Virginia Business Corporate Tax, Virginia Personal Income Tax, Virginia Sales Tax Rates

What is the Virginia Corporate net income tax rate(s)?

6%

What is the Virginia personal net income tax rate(s)?

0-3,000               2%
3,000-5,000       3%
5,000-17,000     5%
17,000 +              5.75%

What is the average Virginia sales tax rate(s)?

5%

Are there standard deductions?

Single:   $3,000
Joint:   $6,000

Are there personal exemptions?

Single:   $930
Dependants:   $930

What forms do you file for your Virginia taxes?

C corporations:   Form 500
S corporations:   Form 502
Partnerships:   Form 502
Individual:   Form 760

Estimated tax payments?

Form 760ES. Virginia follows the IRS standards for estimated payments. If you will owe $150 or more in tax for the current year, you are required to make 90% of the tax due, over quarterly payments. This is only on income that is not being withheld from a paycheck…as in dividends. It has to be at least 100% of the previous year, even if you think you won’t make as much in the current year.

Virginia corporations that will owe more than $1000 in tax must make estimated tax payments with form 500ES.

Virginia Department of Revenue:

Virginia Department of Taxation
P.O. Box 1115
Office of Customer Services
Richmond , VA 23218-1115
Telephone: 804-367-8037 or 804-254-6111

Department of Taxation Website

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