VT Tax & Finance Blog

2020 Individual Year-End Tax Planning Tips 

2020 Business Year-End Tax Planning Tips

Today is Giving Tuesday!

As we approach year-end, now is a good time to review payments you’ve made during 2020 to determine if there are any that require a 1099 to be produced. The timely filing of these 1099 forms is critical,…

Are you still manually tracking your business mileage? If so, it might be a good time to consider a time-saving apps to take this on. Or, maybe you are no longer carpooling due to COVID and are looking…

Gov. Phil Scott Vermont signs taxation-related legislation

RUTLAND, Vt., October 19, 2020 – Davis & Hodgdon Associates CPAs is pleased to announce that Martha Leonard has earned the Certified Bookkeeper (CB) designation from the American Institute of Professional…

There is still time to potentially reduce your 2020 federal income taxes, but you’ll need to act soon! Several tax minimization strategies are presented here – many of which need to be completed by December…

Is this a good year to convert to a Roth IRA? If you have been thinking about converting your tax-deferred traditional IRA to a tax-free Roth IRA, this may be the year to consider it. Converting a Roth…

Use your annual gift tax exclusion. If you think that your estate will be subject to estate taxes, consider giving some of it away tax-free during your lifetime using the annual gift tax exclusion. The…

Harvest investment losses to help lower your tax bill. One way to reduce the taxes on your capital gains and ordinary income is to sell some investments that have decreased in value since you bought them. When…

NEW for 2020: Claim an above-the-line deduction for cash contributions up to $300. Normally, only those taxpayers who itemize deductions on their tax returns can deduct the contributions they make to…

Use tax-deferred retirement accounts to shelter income from current taxes. Contributing to a tax-deferred retirement plan at work is a great way to minimize your current taxes. The money you contribute…

You may be able to defer some tax until next year by postponing the receipt of some income and paying some of next year’s deductible expenses this year. The benefit of deferring tax is that you gain another…

The end of 2020 is quickly approaching (thankfully). Now is the time to confirm that you have posted the adjusting journal entries that were given to you by your tax preparer with your 2019 corporate tax…

Join Morgan Pratt & Matt Cleare, CPA, CGMA, Wednesday Oct. 28t at 8am for a virtual event! Click here for more info and to save your seat. Together, we will uncover the benefits of taking headache-causing…

IRS highlights employer credits for businesses during Small Business Week 

When it comes to owning a business, payroll set up and management of it can be a struggle. Between hiring new employees, meeting payment deadlines, and filing tax forms, it can be daunting to start ups…

The Two Estate-Planning Documents Clients Need for College-Bound Kids

The following information about funds still available to Vermont businesses through the Economic Recovery and Relief package came from the Addison County Economic Development Corporation (ACEDC) via the…