Form 1040 (Schedule B) Virginia Fairfax 2024-2025

Form 1040 (Schedule B) Virginia Fairfax: What You Should Know

Business • Income Tax · Capital Gains and Losses. Tax Preparation for Non-Individuals · Forms and Procedures. Income Tax · Interest · IRA Distributions. Business Information. · Business Organization and Structure. Business Related Activities and Requirements. · Partnership Transactions. Business Transactions. · Corporation Transactions. Income Tax · Sales Income. · Business Investment Income. · Business Trusts and Estates. Income Tax · Employment Taxes. · Insurance Taxes. · Social Security and Medicare Taxes. · Retirement Savings and Retirement Annuities. Business Related Taxes. · Estate and Gift Taxes. Tax-free Estates. · Income Tax Relief Through Business Expensing. Business Tax Credits. · Business Investment Tax Credit. · Mortgage Tax Exemption. · Energy Equipment Investment Tax Credit. · Taxpayer's Credit. · Business Credits. · Credit for Energy-Efficient Equipment. · Property Tax Credits. · Estate and Gift Tax Exemption. Capital Gains and LossesCapital Gains and Losses on Sales of Property. · Capital Gains on Real Estate. · Capital Losses on Real Estate. · Capital Gains on Personal Property. · Capital Gains on Business or Partnership Income. · Capital Losses on Business or Partnership Income. Taxpayers have income from property, and must pay capital gains and losses. Capital gains and losses are a flow-through from the sale or transfer of capital assets of a taxpayer who holds them, including stocks, bonds, mutual funds, rental properties, life insurance policies, and stocks and other securities. Capital gains and losses are taxed at ordinary income tax rates. Property Tax refers to a tax that is assessed on each property in a taxpayer's total assessed value. Property tax is imposed only on one-half of the taxpayer's gain from the transfer of property. Interest and Ordinary Dividends The following forms are available from the Virginia Department of Taxation, Division of Capital Asset Protection (VD ACP) for individuals, corporations and partnerships that use the business, professional or occupational (BPEL) tax laws in accordance with Code §§ 20.2-1006 and 20.2-1100. Current Business Income and Expenses (Forms 479) for Individuals, and Corporation and Pass Through Entity (Forms 5471) for Corporations and pass through entities. Both of these forms provide a description of all business income, expenses and deductions received by the entity during a tax period.

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