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What is VA Form 502?

Purpose of Form Form 502W is used to make a withholding payment prior to filing Form 502. This will occur most often when the PTE utilizes the automatic extension to file. Form 502W can also be used to make a withholding payment prior to the due date.

Where do I mail VA 502?

Address requests to the Tax Commissioner, Virginia Department of Taxation, P.O. Box 2475, Richmond, VA 23218-2475.

How are LLC's taxed in Virginia?

Unlike the default pass-through tax situation, when an LLC elects to be taxed as a corporation, the company itself must file a separate tax return. The State of Virginia, like almost every other state, has a corporation income tax. In Virginia, the corporate tax is a flat 6% of net income from Virginia sources.

Does Virginia have a salt workaround?

Beginning July 1, 2022, Virginia's new law establishing a workaround for the federal income tax limitation on deductions for state and local taxes (SALT) became effective.

Does Virginia have a pass through entity tax?

Virginia's New Elective Pass-Through Entity Tax Under legislation enacted by the 2022 General Assembly (House Bill 1121, Chapter 690 of the 2022 Acts of Assembly and Senate Bill 692, Chapter 689 of the 2022 Acts of Assembly), Virginia established a new elective pass-through entity (\u201cPTE\u201d) tax.

virginia form 502

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What is salt exemption?

| March 2, 2022, at 11:20 a.m. Save. What Is the SALT Deduction? The state and local tax deduction can reduce federal income tax liability by deducting certain taxes paid to state and local governments.

Does Virginia have a composite tax return?

For the composite return, Virginia taxable income is the aggregate of each participant's income from the PTE, as allocated and apportioned to Virginia, adjusted by any modifications applicable to Virginia individual income tax, without benefit of any personal exemptions, or itemized or standard deductions.

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.

Does VA have a pass-through entity tax?

The Virginia General Assembly recently enacted legislation allowing qualifying pass-through entities to be taxed at the entity level on their income, rather than requiring the PTE's owners to be taxed on such income.

What taxes do I pay with an LLC in Virginia?

As the owner of an LLC, you must pay self-employment tax and federal income tax, both of which are levied as \u201cpass-through taxation.

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