VT Tax & Finance Blog

Why Your Dental Practice Should Outsource Accounting Functions

May 06, 2021
When it comes to performing a root canal or creating crowns or caps you’ve got it covered efficiently and with confidence. But when it comes to your bookkeeping you may not be as confident, and you know the time spent doing it could be better spent elsewhere within your practice. After all, you likely didn’t aspire to be a dentist so that you could worry about accounting and tax preparation tasks.

Tax Season Charity Showdown 2021

May 04, 2021
Davis & Hodgdon and Copper Leaf Financial has found some unique ways to keep our staff excited throughout the duration of our busy tax season with our firm-wide FUN initiative!

Transferring Your Family Business Part II: More Tax Savvy Strategies

Apr 29, 2021
In part I of “Transferring Your Family Business” we discussed some potential strategies you may take when selling your business to ensure continuity and minimize tax consequences. In this post we will be covering the remaining strategies you may decide to take when selling your business.

Dental Industry Moves Towards Normal Operations

Apr 27, 2021
Over the past year many dental practices were mandated to close due to restrictions brought on by the pandemic. They slowly began to open based on local and state guidance. However, now that the vaccine rollout has gained momentum and more people have been vaccinated, it appears that within the next couple of months dental practices should be able to fully resume all normal operations.

Transferring Your Family Business  Part 1: Common Strategies for Minimizing Taxes

Apr 26, 2021
There comes a time, when as a business owner, you must decide when to transfer your business and how you will do it. Selecting which estate planning tool you use to transfer the business will depend on if you plan to retire from the business or keep it until you die. 

The Third Economic Impact Payments

Apr 21, 2021
In the American Rescue Plan Act of 2021, the third round of Economic Impact Payments were authorized as an advance payment of the tax year 2021 Recovery Rebate Credit.

An Inside Exit: Selling Your Business to Family, Managers, or Employees

Apr 15, 2021
Starting to think about ownership succession for your enterprise? For many business owners, the best option is to sell to folks already involved in the business such as family members, managers, or the broader group of employees.

The Employee Retention Credit: Essential Tax Considerations for Business Owners

Apr 08, 2021
Many business owners that initially did not think they were eligible for the employee retention credit for 2020 ultimately are due to either a full or partial suspension as a result of a government mandate…

Dental Practices Adapt Post-Covid-19

Apr 06, 2021
The pandemic has had a tremendous impact on businesses across every industry. Dental practices continue to face challenges brought on by the pandemic, and practice owners have been forced to adjust how they do business.

The Challenges and Evolution of Veterinary Practices Post-COVID-19

Apr 01, 2021
Veterinary practices across the country continue to face challenges brought on by the pandemic, and practice owners have been forced to adjust how they do business.

Which QuickBooks Platform Is Right for You?

Apr 01, 2021
Which QuickBooks platform is the best for your business? The answer, unfortunately, is IT DEPENDS. Here are three important factors to consider when choosing if QuickBooks Desktop or QuickBooks Online…

Opportunity Is Calling in Vermont!

Mar 25, 2021
The pandemic has had a profound effect on businesses and how they handle their office environments, influencing many to have their employees work remotely for the health and safety of everyone. Interestingly, remote work, was on the rise before life was flipped upside down thanks to COVID-19.

American Rescue Plan Act – What You Need to Know

Mar 24, 2021
The House of Representatives passed the Senate-amended version of the American Rescue Plan Act. It is currently waiting on the President’s signature to turn the bill into law.

Long-Term Care Considerations Resulting from the Pandemic

Mar 23, 2021
Long-term care (LTC) is something you may need someday for assistance with the basic activities of daily living. Planning for its costs now may help you afford quality care in the future and reduce the risk of LTC expenses draining your savings.

Important Update About the Tax Deadline

Mar 22, 2021
Income tax filing due date for individuals has been extended to May 17, 2021 for both federal and the state of Vermont.

What Can I Do NOW to Put Myself in the Best Possible Position for 2021?

Mar 19, 2021
If you like to plan for the future and think ahead, there are certain actions that you can begin taking right now to prepare for your 2021 tax return.

Is There Anything That I Can Still Do to Maximize Tax Savings for the 2020 Return?

Mar 18, 2021
With the tax season in full swing, you might feel like it is too late to recoup and maximize savings for this year. However, there is still time. 

Do I Have to Pay Taxes on My Economic Stimulus Payments?

Mar 17, 2021
With the second economic stimulus payment going out and tax season underway, you may be wondering if you have to pay taxes on the stimulus checks you received. 

Do I Have to Pay Taxes on My Unemployment Benefits?

Mar 16, 2021
The pandemic has impacted nearly everyone. Your 2020 tax return could also be impacted. Even if you had a pretty straightforward tax return in the past, it may not be the same this time around as a result of the pandemic. It might be necessary to adjust the way that you report income or you might have to pay additional income taxes that you had not planned for.

Best of Burlington Article Spotlights John W. Davis

Mar 11, 2021
Check it out! Davis & Hodgdon CPAs partner John Davis is spotlighted in the newest issue of Best of Burlington.