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
Reporting Deadline Approaching: Beneficial Ownership Information (BOI)
The filing deadline for BOI reporting is January 1, 2025 for entities formed prior to 2024. BOI information needs to be submitted to FinCEN by that date or entities may face penalties of $591 per day.
Business Asset Depreciation: A Powerful Tool for Tax Savings
Understanding the best approach to depreciation can be game-changing for your business. Don’t miss out on essential tax savings that could optimize your cash flow. Click to explore effective strategies that business owners are using to enhance their financial outlook.
Sales and Use Tax Update: New Taxes and Increases for 2024
Sales and use taxes can be the most complicated tax obligations for many businesses. Here are the new taxes and increases you need to be aware of.