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
Tax-free Disaster Relief Payments to Employees
Employers can issue tax-free disaster payments to their employees under Section 139 of the Internal Revenue Code. The payments are deductible for the employer, but not included in the income of the employee.
IRS Denies Tax Deduction for Forgiven PPP Expenses
On Thursday, April 30, the IRS released Notice 2020-32. It disallows a tax deduction for any expenses paid via a forgiven Paycheck Protection Program (PPP) loan.
CARES Act Tax Changes
The CARES Act contains a number of provisions impacting businesses. This chart is meant to highlight the tax modifications and provide some potential planning ideas.