Financial Planning

August 6, 2020/Tax, Financial Planning, COVID-19

Update to Required Minimum Distributions Rules for 2020

If you took a Required Minimum Distribution (RMD) in 2020, you now have until August 31, 2020 to rollover any RMD that was received in 2020, according to the latest IRS Notice 2020-51.

Required Minimum Distributions Suspended for 2020

RMDs are suspended for 2020, including inherited IRAs as well as traditional IRAs of those over age 70½. We answer two of the most common questions we’ve received in this post.

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.

Meet SL Wealth Advisors

The same team you know and trust for your tax preparation is now offering expanded financial planning services. Meet SL Wealth Advisors.

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 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.

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.

February 3, 2019/Family Wealth, Financial Planning

How Incomplete Nongrantor Trusts Can Help Avoid State Income Taxes

With the federal gift and estate tax exemption at $11.40 million for 2019, people whose estates are below the exemption amount are shifting their focus to income tax reduction. High-income taxpayers, particularly those who live in high-income-tax states, may want to consider incomplete nongrantor trusts, which make it possible to eliminate state taxes on trust income.

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.

January 24, 2019/Family Wealth, Financial Planning

Sudden Impact: When a Spouse Unexpectedly Dies

What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges.

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