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Tax Planning and Preparation Services

Planning and Preparation Services in Southern Nevada and Throughout the U.S.

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Why Choose Grimmet & Company?

A one-size-fits-all approach simply doesn’t work when it comes to taxes. That’s why the Grimmett & Company team is dedicated to offering a genuinely personalized tax planning process and preparation process. For more than 40 years, our company has served both individuals and businesses, and we have always ensured that each client’s specific needs have been met. We understand that we’re only successful if you are. Whether you need individual guidance or you’re the owner of a small, medium, or a large business, we’re here to help.

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At Grimmet & Company, our tax planning and preparation services include:

  • Individual Tax Preparation

  • Business Tax Return Preparation

  • Gift & Estate Tax Return Preparation

  • Partnership & Corporate Tax Preparation

  • Estate and Succession Planning

  • Out-of-State Returns

  • Business Start-Ups

Individual Tax Preparation

Preparing your personal income tax return is a risk that most cannot afford to make. Personal income tax return filing is a task that leaves you with more questions than answers. That is why having an expert accounting team on your side is so important.

Today's tax laws are so complicated that filing a moderately simple return can be complex. It is too easy to overlook deductions and credits to which you are entitled. Even if you use a software program, there's no substitute for the assistance and experience of Grimmet & Company.

Grimmet & Company will:

  • Check and recheck your tax return using computer software to identify potential problems the IRS may look at more closely and review the math to limit IRS contacts.

  • File your tax return electronically, so you get your refund back sooner.

  • Show you how to adjust payroll withholding to get more money back each week.

  • We will show you potential deductions to limit your tax liability for next year. We will also give you a sheet of commonly overlooked deductions to limit the following year's tax liability.

Business Tax Return Preparation

Letting software calculate your tax filings or even relying on a non-certified tax preparer or accountant to do your business's taxes is a risk that most businesses cannot afford to make. Business tax filings involve tasks that can leave owners with more questions than answers, and that's where Grimmet & Company can help.

We know that each business has unique circumstances. By offering a customized approach to our business services based on your business's needs and the industry in which it operates, Grimmet & Company will meet with you regularly and provide business services that are reliable and timely to keep you on track and prevent year-end surprises.

Grimmet & Company is here for all business tax-related matters, including business tax preparation, business tax planning, business tax consulting, and business tax IRS issues. Our professionals at Grimmet & Company have decades of experience providing business tax services and strive to cater to each business tax client's precise and specific needs. Our team will assist you and help plan out your tax strategies to minimize your business tax spending and maximize revenue. With our in-depth knowledge of both state and federal business tax laws, we can make certain that your business tax planning is taking full advantage of all the rules to help save you money. Grimmet & Company will design your business tax strategies to discuss all of your immediate concerns and look far ahead into the future for the best options to minimize your tax burden.

Business Tax Preparation

With the complexity of today's tax laws, it is more important than ever to have an experienced business tax professional. At Grimmet & Company, we offer a full range of business tax preparation services. We have the knowledge and experience necessary to ensure your organization maintains compliance with federal, state, and local regulations and reporting requirements.

Grimmet & Company offers the following business tax preparation services:

  • Business Income Tax Returns

    • Form 1065 – Partnership

    • Form 1120 – Corporation

    • Form 1120S – S Corporation

    • Form 1120H – Homeowners Association

    • Form 5500 – Employee Benefit Plan

    • Form 990 – Exempt

  • Multi-State Business Tax Return Preparation

  • Foreign Tax Return Preparation

  • Business Tax Projections, Strategies and Year-Round Planning

  • Estimated Tax Calculations

  • State Business Income Tax Returns

  • Payroll Taxes

  • Representation for Tax Audits

  • Quarterly Estimated Tax Payment Calculations

  • Extension Calculations and Filing

  • Previous Tax Return Amendments

  • Electronic Filing

Business Tax Planning

Our goal is to help our clients minimize their tax liability while maximizing their profits. Timely and accurate business tax planning services are the key to meeting your goals and avoiding surprises.

Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

As leaders in the tax profession, we analyze the in-depth tax issues, policies, and procedures affecting S and C Corporations, Partnerships, LLCs, and Estate and Gift Taxes. This allows our firm to implement new tax developments in tax practice (technology, management, and ethics), tax legislation and policy, and relations with the Internal Revenue Service (IRS) to help businesses and individuals pay the lowest amount of taxes allowable by law.

Our tax saving strategies may help you:

  • Grow and preserve assets by keeping Uncle Sam out of your pockets.

  • Defer income so you can keep your money now and pay fewer taxes later.

  • Reduce taxes on your income so you keep more of what you make.

  • Reduce taxes on your estate so your family keeps more of what you've made.

  • Reduce taxes on your gifts so you can give more.

  • Reduce taxes on your investments so you can grow your wealth faster.

  • Reduce taxes on your retirement distributions so you can retire in style.

  • Don't worry about your messy books. Small business owners are busy and often don't have time to stay on top of their bookkeeping. We can help clean up your bookkeeping for the tax year and prepare and file your business and personal tax returns. We'll then assist you in setting up a simple process to stay on top of your books.

Gift & Estate Tax Return Preparation

No matter what stage in life you're at, it's never too early to consider the financial future of you and your family. Our comprehensive approach to estate planning considers your retirement goals and will preserve your assets for your loved ones.

Effective estate and trust planning can ensure financial security for your loved ones. For your business, it allows for the efficient succession of ownership.

