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Accounting and Bookkeeping Services in Minneapolis, Minnesota
1-800Accountant offers expert virtual accounting services to Minneapolis small businesses, helping you navigate Minnesota's tax landscape while maximizing deductions and maintaining compliance.
Our Accounting Services for Minneapolis Small Businesses
Business Tax Preparation: Navigate Minneapolis's tax landscape with confidence. Our CPAs average 17 years of experience in diverse industries, helping you comply with local regulations while identifying substantial savings opportunities. By entrusting your tax preparation to our experts, you can focus on growing your business in the Twin Cities.
Bookkeeping: Build a solid financial foundation for your Minneapolis-based business with accurate, timely bookkeeping. Our service saves you time and provides crucial insights for data-driven decisions. We deliver clear, easy-to-understand reports that help you interpret your financial data effectively. This detailed process enables your accountant to develop valuable financial models tailored to the local market.
Tax Advisory: Tax considerations extend beyond April in Minneapolis. Our affordable advisory service connects you with a dedicated small business tax advisor year-round. We help you plan strategically to minimize your Minnesota tax liability while ensuring compliance with state and local regulations. Stay ahead of tax changes that could impact your business in the Land of 10,000 Lakes.
Payroll: Simplify your payroll process and reclaim hours each pay period. Our comprehensive service handles all aspects of payroll, including accurate and timely tax submissions to Minneapolis authorities. This frees you to focus on serving your customers and growing your business in the Mill City.
Business Formation: Establish your business officially in Minnesota without the hassle. We offer complimentary incorporation services—you only cover the required Minneapolis and state fees. Our team manages the paperwork, setting you on the path to hiring employees and opening a business bank account. Benefit from an optimized business structure designed for the local market and maximize your tax savings in the North Star State.
Filing your business taxes online with 1-800Accountant is quick and easy:
- Provide required personal and business information.
- Review and select your online business tax preparation service and complete your purchase.
- Log in to your 1-800Accountant Portal and upload documents critical to preparing and filing your taxes.
| Level | Rate |
|---|---|
| State Tax Rate | 6.88% |
| County Tax Rate | 0.15% |
| Municipal Tax Rate | 0.50% |
Metro Area Tax For Housing | 0.05% |
Metro Area Transportation | 0.25% |
Transit Improvement (Hennepin Co) | 0.75% |
Combined Sales Tax Rate | 9.03% |
City-Specific Taxes |
|---|
| Minneapolis requires that all businesses obtain a business license. The associated fees range from as low as $60 to over $10,000 depending on the specific license category required. |
Licenses and Permits |
|---|
| Most businesses in Minneapolis need to obtain a city-specific business license to operate legally within the city limits. |
Construction businesses may require safety permits from the city of Minneapolis. |
Freight and cargo transportation businesses may need specific licenses to operate in Minneapolis. |
Grants and Funding in Minneapolis | Grants and Funding Information |
|---|---|
| Business District Support Grants | Offered by the City of Minneapolis, these grants provide up to $50,000 to support business district revitalization in designated areas. They aim to foster economic development and enhance community engagement within the city. |
| Job Training Incentive Program | This program provides grants up to $200,000 for new or expanding businesses in Greater Minnesota to train their workforce. It focuses on enhancing worker skills and productivity to better meet industry demands. |
What to Look for in Minneapolis, Minnesota Accounting and Bookkeeping Services
When choosing an accountant or bookkeeper for your Minneapolis small business, consider these key factors:
Certifications and State Compliance: Verify that the professional holds appropriate certifications, such as CPA credentials. They should demonstrate thorough knowledge of Minnesota's tax laws and reporting requirements, including the state's unique rules for pass-through entities and sales tax.
Experience and Specialization: Seek accountants familiar with Minneapolis's diverse economy. Look for those who have worked with businesses in sectors like healthcare, manufacturing, retail, or technology – whichever aligns with your company. This specialized knowledge helps with accurate financial reporting and strategic planning.
Understanding of Local Economic Factors: Choose a professional who knows Minneapolis's business landscape. They should be aware of local economic trends, such as the impact of major employers like Target or 3M, and how seasonal tourism affects various industries. This insight can improve financial forecasting and budgeting.
Knowledge of State and Local Tax Incentives: Minnesota offers several tax credits and incentives for businesses, including the Angel Tax Credit and R&D credits. A skilled accountant can help you take advantage of these programs and navigate Minneapolis-specific regulations, potentially saving your business money.
Talk to a business tax expert today for all your tax needs in Minneapolis.
Additional Minnesota Accounting Resources:
Virtual Bookkeeping: How To Find the Best Online Bookkeeper
CPA vs. Tax Preparer: Which Is Best for Your Business?
10 Common Small Business Tax Questions Owners Are Asking
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
*Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
*Historical first-party data.