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Accounting and Bookkeeping Services in Hampton, Virginia
Hampton small business owners trust 1-800Accountant's expert CPAs and bookkeepers to handle their financial needs, from tax preparation to payroll, so they can focus on what matters most—growing their business.
Our Accounting Services for Hampton Small Businesses
Business Tax Preparation: Have your taxes prepared and filed by a CPA with expertise in your industry so you're always confident in your business tax situation. Our CPAs, with more than 17 years of experience on average, can save you thousands annually when you delegate complex Hampton tax preparation to them!
Bookkeeping: Solidify your financial base and manage cash flow with precise, error-free bookkeeping done for you that saves time and provides crucial insights that empower you to make important data-backed business decisions. This meticulous process delivers essential tools for interpreting data with easy-to-understand reporting, enabling your accountant to develop vital financial modeling.
Tax Advisory: Business tax considerations don't end in April. Through our affordable tax advisory service, you can receive the guidance you need when you need it year-round from a dedicated small business tax advisor. Strategic planning helps minimize your business tax liability in Virginia throughout the year while ensuring compliance.
Payroll: Save hours each pay period with comprehensive payroll services handled for you, with regular tax submissions to the city of Hampton, ensuring accuracy and freeing you to focus on other vital aspects of your business.
Business Formation: Enjoy the advantages of officially establishing your business in Virginia with our complimentary incorporation services. Simply cover any Hampton fees, and we will manage the rest. This puts you on a path to hiring employees and creating a business bank account as you experience the benefits of an optimized business structure and maximum tax savings.
Discussing your business taxes with 1-800Accountant is quick and easy:
- Set up a time for us to give you a call.
- Tell us what’s going on with your business.
- Get matched with an accountant who knows your industry & local regulations.
| Level | Rate |
|---|---|
| State Tax Rate | 4.30% |
| County Tax Rate | None |
| Municipal Tax Rate | 1.70% |
| Combined Sales Tax Rate | 6.00% |
| City-Specific Taxes |
|---|
| Virginia businesses with employees must withhold state income tax from workers’ wages using Withholding Tax (Payroll Tax). Rates are 2% on the first $3,000, 3% on the next $2,000, 5% on the next $12,000, and 5.75% on income above $17,000. Payments are due monthly by the 15th of the following month or quarterly by the last day of the month after each quarter, depending on your total withholding. |
| Licenses and Permits |
|---|
| All businesses in Hampton, Virginia must obtain a business license from the Commissioner of the Revenue before starting operations. |
| Business licenses expire annually on December 31 and must be renewed by March 1. |
| License taxes are based on gross receipts with rates varying by business category. |
| Before applying for your business license, you may need to comply with zoning ordinances, health department certificates, and other prerequisites. |
| You can search existing business licenses or apply for a new license through Hampton's online portal. |
| Grants and Funding in Hampton | Grants and Funding Information |
|---|---|
| Hampton Business Assistance Program | Available to eligible businesses within the City of Hampton. Projects must meet a minimum threshold of $3,000, though businesses in the Hampton Arts and Cultural District may qualify for reduced thresholds. The program supports a range of business needs for both new and expanding local businesses. |
| Hampton Incentive Programs | The city offers various incentive programs and services designed to support both existing and new businesses. These include grants, loans, and other financial incentives tailored to specific business growth or development needs within Hampton. |
| Small Business Investment Grant Fund (SBIG) | A state program encouraging private investment in Virginia small businesses by awarding grants to investors who make qualifying cash investments. The next application window opens May 21-23, 2025. While grants are issued to investors rather than directly to businesses, small businesses must participate in the application process alongside investors. |
| Business Incentive Programs | The Coliseum Central district in Hampton highlights multiple city-run grant, loan, and incentive options available specifically to businesses operating within this major business area of the city. |
What to Look for in Hampton, Virginia Accounting and Bookkeeping Services
When choosing an accountant or bookkeeper for your Hampton small business, you should consider the following factors:
Certifications and State Compliance: Verify that your accountant or bookkeeper holds appropriate credentials, such as CPA certification. They should demonstrate thorough knowledge of Virginia's tax regulations, including specific Hampton municipal requirements that affect local businesses.
Industry-Specific Experience: Find professionals familiar with Hampton's economic landscape, particularly those who have worked with businesses in aerospace, advanced manufacturing, or defense sectors. An accountant with experience serving clients connected to NASA Langley Research Center or military installations will better understand your financial challenges and opportunities.
Understanding of Local Economic Conditions: Select a financial professional who comprehends Hampton's unique business environment. They should recognize how the city's position within the Hampton Roads region influences your business operations and be familiar with local business development initiatives that could benefit your company.
Knowledge of Regional Tax Incentives: Virginia offers various tax advantages for businesses, including specific incentives for technology, research, and maritime industries prevalent in Hampton. A skilled accountant can help you navigate these benefits, particularly those designed for small businesses operating near federal facilities or in designated development zones throughout the city.
Talk to a business tax expert today for all your tax needs in Hampton.
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.