When are Virginia business tax returns due?
Virginia business tax deadlines mirror federal deadlines for most entity types. The specific due date depends on how your business is structured.
Sole proprietors and single-member LLCs report business income on Schedule C as part of your personal tax return. That’s due April 15. Virginia individual income tax returns are also due April 15, so you’re filing federal and state on the same timeline.
Partnerships and multi-member LLCs taxed as partnerships file earlier. Federal Form 1065 and Virginia Form 502 are both due March 15. This earlier deadline exists because partnerships pass income through to partners, who then need K-1 information to complete their own returns by April 15.
S-Corporations follow the same schedule. Federal Form 1120-S and Virginia Form 502 are due March 15. Working with small business bookkeepers throughout the year means your numbers are ready when your accountant needs them, instead of scrambling in February to pull everything together.
C-Corporations file separately from their owners. Federal Form 1120 and Virginia Form 500 are due April 15 for calendar-year corporations. Fiscal year corporations file by the 15th day of the fourth month after their year ends.
Extensions give you more time to file but not more time to pay. A federal extension automatically extends your Virginia return by the same period. Partnerships and S-Corps get a 6-month extension to September 15. Individual returns extend to October 15. C-Corps extend 6 months from the original due date. You still owe interest on any unpaid balance, so extensions work best when you’ve already paid what you owe and just need more time for paperwork.
Estimated taxes are separate from your annual return. If you expect to owe more than $150 in Virginia taxes after withholding and credits, you need to make quarterly estimated payments. Those are due April 15, June 15, September 15, and January 15 of the following year. Missing estimated payments triggers underpayment penalties even if you file your annual return on time.
If any deadline falls on a weekend or holiday, it moves to the next business day. The IRS and Virginia Department of Taxation announce adjusted dates each year when this happens.
Missing deadlines costs real money. Virginia charges penalties for late filing and late payment, plus interest that compounds on unpaid balances. Even if you can’t pay the full amount, filing on time avoids the late filing penalty. Monthly bookkeeping keeps your records current so you know what you’ll owe well before the deadline and can plan accordingly.
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More Questions
Do I need to charge sales tax on services in Virginia?
Virginia generally does not tax most services. The retail sales tax applies mainly to tangible goods, not labor or professional expertise. However, there are exceptions for certain services like accommodations and repair work involving parts.
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Bank statements are the foundation. Credit card statements come next. Receipts, invoices, and payroll records help fill in the details, but you don't need perfect documentation to get started.
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Cleaning up messy books typically costs $500 to $3,000 for most small businesses. The actual price depends on how far behind you are, transaction volume, and whether documentation still exists.
Read answerCan a bookkeeper help me catch up on years of messy records?
Yes. Catching up on neglected books is one of the most common reasons small businesses hire a bookkeeper. The process involves reconstructing transactions from bank records, categorizing expenses, and reconciling accounts month by month.
Read answerWhat forms do I need when I hire a new employee?
Every new hire needs a W-4 for federal withholding and an I-9 to verify work authorization. Virginia also requires a VA-4 for state withholding and new hire reporting within 20 days.
Read answerDo I need to track tips differently for payroll purposes?
Yes. Tips are taxable wages that require separate tracking, withholding, and reporting. Employees must report tips to you, and you must withhold income tax, Social Security, and Medicare from the total.
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