State Tax Laws - Virginia

Personal tax rates range from 2% to 5.75% after allotting for a standard deduction of $3,000 for single taxpayers and double that for married couples, plus an exemption of $930 per person. Virginia is one of the four states that makes it difficult to move abroad. They consider those who move out of the state still residents unless they have fully severed ties. Sales tax is 5.3% in most areas, a few localities bring it up to 7%. There is no estate tax in Virginia.

There is a flat 6% corporate tax. There are no minimum taxes, but the late filing fees are extremely heavy ($200 per month for the first six months) so be sure in this state that you file extensions and returns on time. More information on taxation in Virginia can be found at: http://www.tax.virginia.gov/


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