Author Archives: Steve Trojan, CPA

About Steve Trojan, CPA

Steve Trojan, CPA is owner of SMT & Associates, Inc. (www.smt-associates.com), a Crystal Lake IL based tax and accounting firm. He can be reached at 815-788-5114.

Are You Concerned About Filing for an Extension?

Are you filing for an extension?  Has time run out to meet the April 15th initial deadline? It’s OK. Really, it is. For some reason, taxpayers get very worried if they, or their preparer, need to file for an extension … Continue reading

Share
Posted in Personal Taxes | Leave a comment

IRS Reminder: April 1 is Key Date for Taxpayers with IRAs and Qualified Plans

In a news release, IRS has reminded taxpayers who turned 70 1/2 during 2013 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans (i.e., 401(k), 403(b), and 457 … Continue reading

Share
Posted in Personal Financial Planning, Personal Taxes, Uncategorized | Leave a comment

Don’t Overlook the Credit for Small Employer Health Insurance Premiums

Article Highlights Small employers get a tax credit for providing a health insurance plan. Credit can be as much as 35% of the premiums paid. A small employer is one with no more than 25 full-time equivalent employees (FTE) with … Continue reading

Share
Posted in Business taxes | 2 Comments

Maximizing Qualified Tuition Program Contributions

Qualified Tuition Programs, commonly referred to as Section 529 plans (named after the section of the IRS Code that created them), are plans established to help families save and pay for college in a tax-advantaged way and are available to … Continue reading

Share
Posted in Personal Taxes | Leave a comment

Do you have Cancellation of Debt Income?

Cancellation of Debt (COD) is settlement of a debt for less than the amount owed. It can be in the form of credit card debt, auto loans, mortgages, home equity lines, etc.  When you have debt that was cancelled, the … Continue reading

Share
Posted in Personal Taxes | Tagged | 1 Comment

Navigating IRA Contribution Limits

Are you wondering if you can make a contribution to your IRA to help save on taxes? Not every one is eligible to deduct an IRA contribution on their return and the rules concerning IRA contribution limits can be confusing, … Continue reading

Share
Posted in Personal Taxes | Leave a comment

16 Tax Issues Facing Small Business Owners in 2014

2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year. Small Business Health Insurance Credit – The tax credit to … Continue reading

Share
Posted in Business taxes, Tax Planning | 2 Comments

Did You Collect the Needed W-9s?

Highlights: The IRS Form W-9 is used to obtain independent contractors’ tax ID numbers. Tax ID numbers are required when filing 1099s. 1099-MISCs must be issued to independent contractors that are paid $600 or more during the year for performing … Continue reading

Share
Posted in Business taxes | 1 Comment

A Business Plan Template to Help Your Business Succeed

Are you just starting a new business? Has your business been operating for a while but you aren’t achieving the success you need? When we consult with business owners, many times they don’t have a clear sense of direction. They … Continue reading

Share
Posted in Business coaching | 2 Comments

8 Important Steps to Closing Your Books for 2013

The year-end closing is a critical part of your annual accounting process.  If you are handling your own bookkeeping, here are some things that can do to help ensure your books are accurate. 1.    Perform a bank reconciliation of all … Continue reading

Share
Posted in Bookkeeping, Business taxes | 2 Comments

Something to do before it’s too late

Do you use mileage to calculate business usage of your vehicle? It’s always a good idea to document your odometer at the end of each year. This will help you determine the total number of miles driven during the year … Continue reading

Share
Posted in Business taxes, Personal Taxes | 2 Comments

IRS Releases 2014 Mileage Rates

The IRS announced that 2014 mileage rates for use of a vehicle for business, medical and moving purposes will decrease by one-half cent beginning in January. The new rates beginning January 1, 2014 will be: 56 cents per mile for … Continue reading

Share
Posted in Business taxes, Personal Taxes | 1 Comment

Taxation of Christmas Bonuses for Your Employees

  Interested in small business topics, tips and assistance?  We have a new website for small business owners, www.thesmallbizhq.com. Would love for you to check it out and post questions as to what you’d like to see! Now, on to … Continue reading

Share
Posted in Business taxes, Payroll | 5 Comments

Three Reasons to Check Your Online Social Security Statements Each Year

It’s been a few years since the Social Security Administration stopped mailing annual paper Social Security Statements to those aged 25-60. I know, most people didn’t know what the statement was for and either threw it away or filed it … Continue reading

Share
Posted in Personal Financial Planning | 2 Comments

Planning Pension Distributions

Article Highlights •Except for distributions from Roth IRAs, pension distributions are generally taxable. •Pension distributions can increase the tax on your Social Security benefits. •Pension distributions can increase your marginal tax rate. •IRA-to-charity transfers are allowable in 2013. An individual … Continue reading

Share
Posted in Uncategorized | 1 Comment