It’s crucial to comprehend the numerous taxes and fees associated with living in Virginia as a resident. Taxpayer Account Center, often known as TC Account, is one important concept to understand. Individuals and companies can file returns, make payments, and manage their Virginia tax accounts through this online interface.
You must register on the Virginia Tax website in order to access your TC Account. You may examine your tax history, pay taxes, and amend your account details after logging in. You may also check your S&CC (Supplemental Real Estate Tax and Special Assessment) payments here. Local governments levy these fees to pay for services like trash removal and road upkeep.
Virginia has a progressive income tax system, which means that those with higher incomes pay a higher percentage of their income in taxes. The minimum income required to file taxes in Virginia for the 2021 tax year is $12,000 for single filers and $24,000 for married couples filing jointly. You must file a state income tax return if your income exceeds certain limits.
To safeguard your personal assets from corporate liabilities, Virginia business owners may also need to establish an LLC (Limited Liability Company). You must submit Articles of Organization to the Virginia State Corporation Commission in order to achieve this, and you must also apply for and receive a business license from your local government. A business attorney or accountant may be able to help you with this process since it might be complicated.
It is crucial to remember that Virginia does impose a franchise tax on corporations and limited liability companies. This tax is assessed at a rate of $1.70 per $1000 of a company’s net worth and is based on net worth. There are, however, exclusions and deductions that may be used to lower the amount of franchise tax due.
Overall, keeping up with your financial commitments and avoiding penalties and fines can be made easier by being aware of TC Account and the other taxes and fees in Virginia. You can make sure that your finances are in order and that, as a Virginia resident or business owner, you are fulfilling all of your legal requirements by taking the time to educate yourself on these subjects.