VT Tax & Finance Blog

Tax Planning Tools During Times of Uncertainty

Jun 27, 2022
There are tax consequences to virtually any financial move you make – whether it’s investing, saving, spending, donating, or accumulating. Those tax considerations have a direct impact on how much money…

Automobile Use: 2022 Updates to the Standard Mileage Rate

Jun 23, 2022
Inflation rates continue to rise due to continued Supply Chain Shortages and the price of everyday essential items including gasoline are skyrocketing - with many paying more than $5.00 per gallon. The…

Business Owners: Use QuickBooks Online to Create and Manage Your Budget

Jun 22, 2022
Creating an annual budget for your business can be challenging, and that’s why many small businesses avoid it. Key findings from a survey done by Clutch suggest that when small businesses put the effort…

Highlights of the 2022 Vermont Legislative Session

Jun 21, 2022
The Vermont Department of Taxes has published its annual legislative highlights, summarizing the legislative initiatives that the Department followed closely and which became law this session. To download…

Corporate tax reform bill expected to benefit manufacturers in Vermont

Jun 06, 2022
Governor Phil Scott signed a corporate tax reform bill into law Tuesday that is expected to slash taxes for manufacturers in Vermont. Initially introduced last year to remove the sales tax on menstrual…

Energy Tax Credits and ESG

May 24, 2022
From electric vehicles to solar panels, “going green” can offer both environmental and financial benefits. With global conflicts and increased gas prices, now may be the time to explore reducing your carbon…

Legislature Ends: No Cloud Tax and Funding for Economic Development

May 24, 2022
The Legislature formally came to a close May 13, passing the largest budget in state history of $8.4 billion, fueled by American Rescue Plan Act (ARPA) funding. Among the highlights, the Cloud Computing…

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 on page 71 of the newest issue of Best of Burlington (click on the image below): *Copper Leaf Financial is an affiliated and separately…

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.