Bookkeeping and Tax Return services in Virginia
Virginia has various tax obligations for individuals and businesses, including income and sales taxes.
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Bookkeeping Services offered by Meru Accounting In Virginia
General Bookkeeping
- Transaction categorization and recording
- Bank and credit card reconciliation
- Cash flow management
- Data entry and maintenance
- Financial reporting preparation
Accounts Payable and Receivable
- Invoicing and billing
- Vendor payment management
- Customer payment tracking
- Aged receivables and payables reports
- Follow-up on overdue invoices
Payroll Processing
- Payroll setup and management
- Wage calculations and processing
- Direct deposit and paycheck distribution
- Payroll tax calculation and filing
- Year-end payroll reporting (W-2s, 1099s)
Financial Reporting and Statements
- Monthly, quarterly, and annual financial statements
- Balance sheet preparation
- Profit and loss statements
- Cash flow statements
- Customized reports as per client needs
Tax Preparation Support
- Preparing documents for tax filing
- Organizing tax records and receipts
- Coordinating with tax professionals
- Sales tax, VAT, or GST filing support
- Estimated tax calculations
Budgeting and Forecasting
- Budget planning and management
- Financial forecasting
- Variance analysis
- Cost analysis and control
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
Virginia State Income Tax Rates:
Compliance Requirements:
Filing Deadlines:
- Individuals:Virginia individual income tax returns are due by May 1st.
- Corporations: Corporate tax returns are due on the 15th day of the 4th month following the end of the taxable year.
Estimated Tax Payments :
- Corporations: Quarterly estimated payments are required if the tax due exceeds $1,000.
Sales Tax Compliance :
- Businesses: Businesses must collect and remit sales tax according to their assigned filing frequency (monthly, quarterly, or annually).
Bookkeeping Software Expertise
(We use 20+ Different Software)
Penalties for Non-Compliance:
- Late Filing/Payment Penalties: Penalties include 6% of the unpaid tax per month, up to 30%, with additional interest on unpaid amounts.
Cloud AddOns Expertise
We work with all industry leading Cloud addons. We work with around 95+ Software integrated with Accounting/Tax Platforms.
20+ Ecommerce Marketplaces
20+ Payment Gateways used
15+ Similar software used
10+ Practice Management Software used
15+ Payroll Software used
10+ KPI reporting software used
15+ Communication Channel used
8+ Cloud Storage System used
All Industry leading gateways used
Tax Services we offer in Virginia
Individual Income Tax Preparation
- Preparation of Virginia State 760 and 763 nonresident tax returns.
- Filing for various deductions and credits available to residents and nonresidents, such as deductions for dependents, home office, education, and medical expenses.
Business Income Tax Services
- Corporate Income Tax (CIT) filing for C corporations, including Form 500.
- Pass-through entity tax filing (for S corporations and LLCs) through Form 502.
- General Sales and Use Tax filing, including preparation of returns and advising on exemption certificates and tax rates.
- Filing for the Virginia Partnership Return (Form 502) for partnerships and multi-member LLCs.
- Business License Tax filing, including registration and compliance with local tax authorities.
Sales and Use Tax Services
- Filing monthly, quarterly, or annual sales and use tax returns.
- Providing guidance on applicable exemptions (e.g., for manufacturing or non-profit entities).
- Tax compliance for online businesses or businesses selling across state lines.
- Review of nexus for sales tax purposes and determining whether a business must collect Virginia sales tax.
Payroll and Employment Tax Services
- Preparation and filing of Virginia unemployment tax (Virginia Employment Commission - VEC).
- Advising on payroll tax withholdings, including income tax, FICA, and FUTA.
- Filing employee’s Virginia Income Tax withholding (Form VA-4) and ensuring compliance with state-specific rules.
Property Tax
- Filing of personal property taxes on vehicles, business equipment, and real property.
- Assistance in valuing business property and filing local personal property tax returns with the respective local jurisdictions in Virginia.
- Advising on property tax appeals and exemptions, such as tax incentives for certain business activities.
Estate and Inheritance Tax
- Guidance on estate and inheritance taxes for Virginia residents and non-residents.
- Filing estate tax returns in Virginia (though Virginia does not have an estate or inheritance tax, assistance can be provided for federal estate taxes).
Sales Tax Nexus Review and Advisory
- Reviewing whether a business has a sales tax nexus in Virginia, especially for businesses that sell online or have multiple locations.
- Helping businesses determine if they need to register and collect sales tax in Virginia.
Nonprofit Tax Services
- Helping with the filing of nonprofit tax returns and ensuring compliance with state and federal tax-exempt status regulations.
- Providing assistance with Form 990 for tax-exempt organizations.
- Applying for exemption from Virginia sales and use tax for qualifying nonprofit organizations.
Virginia State Tax Audits and Representation
- Representation of taxpayers during state tax audits.
- Offering assistance in resolving tax disputes with the Virginia Department of Taxation.
- Reviewing audit findings and filing tax appeals if necessary.
Tax Planning and Consultation
- Offering personalized tax planning services to minimize tax liability.
- Consultation on estate and trust planning, helping individuals and businesses navigate Virginia tax rules.
- Guidance on capital gains, dividend, and income tax planning strategies.
Virginia Tax Credit Services
- Guidance on state-specific tax credits such as the Research & Development Credit, Historic Rehabilitation Credit, and Low-Income Housing Tax Credit.
- Assistance with applying for Virginia's various incentive programs for businesses and individuals.
Sales Tax Exemption Services
- Helping businesses apply for sales tax exemptions for qualified purchases, including agricultural, manufacturing, and resale exemptions.
Franchise Tax Filing (for C Corporations)
- Filing Virginia’s franchise tax for corporations, ensuring compliance with state-specific rules.
Corporate Dissolution or Liquidation Tax Filing
- Helping businesses with the tax process when dissolving or liquidating a company, including the preparation of final state tax returns.
Tax Refund Services
- Assistance with filing amended returns to claim a refund for overpaid taxes.
- Help with the expedited process of receiving state tax refunds, ensuring full compliance with Virginia’s refund policies.
Virginia Tax Compliance for Multi-State Businesses
- Helping businesses with tax compliance across multiple states and ensuring they are meeting Virginia’s tax obligations.
- Consulting on issues related to Virginia’s tax treatment of income earned in other states.
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State
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
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Alabama
2% - 5%
6.5%
4% + Local (varies)
April 15
Quarterly payments required
Late filing: 10% of tax due;
Late payment: 1% per month;
Interest: 5% per annum
Alaska
No state income tax
No state corporate tax
0%
(Local sales tax may apply)
April 15
No state requirement for estimated payments
Late payment: Interest and penalty of 5% of unpaid tax;
Collection costs may apply
Arizona
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Arkansas
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Our Young and Dedicated Team Of
CPA's , EA's, Chartered Accountant, Bookkeepers, Virtual Assistants, Tax Preparers, Tax Analyst and many others with specialization in Accounts, Finance & US Tax .
