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Accounting and Bookkeeping Services in Newport News, Virginia
Newport News business owners trust 1-800Accountant's virtual accounting services to handle complex Virginia tax requirements while they focus on serving customers and growing their operations.
Our Accounting Services for Newport News 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 Newport News 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 Newport News, 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 Newport News 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 | 4.3% |
| County Tax Rate | 1.7% |
| Municipal Tax Rate | None |
| Combined Sales Tax Rate | 6.0% |
| City-Specific Taxes |
|---|
| All businesses in Newport News must pay the Business, Professional, and Occupational License (BPOL) tax. It is assessed each year on gross receipts from the prior calendar year. Retail businesses pay $0.20 per $100, while other types pay $0.15–$0.30 per $100. Returns and payment are due by March 1 each year. |
| Licenses and Permits |
|---|
| All businesses in Newport News must obtain a Business, Professional, and Occupational License (BPOL) through the Commissioner of Revenue. |
| Before applying for your business license, you must verify your location is properly zoned for your intended business use. |
| If you're operating under a name different from your legal entity name, you'll need to register a Fictitious Name with the Virginia State Corporation Commission for $10. |
| Certain industries require additional state licenses before the city will issue a business license, including contractors, cosmetologists, and food service businesses. |
| Grants and Funding in Newport News | Grants and Funding Information |
|---|---|
| Facade Improvement Grant (FIG) | Available for commercial, industrial, office or mixed-use properties that need exterior improvements. This program helps businesses enhance their storefront appearance and revitalize commercial areas in Newport News. |
| Newport News Micro Enterprise Grant Program | A one-time monetary award for micro-businesses with five or fewer employees. Grants range from $500 to $3,500, awarded on a first-come, first-served basis based on fund availability. Note that this program may temporarily close at times due to funding constraints. |
| Newport News Capital Fund Loan Program | Businesses can qualify for loans up to $250,000 for applicable new fixed asset investments in the city. This program supports business expansion and job creation within Newport News. |
| Virginia Business District Resurgence Grant | These specialized grant programs specifically benefit businesses located within the Southeast Community of Newport News, supporting economic revitalization in targeted neighborhoods. |
What to Look for in Newport News, Virginia Accounting and Bookkeeping Services
When choosing an accountant or bookkeeper for your Newport News small business, you should consider the following factors:
Certifications and State Compliance: Verify that your financial professional holds appropriate credentials, such as CPA licensure. They should demonstrate thorough knowledge of Virginia's tax regulations, including the state's specific filing requirements and compliance standards that affect Newport News businesses.
Industry-Specific Experience: Seek professionals with experience serving businesses in Newport News' key industries. An accountant familiar with shipbuilding, advanced manufacturing, or defense contracting will understand the unique financial challenges and opportunities these sectors face, from specialized inventory management to government contract accounting requirements.
Understanding of Local Economic Dynamics: Choose a financial partner who comprehends Newport News' economic landscape. They should recognize how the city's strong military presence, port operations, and growing technology sector influence local business conditions and can help position your company accordingly within this environment.
Knowledge of Virginia Tax Incentives: Virginia offers various tax advantages that benefit Newport News businesses, including the Port Volume Increase Tax Credit, Research and Development Tax Credits, and specific incentives for manufacturing. A skilled accountant can help you navigate these opportunities to strengthen your financial position and support business growth.
Talk to a business tax expert today for all your tax needs in Newport News.
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.