Below is a collection of FAQs about Mitch Hills Consultancy, our team, and our business. Take a look and get to know us and our business a little better!
We maintain a policy of the strictest confidence concerning our clients’ affairs. You can rest assured that no one will learn about your business or tax status – even relatives, associates or friends who might have referred you to us.
Business succession planning is more than just taking a step back from your business and setting a retirement date. Business succession planning s the process that helps you identify new leaders who can step in when you vacate your position. By planning in advance, you have more control over this critical transition.
Yes, we can. By taking a deep dive into your business and expenses we can help determine which items are deductible. This blog post has more information on determining an expense’s deductibility.
As a business owner, you might consider an ESOP as a way to provide a valuable benefit for your employees. But this isn’t the only reason why an ESOP might make sense. If you already thinking of an exit strategy, you want to retain quality employees, you want to diversify your investment or gain a competitive advantage – then an ESOP might be right for your business.
Financial forecasting is a tool that companies use to establish a plan regarding whether it is heading in the right direction. Although budgeting and financial forecasting are often used together, distinct differences exist between the two concepts. Budgeting quantifies the expectation of revenues that a business wants to achieve for a future period, whereas financial forecasting estimates the number of revenues that will be achieved in a future period.
Yes! Deciding on a business entity type isn’t as glamorous as deciding colors for your logo, but it’s just as important. The entity you choose—whether it’s an “S” corporation, LLC, or sole proprietorship—comes with longstanding tax implications, both good and bad. Our tax consultants can help you evaluate the pros and cons of each one, so you can choose the most advantageous entity type for your business.
The IRS has outlined important individual tax deadlines in this calendar. We recommend setting up an appointment with us to review any questions you may have.
We are here for you twelve months a year, not just during tax season. Whether you have a simple tax question, need advice on the tax implications of a business decision, or want clarification on a government notice, feel free to give us a call.
The answer to question largely depends on your needs.
If you are a small business owner or entrepreneur, an accounting firm can help you focus on your core constituencies without worrying about financial minutia. Unless you have a skilled accountant on board, you will likely save time and money by working with an accounting firm instead of wading through complex financial regulations and tax codes on your own.
If you’re an individual who needs help with your taxes, you should ask your self a couple of questions to help you decide whether or not to use an accounting firm.
Am I confident enough in my own ability to complete my return without making potentially costly errors?
Do I have adequate knowledge about tax policy to file my tax returns on my own?
Do I want to spend valuable time dealing with my taxes?
If you answered “no,” you may consider using a tax firm to help you complete your taxes in a stress free and timely fashion.
A comprehensive estate plan ensures your wishes about your property will be honored. By spelling out exactly how your property will be transferred, it gives you peace of mind that your loved ones will be provided for in the years to come. If you own a business, your estate plan should also include any business succession plans.
Individual tax planning can look like these tasks:
Professional trust planning is a critical component of estate planning. At MHC, we work closely with your attorney to provide you with a trust plan that makes sense for you and your family. MHC’s trust planning professionals and estate trust accountants can also help you evaluate the pros and cons of each type of trust, as well as provide trust tax preparation, tax compliance, and trustee consulting services.
The tax code is complicated. Mitch Hills Consultancy has the expertise to provide you with the services that you need.