VT Tax & Finance Blog

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.

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!

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.

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.

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. 

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.

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.

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…

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.

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 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…

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.

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 (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.

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

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.

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. 

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. 

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.

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