To us, tax services means more than just preparing your tax return. It involves comprehensive tax planning to design the best tax plan for your situation. In addition to planning and preparing business and personal tax returns, some of the other tax services we offer include:
- Income Tax Projections and Planning
- Cost Segregation Studies
- Research and Development Tax Credit Studies
- State and Local Taxation (SALT)
- Estate and Gift Planning
Income Tax Projections and Planning
Tax laws and regulations change frequently. Our team of professionals will keep you informed and provide you with innovative solutions to your tax situation. MHCS makes it a priority to constantly monitor tax changes and help our clients understand how changes will impact their individual situation and what opportunities are available. We focus on our clients year-round to provide planning in real time and not simply just once a year.
Cost Segregation Studies
A cost segregation study is an in-depth analysis of the costs incurred to build, acquire, or renovate a real estate holding. These costs have typical capitalization and depreciation guidelines, but many may be eligible for accelerated depreciation. Reducing these tax lives allows an organization to significantly decrease its tax liability and increase its cash flow.
Research and Development Tax Credit Studies
The R&D Tax Credit was established in 1981 to reward U.S. businesses for their time and money invested in innovations. However, even though 98% of companies in the U.S. are small- and mid-sized business, they account for only 7% of the R&D Tax Credit claims each year. Outside of the large national accounting firms, many tax preparers don’t have the resources to complete this credit. The resources and effort needed, however, don’t negate the benefit. MHCS has a team ready to work with you.
The government will reward your business for its effort, not its outcomes, so you may still be eligible for your activity regardless of its outcome. Businesses that quality for this credit typically include manufacturing, science, information, and technical services.
State and Local Taxation (SALT)
Whether you’re a small local business, a business with a few locations nearby, or a business with offices in multiple states, our team can help. We have clients around the U.S. and a team of experts knowledgeable on each state’s differing tax laws and regulations. We will work with you to minimize your state income and sales tax while also helping to minimize any potential exposure.
Estate and Gift Tax Planning
Estate planning is a sensitive topic, but one that should be handled thoroughly. It encompasses more than just the distribution of your assets; an estate plan can help protect your estate – and your loved ones – from heavy taxation, freeing up assets for immediate financial needs and avoiding probate. It covers important issues such as who will take care of your children, who may be called on to handle your medical and financial affairs, and how you can minimize and possibly avoid estate taxes. Our team, in combination with your wealth management advisor and your estate attorney, can help you plan every piece of your estate to fit together cohesively.