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Some of the basic VA state taxes you need to know
from:Is it your first time to file VA state taxes? If you have recently moved to VA or Virginia, here are the basic VA state taxes that you must know to get started.
First and foremost, the income tax rate for VA state taxes is at 2 to 5.75. It can be determined by using four income tax brackets as enumerated below.
The single or married taxpayers filing separately may determine their tax rates or brackets as follows:
• 2% on the first $3,000 of taxable income
• 3% on taxable income between $3,001 and $5,000
• 5% on taxable income between $5,001 and $17,000
• 5.75% on taxable income of $17,001 and above.
On the other hand, for married taxpayers filing jointly, rates are the same as above but the income brackets are doubled.
Due dates for filing tax returns for most states are usually dated April 15. However, Virginia residents are provided extra days and filing returns are extended up to the 1st of May. You may check due dates, forms, as well as the instructions and other important information about filing taxes through the official website of VA state taxes at http://www.tax.virginia.gov/.
Sales tax and the use tax rate of the state are deemed at 4 percent. However, there can be an additional 1 percent local tax depending on the type of purchases. To get detailed information on the sales tax, visit the website as mentioned previously. At the same time, as of 2005 July 1st, the food taxes were decrease by 2.5 percent making it a combined tax rate of 3.5%. There are possible reductions of 0.5% in the following years. For the most updated rate, visit their official website.
The use tax is the other half that makes up the state’s retail sales and use tax requirements. These are incurred if the total value of all purchases that did not include sales tax when purchased exceeded the amount of $100. These can be items bought in an outlet store in another state that does not have sales tax and shipped to Virginia, internet purchases that did not have sales tax, etc.
The inheritance and estate taxes according to the VA state taxes are not collected. It follows the federal estate tax laws. At the same time, property tax is not levied. Tax is only set and collected at local government level.
Remember, for the most updated rates and information about VA state taxes, please visit their official website. There you can also view other helpful information that may be relevant to your situation.
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