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
Advantages & Disadvantages of S Corporations
Whether you are setting up a new company or you have been in business for years, you need to evaluate which legal structure is best for your enterprise.
IRS Standard Mileage Rates for 2023
Buckle up – the standard mileage rates for deducting the costs of operating an automobile for business purposes have increased for 2023.
SECURE Act 2.0 – Provisions Impacting Employers
The SECURE Act 2.0 was signed into law by President Biden on December 29, 2022. Included as part of the Consolidated Appropriations Act of 2023, it provides additional retirement savings reforms designed to expand access to and increase participation in workplace retirement plans