Grimmet & Company can help navigate the ever-shifting and complex tax laws to transfer assets smoothly and minimize beneficiaries or successors' tax liability.

Having a well thought out plan for distributing your estate will avoid confusions and ensure your trust is administered as you wish. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don't have any difficulties to deal with during a time of loss.

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Our services include but are not limited to:

  • Decedent's Final Individual Tax Return (Form 1040)

  • Estate Tax Return (Form 706)

  • Estates and Trusts Tax Returns (Form 1041):

    • Administrative Trust

    • Simple and/or Complex Trust

    • Grantor-Type Trust

    • Special Needs Trust

    • Estate

  • Gift Tax Returns (Form 709)

  • Charitable Trust Tax Returns (Form 5227)

  • Estate and Trust Planning

  • Court Accounting

  • QuickBooks for tracking decedent's income and expenses

  • Sub-trust Funding

  • Date of Death and Alternate Date Valuations

Partnership & Corporate Tax Preparation

Many corporations are at a loss when it comes to their taxes. For that reason, many turn to us for advice on practical ways of lowering their business tax liabilities. We are a brilliant team of certified public accountants in the Henderson area who will not let tax expense control your company.

The accounting issue is mainly tax due to the confusing and continuous change in laws and regulations. Once this change occurs, an expert must look at its effects on the business and see how they can proactively work in a plan of action on tax saving. This strategy is tailor-made and put into place to create steady cash flow, reducing your current and anticipated liabilities.

The high level of experience and expertise in our firm helps us address every complexity associated with corporate tax preparation. Due to our vast knowledge, we are able to handle a diverse portfolio of industries that include: real estate, retail, manufacturing, wholesale and distribution, media and entertainment, jewelry, financial services, non-profit, and government.

Grimmet & Company will help you develop a familiarity with your business, tax responsibilities, and ultimately with us. This familiarity we are able to achieve enables us to give you a more personalized approach that makes us stand out from the rest.

We are continuously striving to offer the best accounting services and tax advice to businesses in Henderson. This is possible with our constant monitoring of business trends, accounting, tax, and legislation changes and processes. Our combination of personal attention and a high level of competence in corporate tax allows us to prepare your company's proactive strategies. Grimmet & Company is a great choice for you and your corporation.

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We guarantee tax compliances of all federal, state, local, and international tax returns. Our experienced accountants and bookkeepers prepare and submit tax returns for all business entities, including:

  • Sole Proprietorship - Sole Proprietorship is treated as a pass-through entity. Therefore, the business's income is reported on the owner's personal tax return using IRS Form 1040, Schedule C.

  • Partnership - The Partnership must issue each partner a K-1 and file an information return on IRS Form 1065 to report any credits or deductions to/from the business's operation. Each partner must then report their portion of the profits and losses of the Partnership on their personal income tax return.

  • S-Corporation - S-Corporation does not pay corporate income taxes, yet it must file a corporate income tax return using IRS Form 1120S. The S-Corporation must also issue each shareholder a K-1 showing their share of any business profits or losses. Each shareholder must then report their portion of the profits and losses together with any compensation they have received on their personal income tax return.

  • Corporation - A corporation must file a corporate tax return on IRS Form 1120. Unlike with other business structures, the profits and losses of a Corporation are taxed directly. They do not pass through to be claimed on the personal tax returns of the owners.

We provide high-quality tax preparation services guaranteed to meet all of the respective tax collection agencies' filing deadlines and reporting requirements.

Estate and Succession Planning

If you own a family business, retirement isn't only a matter of deciding not to go into the office anymore. There are many questions involved in succession planning for your business. Will your family retain ownership of the business? Will you transition ownership to a key employee? We'll work with you to consider these options ahead of time and develop a plan aligned with your personal priorities.

Complete or not, succession planning should be a priority for any family business, acknowledging that more than seven out of ten family-owned businesses fail to survive the transition from founder to the second generation, typically falling prey to estate taxes, family discord, or both.

Developing and achieving a well-designed succession plan is essential to the survival of a family business from one generation to the next.

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At Grimmet & Company, we can help you with a few key issues, such as:

  • Keeping it in the family. We help you consider the advantages and disadvantages of passing the business on to your family or selling it to a third party.

  • Deciding who's going to run the business. Management and ownership are not the same. You may decide to transfer your business's management to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.

  • Minimizing the tax burden. When transitioning a family business, the tax can be significant. The difficulty is that a family business is not usually considered a liquid asset. Still, taxes are typically due when ownership is transferred.

  • Making it fair. We will discuss the transfer with each family member to ensure that they feel they are receiving an equitable and fair share.

Once we understand your needs, we'll begin creating your succession plan focusing on these 5 problems:

  • Business Valuation

  • Business Restructuring

  • Tax Consequences

  • Retirement Projections

  • Tax Projections

Expert Tax Services in Henderson

Tax planning and preparation can be exhausting and confusing. At Grimmett & Company, our team works tirelessly to ensure we are fully up-to-date with the latest IRS tax code, and we use the most advanced tax prep software to ensure successful results. We’re experts in our field and we put our decades of experience to work for you. We’re also committed to continuing education so our clients can rest assured that they’re in good hands.

Trusting Grimmett & Company with your tax services means working with a team of professionals who are fully equipped to help you minimize taxes and avoid costly mistakes. For all of your personal, partnership, and corporate tax planning and preparation needs, contact our team today. We’ll provide you with solutions that are honest and affordable, and our focus is always to build trust and relationships. We look forward to working with you.

Tax Services