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 Gratitude, Generosity, and the Power to Change Lives 24 hours ago 4 min read The Multiplying Power of Generosity: Feed a Child This Thanksgiving Nov 13 3 min read 7 Money-Smart Principles Every Parent Should Teach Aug 12 4 min read Gratitude, Generosity, and the Power to Change Lives The Multiplying Power of Generosity: Feed a Child This Thanksgiving 7 Money-Smart Principles Every Parent Should Teach 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

Monotelo Advisors Privacy Policy Introduction At Monotelo Advisors, we respect your privacy and are committed to protecting your personal information. This Privacy Policy outlines our practices regarding the collection and use of your data. Information Collection We may collect personal information from you in various ways, including when you visit our website, subscribe to our newsletter, fill out a form, or interact with our services. The types of personal information we collect may include: - Contact information (name, email address, phone number) - Demographic information (age, gender, location) Use of Information We use the information we collect for various purposes, including: - To provide and improve our services - To communicate with you, including sending newsletters and updates - To personalize your experience on our website - To analyze and understand how our services are used No Sale of Personal Data At Monotelo Advisors, we prioritize the confidentiality and security of your personal information. We want to assure you that we do not sell or share your personal data to any third parties. Your trust is of utmost importance to us, and we are committed to protecting your privacy. Data Security We implement a variety of security measures to maintain the safety of your personal information when you enter, submit, or access your personal information. We do not share personal data (phone numbers) with third parties, affiliates or partners Your Rights Depending on your location, you may have certain rights regarding your personal information, including: - The right to access your personal data - The right to correct any inaccuracies - The right to request deletion of your data - The right to restrict processing of your data - The right to data portability - The right to object to the processing of your data If you wish to exercise any of these rights, please contact us using the information provided below. Changes to This Policy We may update our Privacy Policy from time to time. We will notify you of any changes by posting the new policy on our website. You are advised to review this policy periodically for any changes. No mobile information will be shared with third parties/affiliates for marketing/promotional purposes. All other categories exclude text messaging originator opt-in data and consent; this information will not be shared with any third parties

Welcome to the Big Beautiful Bill Resource Center The Big Beautiful Bill is transforming the landscape of financial legislation and we're here to help you stay informed every step of the way. This page is your central hub for everything related to the bill: expert articles, insightful videos, and in-depth webinars designed to unpack what it means, why it matters, and how it could impact your financial future. Check out our latest webinar. Click here to find a segment that interest you. New provisions for individuals under the Big Beautiful Bill New provisions for business under the Big Beautiful Bill Check out our articles on the Big Beautiful Bill Understanding the New Tax Relief for Seniors and Hourly Workers: Tips, Overtime, and Social Security Explained Jim Richter 25 Takeaways From the Big Beautiful Bill Michael Baumeister Three Sweeping Tax Reforms That Could Impact Your Paycheck Jim Richter

Big Beautiful Bill Webinar Segments Click on the topic you want to learn more about based on our webinar. How the OBBBA has changed exit strategies for business owners Overtime Pay Child Tax Credit SALT Cap No Tax on Tips Senior Deduction Check out our articles on the Big Beautiful Bill Understanding the New Tax Relief for Seniors and Hourly Workers: Tips, Overtime, and Social Security Explained Jim Richter 25 Takeaways From the Big Beautiful Bill Michael Baumeister Three Sweeping Tax Reforms That Could Impact Your Paycheck Jim Richter

At Monotelo Advisors we work hard to free up cash flow by helping you minimize your federal tax liability, giving you more money to reinvest into your future. TAX EXPERTISE Monotelo believes there is a better way to help you secure your financial future. It starts by improving your cash flow, then focusing on the budget and retirement savings to help you take charge of a future filled with peace and financial security. Our mission is to make a difference with meaningful and actionable financial solutions that positively impact our client's lives. We do this by integrating the tax component into all our discussions - freeing up cash flow that allows our clients to live the lives they want to live. SMALL BUSINESS OWNERS If you are a small-business owner, there is a high probability that you are paying more tax than what is required. And the key to lowering your tax bill is not in finding a competent CPA to file your tax returns, it's in finding an expert with a disciplined process to help you plan your future. LEARN MORE REAL ESTATE AGENTS As a real-estate agent you are uniquely positioned to manage how much you pay in taxes. While the new tax code just made things better for you, it made things significantly more complicated. How you organize your affairs and structure your business will have a direct impact on your tax bill come April 15th. LEARN MORE PRIVATE CLIENTS LEARN MORE INDIVIDUALS Click here to access the tools and articles designed to help you manage your taxes and your finances while giving you confidence to take the steps needed to prepare for a future filled with peace, hope and financial security. LEARN MORE

