VI BIR 720 2008 free printable template

Print Form FORM 720 V. I. REV. 10/2008 Government of the U. S. Virgin Islands BUREAU OF INTERNAL REVENUE Gross Receipts Monthly Tax Return Use for filing receipts of more than 120 000 per year. Print Name Title PRESIDENT OWNER ETC. Signature Date INSTRUCTIONS FOR TAXPAYERS-FORM 720 V. I. LINE 1. The Virgin Islands imposes a Gross Receipts Tax on total receipts from the conduct of business within the V. Employer Identification Number EIN CURRENT MONTH Please Print or Type Clearly - Social...

How to fill out VI BIR 720

How to fill out VI BIR 720

1. Gather all necessary financial documents and information related to your income.
2. Obtain a copy of the VI BIR 720 form from the Virgin Islands Bureau of Internal Revenue website or office.
3. Fill out your personal information accurately in the designated sections.
4. Report your total income for the relevant tax year in the income section.
5. Calculate and enter any applicable adjustments or deductions.
6. Determine your tax liability based on the provided tax rates and tables.
7. Include any credits that may apply to you.
8. Double-check all calculations and information for accuracy.
9. Sign and date the form where indicated.
10. Submit the completed form to the Virgin Islands Bureau of Internal Revenue by the specified deadline.

Who needs VI BIR 720?

1. Individuals or businesses who earn income while residing or operating in the U.S. Virgin Islands.
2. Any resident or non-resident individual who has a tax obligation to the Virgin Islands government.
3. Taxpayers who receive income that is taxable under Virgin Islands tax laws.

Instructions and Help about VI BIR 720

People Also Ask about

Who is not required to file income tax return in USA?

If your income is less than your standard deduction, you generally don't need to file a return (provided you don't have a type of income that requires you to file a return for other reasons, such as self-employment income).

Do you have to pay income tax in the US Virgin Islands?

The USVI has its own income tax system based on the same laws and tax rates that apply in the United States. An important factor in USVI taxation is whether, during the entire tax year, you are a bona fide resident of the USVI.

Who files form 8689?

Key Takeaways. U.S. Taxpayers who are not bona fide residents of the U.S. Virgin Islands but earned income there must file Form 8689. Form 8689 determines how much income tax should be allocated to the U.S. Virgin Islands.

Who must file Form 8689?

A U.S. citizen or resident alien (other than a bona fide resident of the U.S. Virgin Islands (USVI)) with income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI uses this form to figure the amount of U.S. tax allocable to the USVI.

Does the US Virgin Islands tax Social Security?

Social Security in United States Virgin Islands US social security (FICA) and self-employment taxes are imposed in the US Virgin Islands. Payments are remitted to the US mainland rather than to the Virgin Islands Bureau of Internal Revenue.

How do I file my US Virgin Islands tax return?

The Virgin Islands Bureau of Internal Revenue and the IRS are not the same entity although the same tax rates and laws apply. If you are a US resident with income allocable to the Virgin Islands, file Form 8689 with your regular 1040 tax return.

Do US citizens pay taxes in the Virgin Islands?

The USVI has its own income tax system based on the same laws and tax rates that apply in the United States. An important factor in USVI taxation is whether, during the entire tax year, you are a bona fide resident of the USVI.

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What is VI BIR 720?

VI BIR 720 is a tax form used in the United States Virgin Islands for reporting individual income tax and other related taxes.

Who is required to file VI BIR 720?

Individuals who earn income in the United States Virgin Islands and meet certain income thresholds are required to file VI BIR 720.

How to fill out VI BIR 720?

To fill out VI BIR 720, taxpayers need to provide personal information, report income earned, claim deductions and credits, and calculate the total tax owed or refund due.

What is the purpose of VI BIR 720?

The purpose of VI BIR 720 is to report and pay individual income taxes to the government of the U.S. Virgin Islands.

What information must be reported on VI BIR 720?

The information that must be reported on VI BIR 720 includes tax year, personal identification details, income sources, deductions, credits, and the calculated tax due or refund.