Small Business Tax & Accounting Services in Virginia Beach & Virginia Beach

Establish greater profitability and business efficiency with our business services

Your business deserves more than just tax preparation. It deserves a financial partner who understands the challenges of running and growing a company. At FasTax, Inc., we provide small business owners with the tools, strategies, and accounting support they need to improve profitability, stay compliant, and plan for the future.

From bookkeeping and payroll to QuickBooks setup, succession planning, and strategic coaching, we’ve been helping Virginia Beach businesses succeed for decades. Whether you’re just starting out or running an established company, our team is here to help you focus on what you do best—while we take care of the
rest.

Accounting Done For You

Spending hours buried in spreadsheets? Let us handle your accounting so you can focus on running and growing your business.

Bookkeeping For Growth

Accurate, detailed records are about more than numbers. They reveal the story of your business and opportunities to grow it.

Cash Flow Management

Cash flow is the lifeblood of your business. We’ll help you track, manage, and plan so you’re always positioned for stability and success.

Payroll Services

Avoid compliance issues and protect your employees with accurate, timely payroll processing that keeps the IRS satisfied and your team paid.

Quickbooks Services

From setup to ongoing support, we’ll help you maximize QuickBooks to save time, reduce errors, and improve financial visibility.

Succession Planning

Whether you’re passing your business to family or preparing for sale, we’ll help you create a smooth, tax-efficient transition.

Strategic Business Coaching

Beyond tax and accounting, we offer personalized guidance to strengthen operations, improve decision-making, and position your business for long-term success.

What’s the Best Time for Virginia Beach Retirees To Execute Retirement Planning Tax Strategies?

Quick Answer: Retirees should execute retirement planning tax strategies during their gap years, which are the temporary low-income window after you stop full-time work but before Social Security benefits and Required Minimum Distributions (RMDs) begin. This...

What Is the Tax Extension Date For Hampton Roads Extended Filers?

Quick Answer: For individual taxpayers, the federal deadline to file your extended tax return (Form 1040) is October 15. Or September 15, if you're waiting on a business Schedule K-1. Just remember that an extension grants extra time to file your paperwork, not...

What Are the IRS Rules on Claiming Dependents After Divorce For Hampton Roads Parents?

Quick Answer: The IRS automatically gives the dependent tax claim to the parent the child slept under the same roof with for at least 183 nights. A noncustodial parent can only claim the child if the custodial parent officially signs IRS Form 8332 to pass over...

How Does the SALT Deduction Work For Hampton Roads High Earners?

Quick Answer: In 2026, the State and Local Tax (SALT) deduction allows you to write off up to $40,400 on Schedule A, but a Modified Adjusted Gross Income (MAGI) over $505,000 triggers a 30% phaseout that reduces the cap down to a $10,000 floor. To legally bypass...

How 529 Plans Are Taxed for Hampton Roads Families

Quick Answer: Contributions to a 529 plan are made with post-tax dollars, allowing your investment to compound shielded from federal and state capital gains taxes during the growth phase. Withdrawals are 100% tax-free when used for qualified education expenses,...

How Does the Lifetime Learning Credit Work for Hampton Roads Students, Parents, and Professionals?

Quick Answer: The Lifetime Learning Credit (LLC) is a non-refundable federal tax credit worth up to $2,000 per tax return. It’s calculated as 20% of the first $10,000 in qualifying higher education tuition and fees, with no limit on the number of tax years it can...

Should Virginia Beach Homeowners Add A Name To A Deed?

Quick Answer: While it’s mechanically simple to add a name to a deed, doing so during your lifetime is a financial mistake that triggers unexpected IRS gift tax reporting and destroys your child's future stepped-up basis tax shield. To safely bypass probate court...

What Is the US Retirement Age Timeline for Virginia Beach Retirees?

Quick Answer: The official US Full Retirement Age is 67 for anyone born in 1960 or later, but true retirement is an 11-to-13-year financial timeline stretching from age 62 to age 73 or 75. Your specific birth year determines where you fall on this milestone spectrum,...

Supporting Virginia Beach Charities? How 2026 OBBBA Charitable Giving Contributions Work

Quick Answer: Effective for the 2026 tax year, the One Big Beautiful Bill Act (OBBBA) establishes a new universal deduction allowing non-itemizers to deduct up to $1,000 ($2,000 for married couples) for qualified cash donations directly from their income. And...

Calculating Crypto Taxes Simplified For Virginia Beach Investors

Quick Answer: Crypto taxes are calculated by subtracting your cost basis from your gross proceeds for each taxable sale, swap, or purchase made with cryptocurrency. The IRS treats crypto as property, so selling crypto, trading one token for another, or earning...