What is the greatest state and local tax expense of Inc. 500 companies?
- Sales and use tax
- Property taxes
- Payroll taxes
- Income taxes
- Franchise taxes
The answer may vary by company and industry, but regardless, state and local taxes can be a burden on a start-up company or mid-size company trying to grow.
Each company as it adds employees, expands across state borders, acquires equipment and facilities, hires sales people, sells goods, services or software over the Internet, etc. creates more state and local tax obligations. The liabilities can grow out of control without proper oversight and focus. The "right size" or "right amount" of resources focused on a company's state and local tax burden can make all the difference.
What is your company currently experiencing? What tax is holding your company down like an anchor?
What tax would you eliminate if you could?