VT Tax & Finance Blog

High Inflation: How Long Will It Last?

May 09, 2022
In March 2022, the Consumer Price Index for All Urban Consumers (CPI-U), the most common measure of inflation, rose at an annual rate of 8.5%, the highest level since December 1981.1 It's not surprising…

Stay Ahead of Tax Planning During Times of Uncertainty

Apr 27, 2022
We couldn't be more excited to share the new article we've published with our *affiliated financial planning firm Copper Leaf Financial on page 71 of the newest issue of Best of Burlington (click on the…

Free Financial Calculators Available

Apr 11, 2022
As a convenience to our clients and friends, we have posted several different financial calculators on our website and we encourage you to check it out here: https://www.dh-cpa.com/financial-calculator-resources.html. Calculators for home financing, personal finance, retirement and savings are available for anyone to use.

Technical Assistance Grants Available to Vermont Small Businesses Impacted by COVID-19

Mar 24, 2022
The Regional Development Corporations of Vermont are part of a new grant program that will deliver technical assistance to small businesses to aid with business recovery from COVID-19 impacts.

How Charitable Clients And Foundations Can Help Ukraine

Mar 23, 2022
The humanitarian crisis in Ukraine is heart-wrenching and complex. In many respects, it’s similar to a natural disaster but it also poses distinct challenges that require both immediate and long-term support. Philanthropists, especially those with private foundations, are able to help in more agile and flexible ways that others cannot. Not only can they respond rapidly when a crisis occurs, they can also take a longer view to understand the full scope of the problem(s), pinpoint where they can make the greatest impact, and determine how to allocate their resources most effectively to boost established relief efforts and/or spawn new ones.

What to know about the differences between tax credits and deductions

Mar 14, 2022
There are key differences between tax credits and deductions. What to know before filing your return.

Cybersecurity for Nonprofits

Mar 09, 2022
If your nonprofit engages in any of the three activities below, it’s time to get serious about taking steps to address cybersecurity risks. US nonprofits that raise money in the European Union, or provide services to citizens of the EU, AND collect data about those citizens, must follow the EU's General Data Protection Regulations.

More optimism in Vermont Small Businesses Economic Survey results

Mar 02, 2022
175 Vermont businesses from diverse industries completed the latest annual economic survey in January regarding the outlook of Vermont’s small- to medium-sized businesses. 78% of the business owners who responded have fewer than 25 employees.

Divorce and Your Tax Return: 5 Things You Need to Know

Feb 08, 2022
Divorce can have a big impact on your situation. If you have recently split from your spouse, here are five things you need to know before you file your tax return. Your tax professional can tell you more.

New 2022 Tax Tables Now Available Online

Jan 26, 2022
We have updated and made our 2022 tax tables brochure available for download! This document is intended to help you determine how much tax you owe and how to calculate it when you are ready to file your annual tax returns.

Meet the Associate: Donna London

Jan 06, 2022
Donna London is a Senior accountant and has been with Davis and Hodgdon CPAs for 3 years. She is a member of the tax team, as well as the Convergent accounting team. Donna has a Bachelor’s degree in Business Management from Champlain College, with a focus on accounting. She also has an Associate’s degree in business management from the Community College of Vermont, as well as an accounting certificate from Champlain College.

Vermont Business Owners: Participate in the 2022 Annual Business Economic Survey

Jan 05, 2022
In an effort to better understand Vermont small- to medium-sized business owners' perception of the business climate, Davis & Hodgdon Associates CPAs has once again partnered with the Vermont Chamber of…

IRS Mailing Letters in January to Recipients of the Advance Child Tax Credit

Jan 03, 2022
If you received advance child tax credit payments in 2021 you will receive Letter 6419 in the mail from the IRS this month, January 2022. It’s essential that you give this letter to your tax preparer when filing your 2021 return. The letter will include the total amount of advance payments you received in 2021 and your accountant may need to refer to this notice to claim the remaining child tax credit amount.

10 of the most common self-employment tax deductions for 2021

Dec 27, 2021
From long hours to variable income, self-employment can be a tough way to make a living. Having to report your own business income and expenses adds another layer of complication. Understanding the basics of what expenses you can deduct is important whether you decide to file a return on your own or hire an advisor to help guide you through it.

Meet the Associate: Jackie Winkler

Dec 09, 2021
Jackie is an Associate Wealth Advisor with Copper Leaf Financial, LLC. She is a graduate of St. Michael's College, where she majored in Business Administration with a minor in Economics and Political Science. She has several years of client service experience that includes working in operations support at VSECU, as well as a Pharmacy Technician at Kinney Drugs.

It’s time to review your year-end tax plans

Dec 09, 2021
It’s time to review your year-end tax plans, now that we think individual federal income tax rates aren’t going up next year, except possibly for taxpayers with modified adjusted gross incomes over $10 million

New Higher Estate And Gift Tax Limits For 2022

Nov 29, 2021
The official estate and gift tax exemption climbs to $12.06 million per individual for 2022 deaths, up from $11.7 million in 2021, according to new Internal Revenue Service inflation-adjusted numbers. And the gift tax annual exclusion amount jumps to $16,000 for 2022, up from $15,000 where it’s been stuck since 2018.

How to Balance Saving for Retirement and Your Kids’ Education

Nov 04, 2021
Setting aside adequate funding for the future is a long, hard slog. Particularly for younger families who are early- to mid-career and have a lot of competing financial items to cover. Between raising young kids, paying mortgage or rent, and the countless other items that come with daily living, it can be stressful and difficult to see how everything is ever going to come together.

Copper Leaf Financial’s Guide to Charitable Giving and New Fillable Worksheet are Now Available Online

Oct 27, 2021
Copper Leaf Financial, our affiliated and separately registered financial planning firm has published a workbook “Guide to Creating Your Charitable Giving Statement” which was created to act as a guide for their clients. The guide is used to assist them with organizing their charitable giving efforts and creating a plan for the future – a plan that includes intentional giving and consideration of strategies that are tax advantageous. Many of our clients are passionate and deeply generous donors, however most had taken a disorganized approach to their charitable giving efforts.

How to Lower Your 2021 Tax Bill

Oct 26, 2021
Financial decisions you make between now and the end of the year can have a significant effect on how much tax you have to pay next April. This is particularly true if you're saving for retirement, itemize deductions, or hold investments outside a retirement account.