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Welcome to Virginia Tax Lawyers.com
Did You Know?
If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).
Tax Law is divided into both Federal Tax and State Tax, and involves the taxation of income and property acquired through personal and professional efforts. In addition to income tax, there is sales tax, gift tax, inheritance tax, capital gains tax, property tax, and a myriad of other areas of tax.
Tax collections shown for various States
Amounts include adjustments to prior years made in Fiscal Year 2004. This could produce negative amounts of collections shown in the table.However, in a given fiscal year, refunds relating to prior fiscal years may be issued and subsequently recorded, and, therefore, the total refund amount may exceed the collection amount [Money amounts are in thousands of dollars.] in Virginia
Total Internal Revenue collections [2]
47,016,582
Corporation income tax [3]
4,895,573
Total [4,5]
41,381,186
Income tax not withheld and SECA tax [4,5]
7,361,496
Income tax withheld and FICA tax [4]
33,318,228
Railroad retirement tax
540,894
Unemployment insurance tax
160,567
Estate Tax
603,694
Gift Tax
24,876
Excise Taxes[2]
111,253
Source: Data 2004, Chief Financial Officer, Revenue Financial Management
Federal Income tax became law in 1913 when the Sixteenth Amendment to the U.S. Constitution was ratified. While some states do not have an income tax, all residents and citizens of the United States are subject to federal income tax. The more assets an individual owns, unfortunately, the more complicated the tax law becomes.
Congress writes the tax laws, which become part of the tax code. The Internal Revenue Service (IRS) is charged with interpreting the tax code. The IRS is a branch of the U.S. Treasury Department, with headquarters in Washington, D.C., and is ruled by a commissioner appointed by the President. Regional commissioners and district directors, also political appointees, oversee IRS operations.
Our Virginia Taxation Lawyers are willing to work for you. They can explain in detail the complex state and federal tax laws that affect you and your case. If you expect a high standard of quality from your legal representatives, then our Virginia Taxation Lawyers are the lawyers for you.
Senate Republicans Seek End to Estate Tax
AUDIO, RM, 44Kbps, 7:08, 7/28/2005
The Senate is expected to vote this week on a proposal to repeal the estate tax. The tax has been in place for nearly a century. But times have changed and estate tax opponents are predicting victory Source: NPR
Virginia External Sites
Virginia Department of Taxation | VA TAX
The web address to the Department of Taxation's web site has been changed to www.tax.virginia.gov. ... please click this link to proceed: www.tax Virginia Department of Taxation
Virginia Department of Taxation provides state income and business tax forms and information.
Newsroom
News about Taxation cases in Virginia and nationwide:
E-File Returns Running At Record Pace
The Internal Revenue Service announced today that taxpayers are continuing to electronically file their tax returns at a record pace, up almost 6 p... Read more >
Definition:
An LLC may be classified for Federal income tax purposes either as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. See Form 8832, Entity Classification Election, for more details.
Work Opportunity Credit and Welfare-to-Work Credit
Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.
Depreciation and Section 179 Expense
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
If you live in the following cities and need an taxation attorney you should contact
our Taxation Attorney as soon as possible:
Alexandria
Annandale
Arlington
Ashburn
Blacksburg
Burke
Centreville
Charlottesville
Chesapeake
Chester
Chesterfield
Christiansburg
Colonial Heights
Culpeper
Danville
Dumfries
Fairfax
Falls Church
Fredericksburg
Front Royal
Glen Allen
Hampton
Harrisonburg
Herndon
Hopewell
Leesburg
Lorton
Lynchburg
Manassas
Martinsville
Mc Lean
Mechanicsville
Midlothian
Newport News
Norfolk
Petersburg
Portsmouth
Powhatan
Radford
Reston
Richmond
Roanoke
Salem
Spotsylvania
Springfield
Stafford
Staunton
Sterling
Suffolk
Vienna
Virginia Beach
Waynesboro
Williamsburg
Winchester
Woodbridge
Yorktown
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