The purpose of this update is to provide clarity on the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed by Congress and President Trump last week. The Act was intended to provide relief to those suffering from the economic fallout of the Coronavirus. The amount of money each person will receive from the federal government will vary depending on your income, marital status and number of children. Individuals are eligible for up to $1,200 - plus $500 per child under the age of 17 Couples are eligible for up to $2,400 - plus $500 per child under the age of 17 Payments phase out for individuals with adjusted gross incomes of more than $75,000 and for couples with incomes above $150,000. The phaseout will reduce the payment by $5 for every additional $100 of adjusted gross income above your phase-out threshold. Individuals making more than $99,000 will not receive anything. Couples making more than $198,000 will not receive anything. Income will be based on your 2019 or 2018 tax return. The White House hopes to begin distributing cash quickly, but said that it may take a few weeks before the majority of the payments go out. The stimulus checks will be handled by the Internal Revenue Service, and they require you to have filed your taxes electronically to have the money transferred to your bank account via direct deposit. If the IRS does not have your bank account info, it will send out a check to the physical address that was on your last tax return. If you have filed a paper copy of your taxes or have closed the bank account used to receive previous tax refunds, the government will send a check in the mail. If you have moved since you last filed your taxes, remember to submit a change of address form with the IRS. This normally takes four to six weeks to process, and the IRS needs the correct address in order to have the check reach the correct destination. The best way to maximize your payment from the government is to have Monotelo prepare your 2019 tax return. If you made less money in 2019 than you made in 2018, we will file the return immediately. If you made more money in 2019 than you made in 2018, we will wait to file the return. However, there is no way to know this without completing the preparation of your 2019 tax return. Once the return is complete, we will let you know what filing schedule is in your best interest. Taxpayers are supposed to receive a note in the mail informing them of how the payment was made. This notice should arrive no more than a few weeks after the money was disbursed. If you have trouble locating your payment, there will be information regarding how to contact the IRS in the notice. Please reach out to us if we can assist you during these challenging times. ECONOMIC IMPACT PAYMENTS FROM THE CARES ACT 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.

