2018 Tax Changes

The Vermont Department of Taxes has posted some important information about tax law changes effective July 1.

Social Security Exemption
Act 11, passed during the 2018 Special Session, creates a personal income tax exemption for Social Security beneficiaries below certain income thresholds. The law takes effect in calendar year 2018 for tax returns filed in 2019.

Renting a room with a view?
A law passed by the Vermont legislature this session has created new advertising requirements for owners of short-term rentals, beginning July 1, 2018. For example, they must include their Vermont Meals and Rooms Tax license number in their advertisements. Learn more about this and other requirements.

Sales tax exemption on advanced wood boilers
Beginning July 1, 2018, sales of advanced wood boilers are exempt from Vermont Sales and Use Tax. The Department of Taxes has added a section on these boilers to the Exemptions page on their website.

Davis & Hodgdon Associates CPAs has been assisting Vermont individuals and business owners with tax planning services for more than 25 years. Call our office in Williston 802.878.1963 or Rutland 802. 775-7132 to schedule a tax planning strategy session today.