What color is the smoke? White is condensation, black is poorly combusted fuel, blue is oil burning. If it's blue, then typical culprits are valve guide seals, head gasket leak, or rings. I'd check the other items first before rings. If it's black, then likely old air filter, dirty carbs, incorrect jetting, or mismatched intake and exhaust. I've seen worn out and incorrectly tuned ignition cause poor combustion and black smoke too.