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
Minnesota Frontline Worker Payments
he Minnesota Department of Labor and Industry is currently developing an online application system for eligible workers to apply for a bonus payment. There will be a 45-day application period and a 15-day appeal period for denied applications.
Reduced Unemployment Tax Rates & Replenishing the State Unemployment Fund
You may have noticed your Minnesota unemployment tax rate increased this year. Due to the high claims and benefits payouts during the pandemic, the state’s unemployment reserves were depleted and were in deficit
Minnesota Sales & Use Tax Law Changes for 2021-2022
Sales and use taxes can be the most complicated tax obligations for many businesses. Generally, local sales tax should be charged to customers on all sales made in a local taxing area unless the customer provides an exemption certificate.