Welcome to your daily briefing on finance developments in Texas. Today we're covering 5 key stories including updates on texas finance headlines, background & context. Let's dive in.
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Texas First Bank offers Small Business Administration (SBA) loans with lower down payments and competitive terms to help businesses grow.
For TX finance professionals advising small business clients, this lending option provides a viable path to expansion capital with reduced upfront cash requirements.
Texas Capital Bank offers a full-service SBA loan program with wide-ranging loan amounts and hands-on assistance in processing, packaging, and applying.
For TX finance professionals advising business clients, Texas Capital's end-to-end SBA support can accelerate approvals and reduce administrative burden.
Reach professionals in this market
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Missing a required minimum distribution from a tax-advantaged account historically triggered a 50% excise tax on the missed amount. SECURE 2.0 reduced this to 25% (or 10% with timely correction). The penalty has not gone away — it has just become survivable with prompt action.
Even at 25%, the penalty on a missed RMD is far larger than the income-tax hit on the distribution itself. Detection often happens at year-end review, sometimes years later.
Property held jointly with right of survivorship between spouses gets a full step-up in community-property states and a half step-up in common-law states. The same property held as community property (where available) gets a full step-up regardless. The titling distinction can change the surviving spouse's basis by hundreds of thousands.
Re-titling between spouses is typically straightforward during life; impossible after one spouse's death. The decision has to happen while both are living.
Many states offer income-tax deductions for contributions to that state's 529 plan; a smaller number allow the deduction for any state's plan. Choosing an out-of-state plan with better fees can cost the in-state deduction — a tradeoff that depends on the state's tax rate and the deduction cap.
The optimal choice varies by state and family income. The "best 529 plans" lists in financial media frequently ignore state-specific tax effects.
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