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VT Tax & Finance Blog

Filing taxes 101: Common errors taxpayers should avoid

Feb 19, 2020
IRS Tax Tip 2020-20, February 18, 2020 Filing a tax return electronically reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. Using…

Tips for Protecting Your Identity this Tax Season

Feb 11, 2020
Tax season isn't just busy for accountants. It's also a busy time of year for thieves who are looking to steal your identity. Tax season offers many opportunities for identity thieves to take advantage…

Vermont Small Business Survey Results Reveal a Continued Desire for State Legislative Reform

Feb 03, 2020
WILLISTON, Vt., February 3, 2020 – 140 Vermont businesses from diverse industries completed the latest annual economic survey in January regarding the outlook of Vermont’s small- to medium-sized businesses.…

Refundable and Nonrefundable Tax Credits: What's the Difference?

Jan 30, 2020
The following is important information from the Vermont Department of Taxes regarding refundable and nonrefundable tax credits. A refundable tax credit can reduce your tax liability to below zero. If…

The SECURE Act Mixes Incentives and Obligations for Retirement Savers

Jan 21, 2020
On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. The SECURE Act provides a mixed bag of incentives and obligations for retirement…

Tax Considerations for Individuals As a Result of Tax Reform

Jan 15, 2020
It’s almost that time of year again—taxes. On your federal individual return for 2018, we saw some big changes this year that were ushered in by tax reform. This year there aren’t quite as many changes…

Are You Accurately Recording Credit Card Transactions in QuickBooks?

Jan 13, 2020
As I work with many small business owners and their bookkeepers, there is one particular task that seems to cause more issues than any other - properly recording credit card transactions in QuickBooks. Most…

The Importance of Reconciling Your Bank and Credit Card Accounts

Jan 09, 2020
You might wonder - Do I really need to reconcile my bank and credit card accounts? Yes, reconciling your financial accounts can help you identify bank errors, entry errors, bounced checks, uncashed checks,…

Consider Using HSAs as an Investment Retirement Vehicle

Dec 26, 2019
When it comes to retirement planning the consideration of health care expenses is critical and Health Savings Accounts (HSAs) are an option that most people don’t consider for this purpose. HSAs are designed…

Check Your Health Flexible Spending Account (FSA) Before December 31

Dec 19, 2019
If you have a Flexible Spending Account (FSA) through your employer do not delay! You must clean it out by December 31 if your employer hasn’t implemented the 2 1/2-month grace period or the $500 carryover…

New Sales and Use Tax Implications of Prepaid Calling Cards

Dec 17, 2019
In an effort to fund improvements to broadband Internet service in Vermont and to keep it affordable for Vermonters, there is now going to be a Universal Service Charge (USC) on prepaid calling cards beginning…

Free Burlington Event: Understanding Your Education Property Tax

Dec 05, 2019
Announcement from the Vermont Department of Taxes: On Tuesday, December 17, the Department of Taxes, with representatives of other state agencies, will host events in Chittenden County as part of Gov.…

How Are Your Payroll Transactions Being Entered into QuickBooks?

Dec 04, 2019
If your company has QuickBooks and uses a third-party vendor such as PayData, Paychex or ADP instead of Intuit for payroll it is important to know that your payroll transactions may not be captured the…

2019 Year-End Planning Tips for Individuals and Businesses Now Available

Nov 26, 2019
Year-end is right around the corner and it's time to consider strategies to ensure you take advantage of all possible tax saving options for your 2019 return(s). As a service to our clients, business…

Year-End Planning Tip: Double-Check Your Withholding

Nov 21, 2019
There might be moves you can make NOW to reduce your 2019 personal taxes – but you will need to act soon! Tip: Double-check your withholding. If you had to much or too little tax withheld from your paychecks…

Business Owners: Tools to Help Simplify your Bookkeeping Tasks

Nov 14, 2019
As a business owner time can often be your most limited resource, so don’t let your bookkeeping fall behind and create more work for you in the long run. When your financial records fall behind, it can…

Social Security COLA for 2020 will be 1.6 percent

Nov 07, 2019
Mary Beth Franklin, Investment News 10/10/19 - The Social Security Administration announced Thursday that benefits and the maximum amount of wages subject to payroll taxes will increase by 1.6% in 2020,…

Create Efficiencies with Bank and Credit Card Feeds in QuickBooks Online

Oct 21, 2019
One of the best ways to make your daily bookkeeping entries more efficient is through the use of bank and credit card feeds in QuickBooks Online. Setup of these bank and credit card links is easy to do…

Are You Sure You've Taken Advantage of All Possible Tax Deductions?

Oct 01, 2019
If not, now is the time for a 2nd opinion if your current accountant isn't addressing how the new tax law is affecting you and your business. In light of the sweeping tax law changes, Davis & Hodgdon…

Cloud-Based Solutions Might Be the Next Best Step for Your Growing Business

Sep 26, 2019
Are you ready to explore cloud-based bookkeeping solutions for your growing business? Are you happy with QuickBooks Desktop and not ready to make the leap to QuickBooks Online? Right Networks might be…