Red Wing Tax Planning
The business and tax environment has become increasingly complex. Count on Smith Schafer for tax planning services that maximize your personal and professional tax strategies.
COMPREHENSIVE BUSINESS TAX PLANNING & STRATEGY.
If asked, many Minnesota business owners would be more than happy to find ways to reduce federal, state, and local taxes. Significant savings is often the result of proactive tax planning. A tax plan should be a component of your overall financial goals. It lays out financial decisions, how to reduce tax liability, and increase income. For this reason, it is important to partner with a professional tax advisor to highlight the path to savings.
Our Red Wing office professionals will work closely with you to evaluate your situation and recommend the best approach to lower tax liability and maximize savings so you can focus on growing your business. We often discover missed deductions, overlooked credits, deferred compensation planning options, and restructuring opportunities that can minimize your tax burden.
Business Tax Services:
- Business Tax Filing & Compliance
- Tax Planning & Projections
- Tax Credit Analysis & Preparation
- Cost Segregation Studies
- Corporate Structuring & Restructuring
- Choice of Entity Planning
- Estate Planning
- IRS/State Tax Representation
- Merger & Acquisition
- State & Local Tax – Nexus Studies
Our Red Wing professionals can provide effective tax strategies, coordinated and executed based on your unique situation.
Business Tax Resources
Does the Employee Retention Credit Apply to your Firm?
The Employee Retention Credit (ERC), introduced with the CARES Act, is a way for professional service firms to recoup wages paid to employees. Does your firm qualify?
Minnesota Legislature Passes Federal Conformity Bill
In their special session ending on June 30, 2021, the Minnesota legislature passed a federal tax conformity bill. Highlights of the bill are summarized here.
Employee Retention Credit FAQs
The employee retention credit (ERC) was first introduced with the CARES Act in 2020, and subsequent tax bills have made the credit more widely available to businesses.