Individuals and organizations are subject to a variety of taxes. Most Virginians will pay federal and state income taxes and sales taxes on various purchases throughout the year. This is also true for most businesses, which pay income taxes at the federal and state levels, plus payroll taxes and more. The amount you must pay can vary tremendously yearly, and a Richmond state and local tax lawyer could help you navigate these changes.
If you, your family, or your business need assistance with tax disputes and IRS audits, Whiteford Tax Defense is ready to help. A tax attorney will work tirelessly to represent you or your organization through all sorts of tax hurdles, including audits. Whether you misfiled your business income taxes or need help with sales tax remittance, we look forward to earning your business with exemplary focus and attention to detail.
Richmond residents do not need to pay a local income tax to the city when they file tax returns. However, locals can still expect to pay sales tax on most purchases, and property taxes must be paid on both residential and commercial real estate.
The sellers and lessors, called dealers, of products collect sales taxes and remit them. Some businesses must remit sales taxes monthly, and others do it quarterly. According to the Virginia Department of Taxation, returns are due on the 20th of the month immediately following the closing of the filing period.
For example, the taxes a business collects in the period ending on December 31 are due by January 20. This is true for both quarterly and monthly filers. Many organizations choose to file electronically, but it can also be done by mail. A seasoned Richmond state tax attorney could help organizations file correctly.
If a business is headquartered in another state but sells or leases products in Richmond, it must remit sales taxes on time. Some companies are unsure of the process, and an experienced lawyer could help.
If a business purchases an item for resale, the initial purchase price is exempt from sales tax. For example, a properly licensed car dealer who purchases a vehicle at auction and intends to resell it will remit sales tax after the final sale to a consumer. If the auto dealer owns the commercial property where their cars are sold, they must also pay property taxes.
The Office of the Assessor of Real Estate assesses the value of commercial property, and the taxes are submitted to the Department of Finance Real Estate Unit. If an organization believes it is being taxed unfairly because a property’s valuation is incorrect, it should contact a skilled state and local tax lawyer in Richmond for quality legal representation.
At Whiteford Tax Defense, we are eager to help our neighbors through difficult tax situations. Whether you misfiled your sales taxes by accident or are dealing with inappropriate commercial property taxes, we have helped hundreds of clients with the same issue. Contact a Richmond state and local tax lawyer today, and let a seasoned attorney tackle these problems on your behalf.