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using-a-split-annuity-as-a-balanced-approach-to-retirement-and-estate-planning
Using a Split Annuity as a Balanced Approach to Retirement and Estate Planning 1600 941 smolinlupinco

Using a Split Annuity as a Balanced Approach to Retirement and Estate Planning

Maintaining your standard of living while trying to preserve your wealth for loved ones is a tightrope walk, something you’re probably aware of if you’re close to retiring or already enjoying this milestone in life. Finding a balance between these two goals is especially challenging since your retirement years could span decades. A way to…

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Quarter 3 Tax Calendar 2022: Essential Deadlines for Businesses and Employers 1600 941 smolinlupinco

Quarter 3 Tax Calendar 2022: Essential Deadlines for Businesses and Employers

The following tax-related deadlines during quarter three of 2022 are important for employers and businesses to meet. However, this isn’t a complete accounting of all deadlines that might apply to you. To ensure that you meet all the necessary deadlines for your organization in the third quarter, reach out to our office today to learn…

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How Taxes Affect Merger and Acquisition Transactions 1600 941 smolinlupinco

How Taxes Affect Merger and Acquisition Transactions

Despite merger and acquisition (M&A) activities being lower in 2022, reports suggest that businesses are still successfully sold. If you’re considering an M&A with another company, it’s essential that you know the tax implications of your transaction under current law. M&A Transactions: Stocks vs. Assets From a tax perspective, merger and acquisition transaction structures can…

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4 Essential Estate Planning Documents College-Aged Children Need 1600 941 smolinlupinco

4 Essential Estate Planning Documents College-Aged Children Need

If your child is off to college this year, have you already set up a basic estate plan for them? If not, you’re part of the majority that answers “no” to this question. Fortunately, with summer break already here, you can take this time to sit down with an estate planning attorney to create a…

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Getting to the Bottom of Hidden Details in Financial Statement Footnotes 1600 941 smolinlupinco

Getting to the Bottom of Hidden Details in Financial Statement Footnotes

You only get part of the big picture if you only look at the numbers. Reading comprehensive footnote disclosures gives valuable insight into your company’s operations. These disclosures are located at the bottom of financial statements that have been reviewed and audited. Key details often get overlooked because most individuals just scan these notes instead…

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Are Social Security Benefits Taxable? 1600 941 smolinlupinco

Are Social Security Benefits Taxable?

For some new Social Security recipients, it comes as a shock when they see their benefits taxed by the federal government. Will this be the same for you? Maybe, maybe not.  Whether you have to pay taxes on your benefits depends on your other income. In situations where your income is high, you can expect…

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How Owning a Family Business Complicates Estate and Business Succession Planning 1600 941 smolinlupinco

How Owning a Family Business Complicates Estate and Business Succession Planning

For small business owners, planning their estates and their companies’ succession often overlap. If your venture is family owned and operated, a significant portion of your assets is invested in your business.  Comprehensive estate planning is essential to ensure your organization continues after your passing. Failing to take the proper steps in preparing your company…

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Is the Time Right for a Roth Conversion? 1600 941 smolinlupinco

Is the Time Right for a Roth Conversion?

A downturn in the stock market may cause the value of your retirement account to decrease. However, if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Roth vs. traditional IRAs Roth IRAs differ…

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Businesses Must Prepare for the 1099-K Filing Threshold Decrease in 2022 1600 941 smolinlupinco

Businesses Must Prepare for the 1099-K Filing Threshold Decrease in 2022

When issuing reporting forms for 2022, businesses may be submitting additional worker information due to recent reporting range changes. At the start of this year, the income threshold for filing Form 1099-K (Payment Card and Third-Party Network Transactions) was significantly decreased, increasing the likelihood that larger numbers of businesses and workers may receive this document,…

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CLTs: The Leading Charitable Trust Option for Philanthropists 1600 941 smolinlupinco

CLTs: The Leading Charitable Trust Option for Philanthropists

If you are interested in donating assets to a charity you support but don’t want to permanently give up this property, consider a charitable lead trust (CLT). This trust functions as an alternative to charitable remainder trusts (CRTs).  CLTs revert your donated assets to your family instead of the charity after a specified amount of…

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Using IRA Charitable Donations as an Alternative to Required Taxable Distributions 1600 941 smolinlupinco

Using IRA Charitable Donations as an Alternative to Required Taxable Distributions

If you’re a philanthropist that receives traditional IRA distributions, there’s a charitable tax advantage you should know about involving cash donations to a charity approved by the IRS.  What are qualified charitable distributions? The most relied upon method of transferring your IRA assets to your preferred charity is through an age-restricted tax provision. If you’re…

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Corporate Estimated Tax: How to Calculate It 1600 941 smolinlupinco

Corporate Estimated Tax: How to Calculate It

June 15th is the next deadline to make quarterly tax payments. If you’re a business or individual who must pay, now is an excellent time to review the way corporate federal estimated payment calculations work. Your goal is to minimize your business’s estimated tax liability without getting dinged with an underpayment penalty.  Four ways to…

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