INDIVIDUALS

Most people want peace of mind and not the frustration and “taxing” times with continual regulation and law changes, forms, etc. We understand people have this anxiety. As trusted advisors, the CPA’s and staff of Grover Greweling & Co., PSC work with our individual clients and discuss different tax planning and preparation services, depending on individual needs.

SMALL OR PRIVATELY HELD BUSINESSES

Grover Greweling & Co., PSC is committed to being the trusted adviser of our small to mid-size companies and their owners. We understand the pressures faced by our small business clients: changing tax law, need to control costs, time-consuming accounting and bookkeeping, succession planning and estate planning and reporting requirements. We realize company and personal tax planning strategies are all intertwined. Our philosophy of “country store” and personal attention is even more evident when it comes to our small business clients as the company’s profitability directly impacts the financial health of the owner.

Our clients rely on us a variety of services: tax planning; preparation of federal, local, one-state or multi-state returns; financial statement compilations and reviews; business advising and consulting; QuickBooks consulting and other services as needed.

ESTATES

Estate planning may be a complex or simple task but can make a big difference when it comes to what’s left for your heirs. Most of us don’t want to think about end of life. Grover Greweling & Co., PSC can help explain any tax issues relating to your estate depending on your marital status, the size of your estate, and offer different strategy options to how you plan to leave your estate to your beneficiaries. Your attorney’s role will include guiding you through creating estate planning documents (will, power of attorney, healthcare POA, trusts, etc.). We will work closely with your other professionals (attorney, stock broker, insurance agent and trust officer, or others) to minimize your taxes and maximize your estate.

Most of us hear federal laws change regarding estates, but rarely hear about states’ taxation on inheritances. A big part of maximizing what you leave behind is minimizing taxes. Federal taxes on gifts and estates can be among the highest assessed. Kentucky and several other states also tax estates, known as inheritance taxes. Both estate and gift taxes usually have exemption limits, meaning you can give up to a certain amount without incurring tax. Many people use the gift tax exemption strategy to transfer assets while they are still living, in order to maximize what their beneficiaries will receive. Estate and inheritance taxes usually are based on the value of the taxable estate and are paid before the assets are distributed to the beneficiaries.

When a person is living, an individual tax return is typically required to be filed. During the period from date of death through the closing of the estate, annual fiduciary tax returns must also be filed in addition to the one-time estate and inheritance taxes. These tax returns continue as long as the estate is open and report the income and related deductible expenses of the estate. During the final year, any taxable income or excess deductions would be passed on to the beneficiaries.

TRUSTS

There are many reasons a trust may be established: inheritance disbursed over time and generations, asset protection, special needs, estate and financial planning strategy or many other reasons. Some are simple trusts while others are complex. Regardless of the reason why or how the trust was established, annual fiduciary tax returns are required to report the income and deductible expenses of the trust. Depending on the type of trust and distributions is whether tax is paid by the trust or an individual.

TAX-EXEMPT ORGANIZATIONS

On an annual basis, tax-exempt organizations depend on Grover Greweling & Co., PSC for expertise in performing quality and comprehensive audit, review, compilation of financial statements and tax preparation services.