State & Local Tax (SALT)
The last thing you want to do as a business owner is overpay on taxes. But you also don’t want trouble with the tax authorities because you accidentally didn’t pay what you needed to.
State and local tax laws constantly change, all while growing increasingly more complicated. For business owners, it can seem impossible to keep up.
And the stakes are high. Many states are becoming more aggressive in enforcing nexus and tax laws.
That's where Honkamp can help.
Our tax experts will review your records to ensure you get the exemptions for which you qualify. Honkamp also will advise you on what taxes you need to pay and how to organize your business to limit your exposure.
Let us use our expertise to provide guidance in relation to:
- Sales and use tax
- State income and franchise tax
- Property tax
- Fuel tax
- Payroll tax, including unemployment and withholding
- Excise taxes (alcohol, tobacco, cannabis)
- Environmental taxes
Honkamp can also:
- Review your company’s current state and local tax nexus footprint, both physical and economic
- Review your company’s products and services for proper taxability
- Review your company’s exemption certificate population for completeness
What these services will show you
- Tax exemptions for which your business could qualify
- Any unrealized tax exposure your company might have
- The states in which you might owe taxes or could qualify for exemptions
- Analysis and advice to improve the finances of your business
How will it help your business?
- Highlight opportunities for exemptions for which your business could qualify
- Provide an expert look at your organization’s approach to taxes
- Ensure you are on solid financial footing in relation to not having unrealized tax exposure
- Spotlight suggested improvements and changes
- Help show a clearer financial picture as you consider future plans
What it can be used for
- Establishes a foundation on which you can make plans for future growth
- Provides a competitive advantage in your industry, compared to businesses that don’t have a full understanding of state and local taxes
- Potentially highlights financial opportunities for your operations