Start Your Business
Start Your Business
Understanding Business Tax Requirements
Understanding business tax requirements is essential for staying compliant with federal, state, and local laws, avoiding costly penalties, and making informed financial decisions. Know which taxes apply to your business — from income and payroll to sales and property taxes. This allows you to plan ahead so you can take advantage of deductions or credits, and manage cash flow effectively, ultimately supporting longterm stability and growth.
Federal
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Federal Tax
Covers obligations such as federal income tax, self‑employment tax, payroll tax, and, in some industries, excise tax. All businesses must file with the IRS, and many must make quarterly estimated payments to avoid penalties. Understanding federal tax rules ensures you meet deadlines, take advantage of deductions and credits, and avoid costly fines.
Covers obligations such as federal income tax, self‑employment tax, payroll tax, and, in some industries, excise tax. All businesses must file with the IRS, and many must make quarterly estimated payments to avoid penalties. Understanding federal tax rules ensures you meet deadlines, take advantage of deductions and credits, and avoid costly fines.
- To determine your federal tax obligations, visit the IRS website here.
State
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State Taxes
In Virginia, businesses may need to pay corporate income tax, collect and remit sales tax, withhold state income tax from employee wages, and report business personal property used in operations. Understanding these obligations and registering with the Virginia Department of Taxation helps you stay compliant and avoid surprises at tax time.
In Virginia, businesses may need to pay corporate income tax, collect and remit sales tax, withhold state income tax from employee wages, and report business personal property used in operations. Understanding these obligations and registering with the Virginia Department of Taxation helps you stay compliant and avoid surprises at tax time.
- To determine your state tax obligations, follow the link to the Virginia Department of Taxation.
Local
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Local Tax
Many Virginia cities and counties may require additional business taxes or fees, such as local business licenses, gross receipts taxes, or property taxes.
Many Virginia cities and counties may require additional business taxes or fees, such as local business licenses, gross receipts taxes, or property taxes.
- To determine your local tax obligations, check with your county, incorporated city or township where your business is located.
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