March 30, 2020/Accounting and Auditing, Tax, Business Planning, Financial Planning, COVID-19
SBA Loan Information
With the economy in turmoil and business uncertainty looming, many of our clients are seeking guidance on how to proceed. One great option is to seek a SBA loan to cover salary expenditures, rent, and utilities for 8 weeks. We outline some of the SBA loan requirements below and are happy to work with you to get your financial packages in order so you may present them to a SBA lender.
March 30, 2020/Tax, Business Planning, COVID-19
CARES Act Signed Into Law
On Friday, March 27, 2020, the $2 trillion CARES (Coronavirus Aid, Relief and Economic Security) Act was signed into law by President Trump after an overwhelming vote in the House to provide relief to businesses and individuals impacted by COVID-19. We have provided key takeaways for both businesses and individuals that you need to know.
March 13, 2020/Accounting and Auditing, Tax, Press Release, Business Planning, Financial Planning, COVID-19
SL COVID-19 Response and Update
In this time of uncertainty, Smith Leonard is working diligently to ensure optimal client service while following policies and procedures that protect our team members, clients, and communities. Learn more about our readiness plan and how we are handling the impact of the coronavirus in our business.
January 6, 2020/Tax, Business Planning, Financial Planning
January Tax Items
As we ring in the new year, Smith Leonard would like to remind you of a few upcoming changes and filing requirements for payroll, personal property taxes, and other compliance issues.
December 13, 2019/Tax, Business Planning, Financial Planning
2019 Year-End Tax Planning
As 2019 comes to a close, we encourage you to consider year-end planning to take advantage of opportunities to reduce your tax bill and prepare for the year ahead. View our business and individual tax planning guides.
January 31, 2019/Family Wealth, Mergers and Acquisitions, Business Planning, Financial Planning
An ESOP Can Benefit a Business Owner’s Retirement and Estate Plans
Did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need to provide for children outside the business.
November 10, 2018/Business Planning
Now’s the Time to Review Your Business Expenses
As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many […]
November 7, 2018/Accounting and Auditing, Tax, Business Planning
Could a Cost Segregation Study Help You Accelerate Depreciation Deductions?
Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the […]
November 7, 2018/Tax, Family Wealth, Business Planning
Educate Your Children on Wealth Management
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. […]
November 4, 2018/Tax, Business Planning
Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability […]
