Minneapolis Tax Planning
Tax planning is a vital component of a successful business. At Smith Schafer’s Minneapolis office, we work with business owners to create a financially-sound tax plan so you can achieve your financial goals.
Create a strategy. Gain value beyond the next tax return.
A tax plan should be a component of your overall financial goals. It lays out financial decisions, how to reduce taxes liability and increase income. Understanding new tax laws, deductions and credits are all important aspects of a tax plan.
Tax planning is a year-round process and a separate service from tax preparation. It is something a lot of business owners do not take advantage of, but we recommend because it may help minimize tax liability on next year’s tax return by planning ahead. It may mean meeting with your CPA on a quarterly basis, but generally the tax benefit is worth it.
Our Experience
We opened our first Twin Cities location in the 1980s. We have over 45 years of experience helping businesses, in numerous industries, effectively tax plan. Our Minneapolis office professionals will work closely with you to evaluate your situation and recommend the best approach to lower tax liability, maximize savings from allowable deductions and take advantage of available tax credits so you can focus on growing your business.
Business Tax Services:
- Tax Minimization
- Tax Projections & Estimated Tax Payments
- Tax Credit Analysis & Preparation
- Year-end Planning
- Merger & Acquisitions
- Cost Segregation Studies
- Cash Flow Planning
- Succession Planning
- Retirement Planning Gifting
- Corporate Structuring & Restructuring
Business Tax Resources
R&D Tax Credits: Easy & Effective Tax Savings
The Research and Development (R&D) Tax Credit is one of the best opportunities for businesses to reduce their tax liabilities, improve cash flow, and increase earnings-per-share. This tax credit was initially enacted in 1981 to incentivize companies to increase their investment in developing new or improved products or processes.
Minnesota Sales & Use Tax Accelerated – June Payment
Reminder – Taxpayers who have a Sales and Use Tax liability in excess of $250,000 in the state’s prior fiscal year (July 1 to June 30), are required to make an accelerated payment of the expected June sales tax liability.
Tax-free Disaster Relief Payments to Employees
Employers can issue tax-free disaster payments to their employees under Section 139 of the Internal Revenue Code. The payments are deductible for the employer, but not included in the income of the employee.