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Accounting and Bookkeeping Services in Chesapeake, Virginia
Small business owners in Chesapeake, Virginia can rely on 1-800Accountant for expert tax preparation and bookkeeping services, helping them navigate local regulations and maximize their financial potential.
Our Accounting Services for Chesapeake Small Businesses
Business Tax Preparation: Chesapeake businesses face unique tax challenges. Our CPAs, with an average of 17 years of experience, specialize in local industry knowledge. We'll handle your tax preparation and filing, potentially saving you thousands annually while ensuring compliance with Virginia regulations.
Bookkeeping: Accurate financial records are the foundation of any successful Chesapeake business. Our bookkeeping services provide error-free record-keeping, saving you time and offering valuable insights for data-driven decisions. We deliver clear, easy-to-understand reports that help your accountant develop crucial financial models tailored to Chesapeake's business landscape.
Tax Advisory: Tax planning is a year-round necessity for Chesapeake entrepreneurs. Our affordable advisory service connects you with a dedicated small business tax advisor who understands Virginia's tax laws. We'll work with you to develop strategies that minimize your tax liability throughout the year, keeping you compliant and financially efficient.
Payroll: Managing payroll can be time-consuming for Chesapeake business owners. Our comprehensive payroll services handle everything from employee payments to tax submissions with the city of Chesapeake. This ensures accuracy and frees up your time to focus on growing your business in Virginia's thriving economy.
Business Formation: Starting a business in Chesapeake? We offer complimentary incorporation services to help you establish your company in Virginia. You'll only need to cover the necessary Chesapeake fees, and we'll manage the rest. This sets you up to hire employees, open a business bank account, and enjoy the benefits of an optimized business structure with maximum tax savings in Virginia's business-friendly environment.
Filing your business taxes online with 1-800Accountant is quick and easy:
- Provide required personal and business information.
- Review and select your online business tax preparation service and complete your purchase.
- Log in to your 1-800Accountant Portal and upload documents critical to preparing and filing your taxes.
Level | Rate |
|---|---|
State Tax Rate | 4.30% |
County Tax Rate | 0.00% |
Municipal Tax Rate | 1.00% |
Chesapeake City Co Sp Tax | 0.70% |
Combined Sales Tax Rate | 6.00% |
City-Specific Taxes |
|---|
| Chesapeake has a Business License Tax that all businesses must pay. The tax is based on gross receipts, with rates varying by business classification – for example, retailers pay $0.20 per $100 of gross receipts, wholesalers & distributors pay $0.12 per $100, financial services pay $0.58 per $100, and business services pay $0.36 per $100. Licenses expire at the end of each calendar year and must be renewed annually by March 1. |
Licenses and Permits |
|---|
| All businesses must obtain a general business license before starting operations in Chesapeake, Virginia. |
Companies operating under a different name than the owners must register a Fictitious Name (DBA) with the city. |
New businesses must include an Application for Zoning Approval form with their license application. |
Grants and Funding in Chesapeake | Grants and Funding Information |
|---|---|
| Economic Development Investment Program (EDIP) Grants | The City of Chesapeake offers EDIP grants to support new and expanding businesses. These performance-based grants are designed to encourage local economic growth. |
| Community Development Block Grant (CDBG) and HOME Investment Partnership Program | The City of Chesapeake is accepting applications for these programs, which provide funding for community development and housing projects that can benefit businesses involved in related sectors. |
What to Look for in Chesapeake, Virginia Accounting and Bookkeeping Services
When choosing an accountant or bookkeeper for your Chesapeake small business, consider these key factors:
Certifications and State Compliance: It is vital to select a professional who holds the proper certifications, such as a CPA, and follows Virginia’s tax regulations and compliance standards. Their credentials offer a reliable foundation for accurate recordkeeping and proper tax filing.
Experience and Specialization: Look for someone with a proven track record in your industry. Chesapeake’s diverse economy, from its growing technology and advanced manufacturing sectors to its expanding defense technologies and healthcare services, means a specialist who understands these fields can tackle industry-specific financial matters and help plan for future growth.
Understanding of Local Economic Conditions: Choosing a financial professional who is familiar with Chesapeake’s local economy can make a significant difference. With key industries like software development, renewable energy, and professional business services on the rise—and unique local features such as the Great Dismal Swamp and the city’s extensive deep-water canals—it is useful to work with someone who appreciates how these factors shape regional business opportunities.
Knowledge of State Tax Incentives: Virginia provides various business tax credits and incentives for investments and job creation. A well-informed accountant or bookkeeper can clarify which incentives apply to your business and offer practical recommendations to lower your tax costs while supporting your financial goals.
Talk to a business tax expert today for all your tax needs in Chesapeake.
Additional Virginia Accounting Resources:
How to Calculate Quarterly Estimated Taxes in 2024
Virtual Bookkeeping: How To Find the Best Online Bookkeeper
How Much Will A CPA Cost (And Save) Your Small Business?
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
*Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
*Historical first-party data.