You must submit a state tax return if you live in West Virginia and your income exceeds specified criteria. You must submit a state tax return, for instance, if your federal adjusted gross income is $12,000 or above or if you have any taxable income in West Virginia. You could also need to file a tax return if you just live in the state portion of the year.
Those who don’t live in West Virginia but make money there could also need to file a tax return. This covers those who reside in another state but work in West Virginia as well as those who receive income from West Virginia-based sources, such royalties or rental income.
West Virginia levies a sales tax in addition to income taxes. The state’s current sales tax rate is 6%. It’s crucial to remember that West Virginia does not apply sales tax to shipping costs. Therefore, you will not be required to pay sales tax on the shipping costs if you buy something online and pay for shipment.
You could also require a WV resale certificate if you own a business in West Virginia. With the help of this certificate, you are able to buy goods without paying sales tax. You must register your business with the West Virginia State Tax Department in order to receive a resale certificate.
Last but not least, you might have heard the phrase “sales sourced to WV” and been confused about what it implies. This is used to describe transactions that take place within West Virginia and are consequently subject to the state’s sales tax. As an illustration, if you run a company and sell something to a client who lives in West Virginia, the sale would be regarded as “sales sourced to WV” and you would be required to collect and return sales tax on it.
In conclusion, numerous factors, such as your income and residency status, determine whether or not you must file a tax return in West Virginia. Additionally, transportation costs are not subject to the state’s sales tax on tangible products, and companies could require a resale certificate. For people and businesses to be compliant and prevent fines, they must understand West Virginia’s tax rules and regulations.