Get the free Virginia Pass-Through Entity Tax Payment Voucher

Use Form 502V to pay withholding tax, penalties, and interest when submitting a payment with Form 502. It details when to file, penalties for late payments, and instructions for changes in ownership

How to fill out virginia pass-through entity tax

How to fill out Virginia Pass-Through Entity Tax Payment Voucher

1. Obtain the Virginia Pass-Through Entity Tax Payment Voucher form from the Virginia Department of Taxation website.
2. Fill in the entity name exactly as it appears on your business registration.
3. Enter the Federal Employer Identification Number (FEIN) of the entity.
4. Provide the period covered by the payment (e.g., January 1, 2023 - December 31, 2023).
5. Calculate the amount of tax owed based on the entity's income.
6. Write the calculated payment amount in the designated box.
7. Sign and date the form where indicated.
8. Make a copy of the completed voucher for your records.
9. Send the voucher along with the payment to the appropriate address specified on the form.

Who needs Virginia Pass-Through Entity Tax Payment Voucher?

1. Any partnership, S corporation, or limited liability company (LLC) that elects to be taxed as a pass-through entity in Virginia.
2. Entities that have owners who are subject to Virginia income tax and need to make estimated tax payments.
3. Pass-through entities that have a tax liability under the Virginia Pass-Through Entity Tax.

People Also Ask about

How to pay use tax in Virginia?

How to file and pay consumer's use tax: Report and pay any tax due when you file your individual income tax return (line 35 if filing on paper). File Form CU-7, Virginia Consumer's Use Tax Return for Individuals, if you don't need to file an individual income tax return, but owe consumer's use tax.

Do I have to pay tax on my car in Virginia?

In Virginia, vehicle owners (including leased vehicles) are subject to an annual personal property tax based on the vehicle's value as of January 1.

How can I make a tax payment to the Virginia Department of Taxation?

Based on the type of payment(s) you want to make, you can choose to pay by these options: Directly from your bank account (direct debit) ACH credit initiated from your bank account. Credit or debit card. Check or money order.

What is the pass through entity tax in the US?

How Does Pass-through Taxation Work? When a pass-through business earns profits, it does not directly send a portion of the profits to the Internal Revenue Service (IRS). Instead, the profit is “passed through” the business and onto the tax returns of the business owners.

What is WV pass through entity tax?

The Elective Pass Through Entity Tax is a tax imposed directly upon the income of the entity, defined as the resident pass through entity owners' income plus the apportioned nonresident pass through entity owners' income.

What is the use tax in Virginia?

The sales tax rate for most locations in Virginia is 5.3%. Several areas have an additional regional or local taxes. In all of Virginia, food for home consumption (e.g. eligible grocery items) and certain essential personal hygiene items are taxed at a reduced rate of 1%.

What is the aircraft use tax in Virginia?

Tax rate: 2% of the purchase price of the aircraft; or. If you purchased the aircraft outside of Virginia, and are licensing it 6 months or more after moving it here, 2% of the purchase price or current market value, whichever is lower; or. 2% of the gross receipts from the lease, charter or other use of the aircraft.

Can you pay Virginia taxes with a credit card?

You can use a credit or debit card to pay a balance due on an individual income tax return, individual estimated tax, individual bills, and business tax bills.

For pdfFiller’s FAQs

What is Virginia Pass-Through Entity Tax Payment Voucher?

The Virginia Pass-Through Entity Tax Payment Voucher is a document used by pass-through entities, such as partnerships and S corporations, to remit their state tax payments directly to the Virginia Department of Taxation.

Who is required to file Virginia Pass-Through Entity Tax Payment Voucher?

Entities classified as pass-through entities in Virginia, including partnerships and S corporations that have Virginia-source income or are subject to Virginia business taxes, are required to file this voucher.

How to fill out Virginia Pass-Through Entity Tax Payment Voucher?

To fill out the voucher, you must provide the entity’s name, address, and identification number, along with the payment amount and relevant tax year. Follow the instructions provided on the form carefully.

What is the purpose of Virginia Pass-Through Entity Tax Payment Voucher?

The purpose of the voucher is to facilitate the payment of taxes owed by pass-through entities in Virginia, ensuring that the tax obligations are met accurately and on time.

What information must be reported on Virginia Pass-Through Entity Tax Payment Voucher?

The voucher must report the entity's name, address, identification number, tax year, and the total payment amount for the tax liability being remitted.