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Accounting and Bookkeeping Services in Virginia Beach, Virginia
1-800Accountant offers expert virtual accounting services tailored for Virginia Beach small businesses, helping entrepreneurs navigate state and federal tax regulations while maximizing savings and growth opportunities.
Our Accounting Services for Virginia Beach Small Businesses
Business Tax Preparation: Navigate Virginia Beach's tax landscape with confidence. Our CPAs average 17 years of experience in local industries, helping you comply with regulations while identifying substantial savings opportunities. We'll handle the complexities of your Virginia Beach business taxes, potentially saving you thousands each year.
Bookkeeping: Build a solid financial foundation for your Virginia Beach business with precise, error-free bookkeeping. Save time and gain crucial insights to drive informed decisions. Our meticulous process provides easy-to-understand reports, empowering your accountant to develop targeted financial models tailored to the local market.
Tax Advisory: Tax considerations extend beyond April in Virginia Beach. Our affordable advisory service connects you with a dedicated small business tax advisor year-round. We'll help you plan strategically to minimize your Virginia tax liability while ensuring compliance with local and state regulations.
Payroll: Reclaim hours each pay period with our comprehensive payroll services. We'll manage your payroll tasks, including timely tax submissions to Virginia Beach authorities. This ensures accuracy and frees you to focus on growing your business in the thriving coastal economy.
Business Formation: Take advantage of Virginia's business-friendly environment by establishing your company officially. We'll handle the incorporation process at no extra cost – you only cover the required Virginia Beach fees. This sets you up to hire employees, open a business bank account, and enjoy the benefits of an optimized structure with maximum tax savings in the local market.
| Level | Rate |
|---|---|
| State Tax Rate | 4.30% |
| County Tax Rate | 0.00% |
| Municipal Tax Rate | 1.70% (includes 1.0% Virginia Beach City Sales Tax Rate and 0.7% Virginia Beach City Co Sp Tax Rate) |
| Combined Sales Tax Rate | 6.00% |
City-Specific Taxes |
|---|
| Virginia Beach 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, wholesalers pay $0.12 per $100, contractors pay $0.16 per $100, retailers pay $0.20 per $100, service providers pay $0.36 per $100, and professionals pay $0.58 per $100 of gross receipts. New businesses with gross receipts over $200,000 have their business license fee capped at $50 for the first two years. |
Licenses and Permits |
|---|
| All businesses must obtain a business license from the Commissioner of the Revenue's office before operating in Virginia Beach. |
Home-based businesses in Virginia Beach need to complete the "Restrictions for Home Use" form and may require a conditional use permit. |
Business license applications in Virginia Beach require approval from the Zoning Division of the Department of Planning. |
Grants and Funding in Virginia Beach | Grants and Funding Information |
|---|---|
| Virginia Beach Façade Improvement Grants (FIG) | These matching grants range from $1,000 to $10,000 and assist small, locally-owned businesses in enhancing their storefronts. The initiative seeks to improve the visual appeal of key business districts and boost neighborhood revitalization. |
| GO Virginia Grants | Offered through an official state initiative, these grants support entrepreneurs, educators, and developers with projects that aim to strengthen Virginia's economy. The program encourages collaboration to drive regional growth and diversification. |
What to Look for in Virginia Beach, Virginia Accounting and Bookkeeping Services
When choosing an accountant or bookkeeper for your Virginia Beach small business, consider these key factors:
Certifications and State Compliance: When choosing an accountant or bookkeeper, verify that they hold proper certification, such as CPA status, and possess a solid understanding of Virginia’s tax laws and compliance requirements. This ensures that your financial record-keeping meets the state's standards while addressing any specific local regulations.
Experience and Specialization: It helps to select a professional with a background in industries that are prominent in Virginia Beach, such as technology, defense, tourism, healthcare, and renewable energy. This industry-specific experience allows them to handle financial challenges that come with managing businesses in these sectors and to offer practical insights for long-term planning.
Understanding of Local Economic Conditions: A local expert is aware of the economic trends and growth areas in Virginia Beach. They recognize the importance of sectors like advanced manufacturing and professional services, and can relate these conditions to your business’s financial strategy. This familiarity supports better decision-making tailored to the unique environment of Virginia Beach.Knowledge of State Tax Incentives: Virginia offers several tax credits and incentives designed to support business growth and investment. An accountant well-versed in these benefits can assess which programs suit your business, potentially reducing your tax liabilities while helping you maximize opportunities offered by the state.
Talk to a business tax expert today for all your tax needs in Virginia Beach.
Additional Virginia Accounting Resources:
Virtual Bookkeeping: How To Find the Best Online Bookkeeper
CPA vs. Tax Preparer: Which Is Best for Your Business?
10 Common Small Business Tax Questions Owners Are Asking
*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.