"Greg was very easy to work with. I had a complicated scenario that he was able to manage, with complete confidence. I would highly recommend using him."
"I've had a great experience working with Greg Monaco. He is incredibly detail-oriented and thorough, making sure everything is handled correctly and fully compliant. What really stood out to me is how proactive and dedicated he is."
"Monaco CPA is excellent to work with! Greg is detail-oriented, knowledgeable, and prompt. He's been instrumental in helping me get my business off the ground with a strong financial foundation."
"If you need a CPA or accountant in Livingston or Essex County, I highly recommend Greg at Monaco CPA. My wife and I switched because my old accountant often didn't return my calls. Greg is different."
"I've been working with Greg Monaco, CPA for a few years now, and he's honestly saved me real money with both personal tax help and crypto tax stuff."
"I've been working with Gregory Monaco CPA LLC for my taxes, and I couldn't be happier with the experience. Extremely professional, thorough, and organized from start to finish."
Testimonials reflect individual client experiences and do not guarantee similar outcomes. Tax savings and other results depend on each client's facts and are not typical of all engagements. No client was compensated for providing a review.
Free Tax Tool
Estimate your 2026 federal income tax and NJ Gross Income Tax liability, and calculate how much to pay each quarter to avoid underpayment penalties.
Total Box 1 wages from all W-2s
Schedule C profit, K-1 ordinary income
Short-term gains are ordinary income; include them in Other Income.
Interest, dividends (non-qualified), rental income, etc.
W-2 Box 2 + other federal tax withheld
1040-ES vouchers paid this year so far
Per IRC § 6654(d) you avoid an underpayment penalty if you pay the lesser of 90% of this year's tax or 100% of last year's tax (110% if last year's AGI exceeded $150K, or $75K if MFS). Without these inputs we fall back to the 90%-of-current-year target.
Used to determine if 100% or 110% of prior-year tax is the safe-harbor target.
| Component | Federal | NJ State |
|---|---|---|
| SE Tax (federal only) | $21,194 | N/A |
| Income Tax | ~$13,009 | ~$5,402 |
| Total Annual Tax | ~$34,203 | ~$5,402 |
| Quarterly Payment (Q1-Q4) | ~$8,551 | ~$1,351 |
Federal estimate assumes the SE deduction and 2026 standard deduction ($32,200 MFJ under OBBBA), but no QBI deduction or credits. NJ estimate assumes the basic personal exemption, with no QBI or standard deduction (NJ non-conformity). Federal quarterly payments due Apr 15, Jun 15, Sep 15, Jan 15. NJ payments are due on the same dates through the NJ Division of Taxation online payment portal. Schedule a consultation for your personalized quarterly payment schedule.
If you earn income that is not subject to withholding (self-employment income, rental income, capital gains, or large interest and dividend income), you are generally required to pay federal and NJ estimated taxes quarterly.
Federal estimated tax payments (Form 1040-ES) and NJ estimated payments (NJ-1040-ES) are due four times per year:
You avoid the underpayment penalty if you pay at least 100% of your prior year's tax liability (110% if your AGI exceeded $150,000 last year) through withholding and estimated payments. Alternatively, you can pay 90% of your current year's actual liability.
For NJ, the safe harbor is 80% of the current year's tax or 100% of the prior year's tax.
Self-employed? See if S-Corp election could lower your tax bill.
The S-Corp Savings Calculator compares your sole prop SE taxes against S-Corp payroll taxes, including NJ compliance costs.
Run another scenario before scheduling a consult.
Tax advice disclaimer: This material is for general educational information only and is not legal, tax, or accounting advice for your specific facts. A CPA-client relationship is formed only through a signed engagement letter.