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
Irs Issues Voluntary Disclosure Program For Employers to Pay Back Questionable Employee Retention Credits (ERC)
The IRS issued Announcement 2024-3 on December 21, 2023 to roll out the Voluntary Disclosure Program. The program is a process to pay back the ERC credit for recipients who believe they received it in error.
Understanding the Corporate Transparency Act
Effective from January 1, 2024, new and existing business entities (with exceptions) must comply with
the CTA
IRS Pauses Processing of New ERC Claims
The IRS has released notice that they will be suspending the processing of new claims for the Employee Retention Credit (ERC) for the remainder of 2023.