Blog | Monotelo Advisors

Oct 313 min read

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

Jim Richter

Oct 258 min read

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...

Long-Term Tax Planning: Proven Methods to Minimize Your Lifetime Tax Liability

Jim Richter

Oct 104 min read

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

Jim Richter

Sep 125 min read

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

Jim Richter

Sep 45 min read

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:...

Charitable Giving and Donor-Advised Funds: A Comprehensive Guide

Jim Richter

Aug 285 min read

Charitable Giving and Donor-Advised Funds: A Comprehensive Guide

This is week four of our 7-week series. If you wish to read our previous articles, you can chose them from the list below: Tax Planning:...

Understanding Health Savings Accounts (HSAs): A Comprehensive Guide

Jim Richter

Aug 214 min read

Understanding Health Savings Accounts (HSAs): A Comprehensive Guide

This is week three of our 7-week series. If you wish to read our previous articles, you can chose them from the list below: Tax Planning:...

Why Required Minimum Distributions (RMDs) and Qualified Charitable Distributions (QCDs) Matter to People of All Ages

Jim Richter

Aug 135 min read

Why Required Minimum Distributions (RMDs) and Qualified Charitable Distributions (QCDs) Matter to People of All Ages

This is week two of our 7-week series. If you wish to read our article from week one you can read it here. Introduction As individuals...

Tax Planning: Essential Strategies for Long-Term Success

Jim Richter

Aug 84 min read

Tax Planning: Essential Strategies for Long-Term Success

We are starting a 7-week series on tax planning this week, so we thought we would share a quick outline on why it matters, along with...

Three Tips for Reducing Your Tax Liability

Jim Richter

Jul 183 min read

Three Tips for Reducing Your Tax Liability

Most people agree that paying taxes is essential for maintaining infrastructure and supporting essential functions of our government....

Five Tips to Shield Your Finances from Inflation

Jim Richter

Jul 103 min read

Five Tips to Shield Your Finances from Inflation

Do you remember what year it was when a gallon of gas was $0.63? Depending on your age, you may not! Answer: The year was 1978. When the...

The Birth of a Nation: Taxation and Revolution

Jim Richter

Jul 33 min read

The Birth of a Nation: Taxation and Revolution

The Historical Connection Between Independence Day and Taxes Every July 4th, Americans gather to celebrate Independence Day, a...

New FINCEN Requirement: What Business Owners Need to Know

Jim Richter

Jul 12 min read

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...

Jim Richter

Jun 272 min read

Prepare for More IRS Audits!

The IRS is significantly enhancing its audit capabilities thanks to an infusion of $60 billion over the next ten years. This funding,...

9 Vital Financial Questions for People Over 40

Jim Richter

Jun 134 min read

9 Vital Financial Questions for People Over 40

As families transition from their 30’s to their 40’s and their 50’s to their 60’s, the role of financial planning shifts. Older couples...

Penalty and Interest Considerations for the Upcoming Tax Season

Michael Baumeister

Jan 185 min read

Penalty and Interest Considerations for the Upcoming Tax Season

The deadline for taxpayers to file their 2023 individual tax returns or request an extension is Monday, April 15, 2024. Keep in mind that...

"WE KNOW BETTER!" (Vanguard blocks Bitcoin)

Jim Richter

Jan 164 min read

"WE KNOW BETTER!" (Vanguard blocks Bitcoin)

In a surprising turn of events, Vanguard, Northwestern Mutual, and Edward Jones have all decided that they must protect clients from...

9 Key Provisions of the Paid Leave for All Workers Act

Jim Richter

Jan 93 min read

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...

Jim Richter

Jan 85 min read

Understanding 2024 Tax Updates

As tax season approaches, it’s crucial for individuals to be well-prepared to navigate the changing landscape. Whether you are a seasoned...

Tax Deadlines and Critical Dates for 2024

Jim Richter

Jan 33 min read

Tax Deadlines and Critical Dates for 2024

As tax season approaches, we wanted to share a few important dates and deadlines for 2024. January 29 - 2024 Tax Filing Season Open Tax...