INSTRUCTIONS: VERMONT BUSINESS INCOME TAX RETURN (Form BI-471)
Partnerships, subchapter S corporations and limited liability corporations doing business in Vermont can file their state income taxes using a form BI-471. This document can be found on the website of the Vermont Department of Taxes.
Vermont Business Income Tax Return BI-471 Step 1: Enter your entity name, street address, city, state and zip code.
Vermont Business Income Tax Return BI-471 Step 2: In box A, check all boxes describing the type of return being filed.
Vermont Business Income Tax Return BI-471 Step 3: In box B, enter your federal employer identification number, and the beginning and ending dates of your tax year.
Vermont Business Income Tax Return BI-471 Step 4: In box C, enter your NAICS number. In box D, indicate with a check mark the type of federal tax return you filed.
Vermont Business Income Tax Return BI-471 Step 5: Answer all questions on lines E through G by checking "yes" or "no." If applicable, enter your net adjustment to income resulting from the state's disallowance of bonus depreciation on line H.
Vermont Business Income Tax Return BI-471 Step 6: Check the box next to any of the five listed under "Tax Computation."
Vermont Business Income Tax Return BI-471 Step 7: Complete lines 1 through 7 as instructed to compute your tax balance due.
Vermont Business Income Tax Return BI-471 Step 8: If you have overpaid your taxes and are entitled to a refund, complete lines 8 and 8a. You may document overpayment from a previous year on line 9. Line 10 concerns estimated payments made and payments made with extensions.
Vermont Business Income Tax Return BI-471 Step 9: Only complete lines 11 through 13 if you are a composite filer.
Vermont Business Income Tax Return BI-471 Step 10: Lines 14 through 17 provide the final calculations to adjust your tax liability.
Vermont Business Income Tax Return BI-471 Step 11: Enter your total number of shareholders, partners or members on line I.
Vermont Business Income Tax Return BI-471 Step 12: Enter the number of Vermont resident shareholders, partners or members on line J, and the number of nonresident shareholders, partners or members on line K.
Vermont Business Income Tax Return BI-471 Step 13: An officer or authorized agent should sign and print their name, as well as entering the date. Entering your daytime phone number is optional.
