Your Guide to Paying Virginia Business Taxes Online


Quick Read

To run a business in any state, you must be aware of the taxes associated with owning a business. These can vary from state to state along with your federal taxes. The commonwealth of Virginia has an option to pay your business and corporate taxes online to make it easier for you to stay on top of them.

GE Payroll Services has software that allows you to keep track of what taxes you can expect to pay for your business, as well as how often you pay them, and what day of the month you can expect to pay on.

Below is a basic rundown on what some of the taxes you can expect to pay are, how are payroll services can keep you on track to pay, and the online options Virginia has available to make paying them even easier.

Understanding your requirements for tax filing and payments as a business is crucial in order to follow state and federal law for running your business. If you fail to make a payment or file for the correct taxes, it could result in hefty fines which can be damaging to you as an owner, especially if you run a small business.

GE Payroll Services can help you to stay on track by providing services that ensure you are filing all the correct taxes for your business and giving you an easy-to-understand layout of what your taxes are, how often they need to be paid and what day you need to pay for on. Once you have all that in order, it can be even easier to file and pay for your taxes as Virginia offers to do all of it online. This gives you the ability to have access to and pay your taxes anytime, anywhere.

What Taxes You Can Expect to Pay as a Business Owner


The taxes you pay as a business can be slightly more complicated than those as an individual. Depending on what type of business you may have, there are a lot of different kinds of taxes to keep track of, all with different requirements and rules.

Some of the taxes you can expect to pay as a business owner are:

Sales Tax: You must register to collect sales tax in Virginia if you sell, lease, distribute or rent to customers in Virginia. This applies only if you have sufficient activity or “sales tax nexus”. If you have an office or business in Virginia, goods in a warehouse, advertisements in print, outdoor or otherwise, then you do have sales tax nexus. You can file to collect sales tax online as well and the due date will be based on your tax liability, which could be monthly or quarterly.

Withholding Tax: This tax is what you withhold from your employees’ wages for state income tax. You can register for withholding tax online as well and expect this to be taken out semi-weekly, monthly or quarterly depending on how much your withholding liability is.

Income Tax: The income tax rate in Virginia, which is different from the personal income tax, is 6% of your taxable corporate income. This will typically be based off your payroll, property factors and of course, sales. As you may have guessed you can also file your forms through electronic filing with eForms. The payment for this depends on if you are a calendar-year filer, fiscal-year filer or a nonprofit.

Licensing Tax: When you register for the license for your business you may need to pay a tax for this that will need to be paid each year as a form of renewal.

Other Miscellaneous Taxes: Depending on your business, there are other taxes and fees you may have to pay that can include anything from a bank franchise tax to a forest products tax.

The Virginia Tax site also has an information page to use as a guide for what forms you will need and how to file electronically.

How Our Payroll Services Can Help You with Your Taxes


At GE Payroll Services, we understand that not everyone is a tax professional and may need help with staying on top of them. Our software can help you with tax preparation to keep track of your taxes online and have easy access to reference what taxes you need to be paying, how often, and what day of the month they will need to be paid.

Our software will also keep track of all your tax identification numbers (TIN) attached to each one for easy referencing. If you ever run into any trouble with how to understand our tax page, there is an information button in the top right corner that you can use as a cheat sheet to easily understand what it all means.

Especially if you are a small business, you already have a lot of things to take care of. This can help you keep better track things like your state tax, employment taxes, social security and Medicare taxes, as well as help you stay compliant.

Paying Business Taxes Online


Along with being able to file your business taxes online through eForms, Virginia has the option to pay your taxes online through a business account. Using this method is free and it is where you can both file and pay your taxes. This allows you to have both in the same place for better organization.

This is available to you 24/7 and allows you to see up to 14 months of account history. This also allows you to save paper that could easily get lost or damaged. Your login will be through iReg or iFile which you can access right on the Virginia Tax site.

Paying for your taxes cannot be done through credit card, but must be done through bank debit, but it does give you the ability to pay anywhere, anytime.

To register for this, you only need to answer a few questions about your business regarding schedules and payments. If you are an already registered business, you will also need to provide your tax account number, most recent filed return and zip code.

Summation


Paying your business taxes online, from anywhere at anytime, can be a convenient way to stay on top and avoid any legal fees for missing a payment. Our software at GE Payroll can help you as well, to know all taxes you are expected to pay as a business owner, how often it will need to be paid and what day it needs to be paid.

Why GE Payroll Services

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