We all think we know about the cost of health care. According to Fidelity, the average 65-year-old couple in 2020 will need nearly $300,000 for medical expenses over the course of their retirement. And that number does not address the potential for long-term care needs. There is a common misconception that once you get on Medicare, your health care costs will be all taken care of. What most people eventually discover is that Medicare doesn’t cover everything. And what it does cover typically comes with a copay or a deductible. The Costs Behind Medicare There are 2 primary parts to Medicare. Part A covers hospitalization, while Part B covers doctors, therapies, chemotherapy, etc. While Medicare Part A is free, many people fail to realize that Medicare Part B comes with a monthly premium. Part B premiums for most people in 2021 are $148.50 per month and the premiums rise for higher-earners. The premium for higher earners is called the income-related monthly adjustment amount, known as “IRMAA”. If you get hit with IRMAA for Part B, you’ll also have to pay IRMAA for Part D, the private part of Medicare that offers prescription drug coverage if you are enrolled. You could end up paying an extra $434 per month ($356.40/month for Part B and $77.10/month for Part D), depending on your taxable income from two years ago. If you’ve had a life-changing event and your income has gone down from two years ago we can help you. Reach out to us and we should be able to make a difference for you on your IRMAA premiums. Once you’re on Medicare, you will have copays and deductibles for Parts A and B. On top of the copays and deductibles, there is no out-of-pocket maximum with Medicare. You heard that correctly! You can have unlimited expenses with original Medicare. This is where Medicare Advantage and Medicare Supplement Plans come into play. These plans can help by setting a limit on spending, but this is also where things can get confusing. And this is the point where most couples should turn to a Medicare expert to guide them to a wise course of action. Prescription Drugs It’s relatively easy to find the list of drugs that Medicare does not cover (go to Medicare.gov for this info). But what about drug costs? Many retirees fail to understand the impact that drug costs will have on their long-term financial plans because they fail to understand how the drug plans are set up. While many drugs are covered by Medicare, more costly drugs can cause a balloon payment after several months of coverage, sometimes referred to as the “donut hole.” With the “donut hole” and catastrophic coverage issues, there is no cap on prescription drug expenses. And some manufacturers’ programs become off limits once you go on Medicare. For Example: Part D deductible: $435. Initial coverage limit: $4,130. Catastrophic threshold: $6,550. You have a medication that costs $1,376.67 and your copay is $100. Your first three doses cost you $300, but the total spent was $4,130, and you are now in the “donut hole.” The next time you pick up your medication, your cost goes from $100 to $344.17 because you are now responsible for 25% of the cost of the drug (25% * $1,376.67 = $344.17). You only spent $300 on your first three prescription fillings, you are already into the “donut hole,” and you don’t get out of the donut hole until you’ve spent $6,550. After you’ve spent the entire $6,550, your costs will drop to 5% of the cost of the drug ($68.80 per dose). That means prescribed medications could cost over $10,000 a year, and that’s on the drugs that Medicare includes in the drug plan. So what should you do to help mitigate the costs of medical care today? A traditional asset manager might suggest you hold cash aside for these expenses. An insurance agent might tell you to buy a long-term care policy. An accountant may suggest that lowering your taxable income through medical expenses could help cover some of the costs of Medicare. Our job at Monotelo is to help you develop a Durable Cohesive Plan of Action, and take all of these issues into account to comprehensively address your healthcare needs in retirement. Read more articles THE COST OF HEALTHCARE IN RETIREMENT 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.

Building a Durable Cohesive Plan of Action

Going to an office is no longer a requirement of conducting business in the age of the internet, cell phones, Skype and GoTo meetings. One step away to save on your taxes. Schedule a quick 10-minute, no-obligation consultation. UNLOCKING the Missed Deductions of a Home Office Small-business owners should not miss the benefit of a home office deduction out of fear of a tax audit. Going to an office is no longer a requirement of conducting business in the age of the internet, cell phones, Skype and GoTo meetings. This means an increasing number of small-business owners are working from home, and eligible to claim a home office deduction. When Properly implemented, this deduction can make a significant difference in your tax liability. WHAT CONSTITUTES A HOME OFFICE? In order to claim a deduction for a home office the IRS requires that a designated space be used exclusively and regularly for business. Going to an office is no longer a requirement of conducting business in the age of the internet, cell phones, Skype and GoTo meetings. Exclusively used for business means it cannot ever be used for personal reasons during the tax year, this includes any type of storage for personal items. Although the office is to be used only for business, the tax code does not mandate that it be a separate room, it can be part of a room - walls are not a requirement. The office must also be used on a regular basis for business. HOW TO DEDUCT EXPENSES FOR THE HOME OFFICE There are two different methods you can use to claim a home office deduction, the actual expense method and the simplified method. ACTUAL EXPENSE METHOD The actual expense method allows you to deduct all direct expenses and a portion of any indirect expenses. Direct expenses are any expenses incurred specifically for the home office, such as painting the office or putting in new carpet. Indirect expenses include any expenses incurred for the home such as mortgage interest, property taxes and utilities. To claim these indirect expenses you need to determine the portion of the expenses that relate to the home office. This can be calculated by dividing the square footage of the office by the square footage of the house. You can also claim depreciation or a rent deduction for the part of the home used for business purposes. On the downside, when you sell the home any depreciation taken needs to be recaptured. This can be an unpleasant surprise come tax time. When using the actual expense method, detailed records and supporting documentation must be kept for all expenses. SIMPLIFIED METHOD If you prefer not to maintain records of these expenses, you can still take a home office deduction using the simplified method. The simplified method is calculated by simply multiplying the square footage of the office by $5 per square foot (up to 300 sq. ft.). The advantage to this method is the IRS does not require you to keep any records that are required by the actual expense method. The main drawback of the simplified method is that you will not be able to deduct your actual expenses if they exceed the allowance of the simplified method. The best solution is to keep track of all of your expenses and then determine at the end of the year which method will provide the greater deduction. MILEAGE Regular commuting to and from work is not a deductible expense, however travel between your primary office located in your home to your second office is classified as business miles that are deductible. This does not mean that you can set up a "home office" to deduct your regular commuting miles. It means that if your home office is where you conduct the majority of your business, you can deduct any mileage to a secondary location. Setting up a home office can potentially create several thousands of dollars in deductible mileage each year. TAKE AWAY Even the smallest home office can unlock significant deductions if the expenses are properly accounted for using either the actual or simplified method. It is very important that the space be used exclusively for business purposes. Save as PDF

