Key Tax Deadlines to Remember in Virginia

Key Tax Deadlines to Remember in Virginia

Understanding key tax deadlines is crucial for Virginia residents to ensure compliance and avoid penalties. Staying organized and aware of these dates can make tax season less stressful. Below are important tax deadlines to keep in mind throughout the year.

1. Individual Income Tax Filing Deadline

In Virginia, the deadline for filing individual income tax returns is typically May 1st. For the tax year 2022, this means that all returns should be submitted electronically or postmarked by this date to avoid late fees and penalties.

2. Extension Requests

If you need more time to prepare your taxes, you can request an extension. In Virginia, an extension will give you until November 1st to file your tax return. However, it’s important to understand that while you can extend your filing deadline, you cannot extend the payment deadline. Any taxes owed must still be paid by May 1st to avoid interest and penalties.

3. Estimated Tax Payments

For those who are self-employed or have significant income from sources where taxes aren’t withheld, estimated tax payments are essential. In Virginia, these payments are due quarterly on:

  • April 15
  • June 15
  • September 15
  • January 15 of the following year

Make sure to calculate your estimated taxes accurately to minimize any surprises when you file your return.

4. Corporate Income Tax Filing Deadline

Corporations operating in Virginia must file their income tax returns by the 15th day of the 4th month after the end of their fiscal year. This typically falls on May 1st for corporations that follow the calendar year. Remember to pay any taxes owed by this deadline as well.

5. Sales Tax Filing Deadlines

Businesses that collect sales tax in Virginia must file returns on a monthly, quarterly, or annual basis, depending on the amount of tax collected. The due dates generally fall on the 20th of the month following the end of the reporting period:

  • Monthly: By the 20th of each month.
  • Quarterly: By the 20th of January, April, July, and October.
  • Annually: By the 20th of January for the preceding year.

6. Property Tax Deadlines

Property tax deadlines can vary by locality in Virginia, but assessments are typically mailed out in the spring, with payments due in the summer or fall. It’s important to check with your local assessor’s office for specific due dates to avoid late payment penalties.

7. Filing Amendments

If you need to amend your tax return, Virginia allows you to do so within three years from the original filing date. Keep in mind that any additional tax owed must still be paid by the original deadline to avoid interest.

Staying informed of these key tax deadlines can help you manage your financial obligations effectively. Whether for personal or business taxes, marking these dates on your calendar and setting reminders is a smart strategy. Always consult with a tax professional for personalized advice and to ensure compliance with all tax obligations in Virginia.