HSA? If your employer offers a high-deductible health plan, they should also give you the ability to contribute to an HSA. You can also open an account on your own through a qualified HSA provider, such as a bank or insurance company (go to www.hsasearch.com for a list of qualified HSA providers). What happens if you don't plan ahead? So what is the solution? Key Takeaways If you don't plan ahead and contribute to a Health Savings Account then you will find that most, if not all, of your medical expenses will be ineligible for a deduction due to the 10% threshold that must be met before deducting medical expenses. By setting up and contributing to a Health Savings Account you can deduct your full contribution to the account and have the flexibility to pay your medical bills with tax-free withdrawals from the account.

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 Wed/Thurs: 8 AM - 3 PM Get Directions Call Office Gillespie Office 112 S Macoupin St Gillespie, IL 62033 Phone: 217-839-4226 Fax: 217-839-4039 Mon-Fri: 8:00 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

Want to file your taxes early? Filing Your Tax Return Early Could Boost Your Next Stimulus Check There are a number of reasons to file your tax return early this year. A quicker refund and reduced risk of tax identity theft are at the top of the list for most people… and for some people, a larger stimulus check! So who should file early and who should wait to file in April? The answer to that question depends on whether there were changes to your family or financial situation last year. That's because the next stimulus check will be based on your 2019 tax return or your 2020 return. And the return that was most recently filed when the IRS starts processing your stimulus payment will likely be the one that they use to determine your benefits. When the IRS calculates the amount of your next stimulus check, they will review your tax filing status, the number of dependents, and your adjusted gross income (your AGI). That information will come from your 2019 or your 2020 tax return. If you file early, they will likely pull that information from your 2020 return. If you file later, they will most likely pull that info from your 2019 return. And that dynamic gives you a little more control over your next stimulus check. The IRS started accepting tax returns last week. The two-week delay in accepting tax returns was due to some unexpected programming that was required after the second round of stimulus checks were authorized. If Congress passes President Biden’s $1.9 trillion budget reconciliation bill, that plan is likely to authorize another round of stimulus checks. Based on most estimates, the IRS is not likely to start processing third-round stimulus checks until the second week of March (or later!). If you expect your 2020 tax return to drive a higher stimulus payment, then you may want to file your 2020 return as soon as possible. That way there's time for it to be processed before the IRS starts sending out stimulus payments. So what things might cause a higher stimulus payment? The following changes might drive a larger stimulus payment from your 2020 tax return: THREE REASONS TO FILE YOUR TAXES EARLY You were married in 2020 You had a baby in 2020 You were claimed as a dependent on a 2019 tax return, but not on anyone's 2020 return Your income was lower in 2020 than it was in 2019 And who might consider waiting to file their 2020 tax return? If your income was higher in 2020 than it was in 2019, you may want to wait until April to file your tax return. If you had a death in your family in 2020, and you have fewer dependents on your 2020 tax return, you may want to wait to file your tax return. If you are losing the ability to claim your child as a dependent due to their age in 2020, you may want to consider waiting to file your tax return. If you got divorced in 2020 the best path is less straightforward. There are several factors that could impact whether you should file early or wait. For additional questions, please reach out to us at info@monotelo.com or call us at 800-961-0298. START YOUR 2020 TAX RETURN Upload your doc's online, and start your return from home. Get started 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.

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