Strategic Tax Planning Service

Q: What’s the difference between tax planning and tax preparation?

Tax preparation is about reporting what already happened last year. Tax planning is about strategizing around what’s happening now to change the final outcome. Preparation is compliance; planning is savings.

Q: Is tax planning only for businesses, or for individuals too?

Tax planning applies to both businesses and individuals. Sole proprietors, freelancers, rental property owners, and investors can all benefit.

Q: What if I’ve never done tax planning before?

In most cases, you’re paying more taxes than necessary or taking risks without realizing it. Starting a plan now helps correct those issues and maximize opportunities in the years ahead.

At CBO Accounting & Advisory Services, we provide strategic tax planning services to ensure you don’t overpay on taxes and take full advantage of all tax benefits allowed by law, including deductions and credits. We work with you to organize your finances throughout the year in Minneapolis, the Twin Cities, and other cities in Minnesota.

What is Tax Planning?

Tax planning is a proactive process, different from tax preparation, designed to minimize your legal tax liability. While tax preparation looks backward at what has already occurred, tax planning looks forward.

We review your full financial situation to make strategic decisions today that save you money tomorrow. It’s not about evasion—it’s about using tax laws intelligently in your favor.

Tax Planning for Individuals and Small Businesses

We help individuals filing personal taxes (W‑2, 1099, self-employed) and small businesses (LLC, S‑Corp, C‑Corp) legally reduce their tax burden with strategies tailored to each case.

We review your complete financial picture to make strategic decisions today that save you money tomorrow. It’s not about evasion—it’s about leveraging the tax code smartly.

What Does Our Service Include?

We offer a comprehensive approach to optimize your personal and business finances, step by step. Some of the elements we work on with you include:

Situation Analysis - In-depth evaluation of your current tax position and filing history
Tax Projections - Accurate estimates of future tax liabilities to help you avoid surprises.
Reduction Strategies - Implementation of proven, legal methods to minimize your taxes.
Payment Planning- Schedule of quarterly estimated tax payments to help you avoid IRS penalties.
Deduction Guidance- Identification of all credits and deductions available for your situation and industry.
Entity Structure Review- Optimization of your business entity structure (LLC, S-Corp, C-Corp) for tax efficiency and compliance.

Tax Planning Strategies

We use a combination of personalized strategies based on your financial profile and business type. Some of the tactics we may explore include:

Income and Expense Timing – Accelerating certain expenses or deferring income strategically to optimize your tax year.
Maximizing Deductions – Ensuring every legitimate business or work-related expense is properly documented and utilized.
Retirement Contributions – Optimizing contributions to accounts such as 401(k), IRA, or SEP-IRA, where applicable, to reduce taxable income.
Business Structure – Analyzing whether sole proprietorship, partnership, LLC, S-Corp, or C-Corp is most advantageous for your tax situation.
Asset Depreciation – Applying methods like accelerated depreciation or Section 179 where allowed by law.
Tax Credits – Identifying credits for children, education, energy, research, and other available tax benefits.
Capital Gains – Planning investment sales and, when appropriate, using tax-loss harvesting to help offset gains.
And more…

Other Services

Consult with an Expert

Take Advantage of the Benefits of Smart Tax Planning

We help you understand your numbers and make decisions today that positively impact your financial future.

Avoid overpaying due to a lack of understanding of tax laws.
Reduce the stress of unexpected tax bills and IRS letters.
Understand the tax impact of every decision before you make it.
Lower the risk of audits through proper documentation.
Reinvest your tax savings to grow your business.

Who is This Service For?

Business owners and SMEs

Independent contractors (1099)

High‑income individuals

Real estate investors

Businesses in rapid growth phases

When Should You Plan?

The most common mistake is waiting until January. By then, the tax year has ended and many saving opportunities are gone.

Key Timing	¿Por qué es una buena idea?
Mid‑year (June–August)	Allows you to review income and expenses in advance, adjust withholdings and estimated payments, and make key decisions without rushing
Third quarter (October–November)	Your last chance to optimize your tax situation before December 31, helping you avoid rushed decisions or surprises at filing time.

Don’t wait for tax season.

Prepare ahead and make confident choices with expert guidance.

FAQs

Frequently Asked Questions about Tax Planning

What’s the difference between tax planning and tax preparation?

Tax preparation is about reporting what already happened last year. Tax planning is about strategizing around what’s happening now to change the final outcome. Preparation is compliance; planning is savings.

Is tax planning only for businesses, or for individuals too?

Tax planning applies to both businesses and individuals. Sole proprietors, freelancers, rental property owners, and investors can all benefit.

What if I’ve never done tax planning before?

In most cases, you’re paying more taxes than necessary or taking risks without realizing it. Starting a plan now helps correct those issues and maximize opportunities in the years ahead.