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2024 Form 500 - Virginia Corporation Income Tax Return

2024 Form 500 - Virginia Corporation Income Tax Return-2025

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The document is the 2024 Virginia Corporation Income Tax Return Form 500, which outlines the requirements for filing corporate income tax in Virginia. It includes sections for reporting federal taxable income, adjustments, tax computation, and payments. The form also specifies conditions for electronic filing, changes in accounting periods, and various entity types. Additionally, it requires information on net operating losses and allows for the declaration of tax due or overpayment.

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Click ‘Get Form’ to open the 2024 Form 500 in our editor.
Begin by entering your corporation's FEIN and the fiscal year dates in the designated fields. Ensure accuracy as this information is crucial for your tax return.
Fill out the entity type code and check applicable boxes regarding your corporation's status, such as 'Initial Filer' or 'Final Return'.
In the income section, input your federal taxable income from your enclosed federal return. Follow this by adding any total additions from Schedule 500ADJ.
Calculate your Virginia taxable income by subtracting any deductions from your total income. This will determine your tax liability.
Complete the payments and credits section by entering any estimated payments made and calculating the total due or overpayment.
Finally, ensure all required signatures are included at the bottom of the form before submitting electronically as mandated.

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What is the corporate tax rate in 2024?

State corporate income tax rate StateTax Rate California 8.84% Colorado 4.4% Connecticut 7.5% D.C. 8.25%41 more rows Nov 21, 2024

Who must file a Virginia partnership return?

S Corporations, Partnerships, and Limited Liability Companies. Every pass-through entity (PTE) that does business in Virginia or receives income from Virginia sources must file an annual Virginia income tax return on Form 502 or Form 502PTET.

What triggers Nexus in Virginia?

Whats the threshold for economic nexus law in Virginia? Threshold: $100,000 in annual gross revenue from sales in Virginia; or at least 200 separate sales transactions in Virginia in the last calendar year.

Who must file Virginia form 500?

Every corporation that is incorporated under Virginia law, or that has registered with the State Corporation Commission for the privilege of conducting business in Virginia, or that receives income from Virginia sources, must file a Virginia corporation income tax return (Form 500).

Who needs to file a Virginia state tax return?

ing to Virginia Instructions for Form 760, you must file a Virginia tax return IF: You are a resident, nonresident or part year resident of Virginia and you have to file a federal income tax return.

What is a 500C charge in Virginia?

Form 500C is used by corporations to determine whether they paid enough estimated tax, whether they are subject to the addition to the tax for underpayment of estimated tax, and, if so, the amount of the addition. Estimated tax is a corporations expected income tax liability minus its credits.

What are the taxes in Virginia for 2024?

For 2024 (taxes filed in 2025), Virginia income tax rates are 2%, 3%, 5% and 5.75%. For example, someone earning $50,000 in taxable income would pay 2% on the first $3,000, 3% on the portion between $3,001 and $5,000, 5% on the amount between $5,001 and $17,000 and 5.75% on the remaining income. $0 to $3,000.

Who is subject to Virginia withholding?

In general, an employer who pays wages to one or more employees in Virginia is required to deduct and withhold state income tax from those wages. Since Virginia law substantially conforms to federal law, if federal law requires an employer to withhold tax from any payment, we also require Virginia withholding.

2024 Form 500 - Virginia Corporation Income Tax Return-2025

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