September 2019 SMALL BUSINESS TIPS Quarterly: Oct 17 How Will Your Real-Estate Sale Be Taxed? When you sell real estate property other than your primary residence, the tax implications of that sale depend on whether it qualifies as dealer or investor property. Each of these classifications is taxed differently and carries its own benefits and drawbacks. Dealer Property: Property you hold for sale to customers in the ordinary course of a trade or business is considered Dealer Property. House flipping is a common example of dealer property because you purchase the property with the intention of fixing it up and selling it for a profit. Profits on dealer sales are taxed at your ordinary income rate which can be as high as 37 percent and are also subject to the self-employment tax of 15.3 percent. Dealer sales cannot be used in 1031 exchanges to defer taxes by reinvesting in another property. One advantage of dealer sales is that any losses on a property are considered ordinary business losses which can be fully deducted in the year of the sale as opposed to capital losses on investment property which are limited to $3,000 per year. Investor Property: Property that is held to produce income or long-term appreciation is considered Investor Property. Rental properties are the most common type of investor properties. Profits on investor sales are taxed at capital gains rates which are capped at 20 percent if you own the property for more than one year. Investor property sales are also not subject to the 15.3 percent self-employment tax. The cost of investor properties can also be depreciated over the useful life of the property, although the depreciated cost will need to be recaptured at the time of the sale. Investor properties qualify for 1031 exchanges which allow you to reinvest the profits from the property into a similar property and defer the taxes on the sale until you sell the new property. One disadvantage of investor property sales is that the deduction for capital losses is capped at $3,000 per year unless you have capital gains from another sale to offset the losses. Generally speaking, if you sell a property at a gain you will receive favorable tax treatment if the property is classified as investor property and if you sell a property at a loss you will receive favorable tax treatment if it is classified as dealer property. Classifying Your Property Sale Identifying the correct property classification is not as simple as determining which will give you better tax treatment. In classifying your property sale the IRS will look at multiple attributes of the individual sale and your overall situation: Intent: One key area the IRS will look at when classifying your property sale is your original intent in purchasing the property. If you purchase a property with the intent of fixing it up and reselling for a profit, then that property is considered dealer property. If you buy a property with the intention of fixing it up to operate as a rental property it will be considered investment property. Even if you sell the property before collecting any rent you can classify it as an investment property if you can demonstrate that your original intent was for it to be a rental property. Documenting your intent at the point of purchase is critical to defend your position before the IRS. Holding period: Generally speaking, the less time you own a property before selling it the greater the chance the IRS will classify the property as a dealer property. Frequency of property sales: If you are regularly buying and selling properties you are likely to be classified as a dealer. “Making a Living:” If a significant portion of your income is made through buying and selling properties you are more likely to be classified as a dealer. These attributes are examples of what the IRS looks at to classify your property sale but not a definitive list. There is no standard formula to follow and you need to evaluate the characteristics of each property sale on its own. Understanding the distinction between a dealer and investor property can help you avoid surprises in tax season. Proper planning and record-keeping can also ensure that you receive the best tax treatment available to you when you sell your property. For help determining how your property sale should be classified, please reach out to us. Previous Article

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!

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