Virginia Taxes: Your Guide To State Income Tax & More [2024/2025]

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Are you prepared for the intricacies of Virginia's tax system? Understanding the diverse range of taxes within the Commonwealth is not just a matter of compliance; it's the bedrock of sound financial planning, crucial for both individuals and businesses operating within the state.

Virginia's tax landscape is multifaceted, encompassing a variety of levies that impact residents and organizations alike. From personal income taxes to local property taxes and business licenses, navigating these fiscal obligations requires a clear understanding of the rules and regulations. The state's approach to taxation is designed to support public services and infrastructure, making informed financial management essential for everyone.

Heres a breakdown of the key components of the Virginia tax system:

Tax Type Description Key Features
Personal Income Tax Tax levied on the income of Virginia residents. Progressive tax structure, rates ranging from 2% to 5.75%. Income tax calculations for both 2024 and 2025 are based solely on the federal income tax system.
Sales Tax Tax on the sale of goods and services. State levy of 5.3%, with an additional local rate that can be up to 1%. The grocery tax (1.5%) was repealed in 2023, but local taxes still apply.
Property Tax Tax assessed annually on the value of real estate. Rates vary by locality; assessed based on real estate market value.
Excise Tax Taxes on specific goods, such as alcoholic beverages and vehicles. Vehicles are subject to a 4.15% excise tax. Liquor is taxed at 20%, and wine at 4% plus a per-liter tax. Excise taxes also apply to beer and wine coolers.
Corporate Income Tax Tax on the taxable income of corporations. Virginia has a 6.0 percent corporate income tax rate.
Va State Taxes 2020
Va State Taxes 2020
Virginia Fillable Form 760 Printable Forms Free Online
Virginia Fillable Form 760 Printable Forms Free Online
Form 760 Download Fillable PDF or Fill Online Resident Individual
Form 760 Download Fillable PDF or Fill Online Resident Individual

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