State and Local Tax (SALT) Services in Chicago, IL
As leaders in the industry, our Chicago-based firm is proud to help business owners across the country with everything to do with state and local taxes. Whether it's state and local tax consulting, deducting state and local taxes, or anything else, we do it all.Get in Touch Today
Minimize Your State and Local Business Taxes
When businesses file for their federal taxes, the state, and local tax (SALT) deduction allows for up to $10,000 in deductions. Having state and local tax experts who are equipped with knowledge on how salt tax deduction works can save you thousands of dollars.
Our State and Local Tax Services
Business owners from all over America rely on our state and local tax services. In Chicago, IL, state and local sales tax among other things can be a bit messy to deal with when regulations are changing frequently. Here are all the services that we offer in this space:
Sales and Use Tax
Being compliant with sales and tax laws is essential to keep your business up and running. At Lewis.cpa, we have invested in software that can painlessly help you calculate your sales tax nexus in every state where your business has a presence.
Tax Nexus Evaluation
Nexus refers to the level of connection between a taxing jurisdiction like a state and an entity like your business. Performing these evaluations is easy for our clients because of our ability to ask the right questions.
Income, Franchise, and Gross Receipts Tax
Our team has the unique ability to not only calculate your state and federal income tax liabilities but also identify ways for you to minimize those liabilities.
Tax Credits and Incentives
States offer different tax credits and incentives, and minimizing state and local tax liabilities is an important factor when selecting locations for production, distribution, sales, back-office functions, customer service, and more.
If your business has properties in other states, including active, abandoned, or unclaimed properties, we will review those for inclusion on your tax returns.
Can Your Business Benefit?
Whether your business is small or large, hanging on to your profits is everything. Let your business focus on its growth by reaching out today.Contact us
State and Local Tax Planning Services for Your Business
Analyzing and understanding your tax nexus in each state is something that just needs to be done. And dealing with other things on top of that like multiple state tax filing, understanding the salt tax deduction, etc., is challenging. The industries we’ve seen benefit from our services the most are as follows:
Retailers benefit from state and local tax planning services tremendously. Due to how complicated taxes can be for retail companies, it is very risky to not work with tax professionals.
Law firms know more than anybody that rules and regulations are constantly changing at the local, state, and federal levels. They come to Lewis.cpa for help because of how much they trust us to be up to date with our information.
Managing major construction projects is an expensive endeavor. Thankfully, there are ways to offset some of the costs and make deductions that you didn’t know were possible with our help.
We have a special place in our hearts for businesses that are out there to do good for the world and have less of a priority on making a buck.
Why Choose Our IRS Tax Audit Firm
If you aren't already rushing to get in contact with our firm, you might be convinced after hearing about the additional benefits that come from starting the relationship.
Our SALT Process
The way that we provide our state and local tax services is incredibly simple for our clients to understand. Here are the steps:
Schedule an Appointment
Making an appointment is very easy. You can call us, email us, or simply fill out our contact form. The form can be filled out by anyone from any device in America.
Gather Your Documents
If you aren’t sure what documents you need, that’s totally normal. Before we get to this part, we will already have talked with you about the information we’ll need in order to help. You’ll know what to do.
Let Our Tax Professionals File Your State and Local Taxes
Some business owners are still filing their taxes because they aren’t aware of all the benefits that come from working with tax professionals. Thankfully, this won’t be you anymore.
Get Your State and Local Returns Maximized
With the right strategy implemented by our team of tax professionals, you can not only pay the least amount of money, but you can also receive the maximum amount of returns possible.
Find Last Year's Return
Get in touch with us and schedule an appointment. It can be held in any convenient for you way: in person, on the phone, or virtually.
State and Local Taxes FAQs
How are state and local taxes calculated?
State and local taxes are calculated by adding up all of the taxable income for a particular area and then dividing that number by the total population. This results in what's called the tax rate, which is the percentage of your income that goes to state and local taxes.
How much are state and local tax deductions?
The maximum amount that can be deducted based on the state and local tax deduction is $10,000. This amount is based on what you are paying for your sales taxes, state income, and state and local property taxes. Understanding how all the state and local taxes work is our job.
Reach Out to Your Tax CPA
With all said and done, it’s clear that business owners everywhere will benefit from working with seasoned tax professionals, letting them focus on managing sustainable growth.
Get in touch with us by simply filling out our online contact form! We look forward to a long-term business relationship together.