Taxes on Business Income in Virginia

April 13, 2006

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As in every other state, the state of Virginia has various types of taxes. All of these types of tax are full of exceptions and extremely specific requirements. Below we have gone through the major types of tax that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.

Franchise tax is required from most corporations doing business in Virginia.
Income tax on business income computed at 6 percent based upon corporate taxable net income is required in Virginia.
Personal income tax, based on a person's income, ranges from 2 to 5.75 percent of taxable income in Virginia.