VT Tax & Finance Blog

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 2018 return(s). As a service to our clients, business…

Given the doubling of the standard deduction under Tax Cuts and Jobs Act (TCJA), there will be less opportunity for many people to derive tax benefits from their charitable intent. For a single person…

Income for members of clergy has different tax implications than other income regularly reported on forms W-2 and 1099-Misc. Clergy members should consider enlisting the expertise of a CPA when it comes…

Our annual Halloween costume contest was very competitive this year and generated some memorable staff images! And the winners are... Best Costume: RyanMost Creative Costume: MegFunniest Costume: Rebecca Best…

Since the Tax Cuts and Jobs Act was signed into law, we have heard many politicians touting that the legislation doubles the standard deduction on individual income tax returns. This sounds like quite…

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions…

After more than three years of debate, comment, and revision, the Financial Accounting Standards Board’s (FASB) much-anticipated Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements…

From the Vermont Department of Taxes - Vermont lawmakers enacted legislation in 2018 that provides for a nonrefundable credit against Vermont tax liability. The credit is 5% of the first $20,000 in eligible…

As year-end approaches, there is no better time than now to begin tax planning for yourself and your business to ensure that you are on track to be in the best possible position for your 2018 tax returns. Tax…

Ridesharing apps such as Uber and Lyft have become incredibly popular alternatives to more conventional means of transportation, sometimes even making yellow cabs appear to be obsolete. Transportation…

Undeposited Funds/Undeposited Funds account is a default account in QuickBooks Online that temporarily holds funds from payments to your company until you deposit them to your bank account. Think of the…

We cannot say enough about the usefulness of the QuickBooks’ AutoEntry App. Most recently, our bookkeepers discovered that in addition to its multiple useful purposes, we can also scan older bank and credit…

Year-end is approaching and many people are considering their charitable giving options. The Vermont Community Foundation has published a convenient checklist for you to keep in mind, including some of…

The Vermont Department of Taxes has announced a new rule in the reporting of 1099-MISC forms to the State for the 2018 filing year. In the past, the only 1099’s that needed to be filed were to those recipients…

It's time for your accountant to review your bookkeeping records. Step one is for him/her to check whether balance sheet accounts have been reconciled in order to feel assured that all transactions have…

Estate planning is a critical component to some Americans overall financial plan and there are some things that you should know about the new estate tax exemption. The Tax Cuts and Jobs Act of 2017…

There have been sweeping changes as a result of the new tax law and this is one that should not be overlooked by business owners. Congress reduced the top tax rate for “C” corporations from 35% to a flat…

Davis & Hodgdon Associates CPAs is partnering with the Center for Women & Enterprise, Rutland Economic Development Corporation, Rutland Regional Chamber of Commerce, and The Mint, and offering a free 2-part…

WILLISTON, Vt., August 27, 2018 – Over 140 Vermont businesses from diverse industries completed the latest semi-annual economic survey in July regarding the outlook of Vermont’s small- to medium-sized…

By Kathleen Thompson - In my previous two articles I've shared 10 great tips for traveling on a budget. In this final post I share the last 7 tips based on my experience booking a recent trip to California. To…