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