VT Tax & Finance Blog

Two Vermont military families were selected anonymously to be the recipients of Davis & Hodgdon Associates CPAs’ 2018 holiday gift drive. The families, from Georgia and St. Albans Vermont were selected…

In an effort to better understand Vermont small- to medium-sized business owners' perception of the state's fiscal climate, Davis & Hodgdon Associates CPAs and Vermont Chamber of Commerce are asking for…

Under both prior law and the New Tax  Law, so-called “above-the-line” deductions reduce both your “adjusted gross income” (AGI) and your modified adjusted gross income (MAGI), while “itemized” deductions…

Minimize Tax on Capital GainsGenerally, when you sell stock or mutual fund shares, the shares you purchased first are considered sold first. That’s usually good news since it’s often beneficial to qualify…

In my post from earlier this week I shared some thoughtful ideas for affordable holiday gifting. To view that post please click here. Following are some additional thoughts on how to celebrate the holidays…

There is no doubt that the Tax Cuts and Jobs Act of 2017 will have a significant impact on nearly every taxpayer. To begin, there are many changes in the individual income tax rates as noted below. Your…

By Paul Sisolak, original post  from www.chimebank.com. As 2019 approaches, you’re likely thinking about the New Year’s resolutions you’d like to tackle when it comes to your finances. Perhaps you want…

As Andy Williams sings, “It’s the most wonderful time of the year!” The holiday spirit is in the air and as the year draws to an end, this is a time to be thankful, a time to get together with family and…

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…