Virginia Franchise Comparison Worksheet
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How to fill out Franchise Comparison Worksheet?
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Owner/Applicant must be at least 65 or permanently disabled as of December 31 of the previous year. Sworn affidavits from two medical doctors licensed in Virginia or two military officers who practice medicine in the United States Armed Forces - use the Tax Relief Affidavit of Disability (PDF) for their completion.
For tax years beginning on and after January 1, 2022, but before January 1, 2024 (previously, January 1, 2026), the standard deduction is $8,000 for single individuals and $16,000 for married persons (one-half of those amounts for a married individual filing a separate return).
Age 65 or over: Each filer who is age 65 or over by January 1 may claim an additional exemption. When a married couple uses the Spouse Tax Adjustment, each spouse must claim his or her own age exemption. Blindness: Each filer who is considered blind for federal income tax purposes may claim an additional exemption.
If you or your spouse were born on or before Jan. 1, 1956, you may qualify to claim an age deduction of up to $12,000 each. The age deduction you may claim will depend upon your birth date, filing status, and income.
Note: If you are at least 65 years old or blind, you can claim an additional 2023 standard deduction of $1,850 (also $1,850 if using the single or head of household filing status). If you're both 65 and blind, the additional deduction amount is doubled.
corporations: Corporations that have elected status for federal purposes are automatically treated as corporations for Virginia purposes, and must file Form 502. Refer to the PassThrough Entities page for information about corporation filing requirements. The tax rate is 6% of Virginia taxable income.
Each application for the registration or exemption of a franchise shall be accompanied by a fee of $500, payable to the Treasurer of Virginia.
Taxpayers Age 65 & Older If you, or your spouse, were born on or before January 1, 1958, you may qualify to claim an age deduction of up to $12,000 each for 2022.
