Get Virginia Dft 1 Form

Filling out the Virginia Dft 1 Form online is a straightforward process designed for registered distributors of motor vehicle fuel. This guide provides clear, step-by-step instructions to assist you in completing the form accurately and efficiently.

Follow the steps to complete the Virginia Dft 1 Form online.

1. Click ‘Get Form’ button to obtain the form and open it in the appropriate editor.
2. Enter your name and address in the designated fields at the top of the form. Include your account number and the period for which you are filing.
3. Fill in the gross sales of fuel only in the first field. Ensure you calculate this amount accurately by reviewing your sales records.
4. Provide the cost price of fuel without the fuel tax in the second field. This should include only fuel intended for retail sale.
5. Add the amounts entered in lines 1 and 2 to provide the total in line 3.
6. Move on to the allowable deductions. In line 4a, enter the amount of exempt sales made during the period. This includes sales where delivery occurred outside a transportation district imposing the tax.
7. In line 4b, list any other deductions permitted by law, like bad debt allowances for taxable fuel sales. Make sure to attach a detailed schedule of these deductions.
8. Calculate total deductions in line 4c by adding lines 4a and 4b.
9. Determine your taxable sales in line 5 by subtracting total deductions from line 3.
10. Calculate the tax due in line 6 by applying the tax rate of 2.1% to the taxable sales amount from line 5.
11. In line 7, calculate the dealer's discount, which is 2% of the tax amount from line 6, but only if the return and payment are submitted on time.
12. Calculate the amount due in line 8 by subtracting the dealer's discount from the tax amount in line 6.
13. If applicable, enter any penalties for late filing or payments in line 9, and interest in line 10 as instructed.
14. Add lines 8, 9, and 10 in line 11 to determine the total amount due.
15. Complete the declaration section by signing and dating the form. Include a phone number for any follow-up inquiries.
16. Once all sections are completed, save your changes, and then download or print the form to submit by mail.

Complete and file your Virginia Dft 1 Form online today to ensure compliance and ease in tax management.