2022 Virginia Tax Legislative Update
…Budget Bill provided for an individual income tax rebate of up to $250 for single taxpayers and up to $500 for married taxpayers filing a joint tax return. Qualifying taxpayers…
…Budget Bill provided for an individual income tax rebate of up to $250 for single taxpayers and up to $500 for married taxpayers filing a joint tax return. Qualifying taxpayers…
…Tax Time” How much are Virginia Businesses Paying in Taxes? Virginia Residency and Income Tax Requirements 2019 Tax Planning for Virginia Entrepreneurs and Executives [1] Surrounding counties as referenced herein…
…Hampshire does not impose an income tax on non-grantor trusts. Virginia Residency Definition for Estates and Trusts On November 22, 2019, the Virginia Department of Taxation issued Tax Bulletin 19-7…
…contributions to high income tax years for tax planning purposes and then let the funds grow and appreciate in the DAF indefinitely before being distributed to charities, ACE would require…
Protect Your Legacy At Keiter our experienced and dedicated professionals can help you with all aspects of the estate planning, administration, and compliance process. From modest to multi-million dollar estates,…
…marginal tax rate would be increased from 37% to 39.6% Effective for tax years beginning after December 31,2022. The tax rate would apply to taxable income over $450,000 for married…
…subject to tax until the next tax year. Taxpayers must maintain documentation to support their claims as to idle equipment. Virginia Code Sec. 58.1-3660 provides an exemption from state and…
…situation is unique and you should speak with your tax advisor before making any decisions on these or other tax provisions. Tax Provisions Made Permanent and Extended Tax provisions made…
Key Takeaways from the 48th Annual Estate Planning Seminar for Professionals The 48th Annual Estate Planning Seminar for Professionals, the premier estate planning conference in the Richmond region, took place…
…future withdrawals are completely tax free. The younger you are, the better this planning technique as your retirement funds have longer to grow on a tax free basis. Having tax…
…available. More PTE Tax and OSC Details Virginia SALT Cap Workaround (PTE Tax) The proposed legislation provides that a qualifying pass-through entity may elect for Taxable Year 2021 through Taxable…
…the taxpayer’s federal liability. The LLTC is a per-taxpayer credit. Only one LLTC may be claimed on each tax return. *If eligible students receive a qualified scholarship or employer provided…