VT Tax & Finance Blog

175 Vermont businesses from diverse industries completed the latest annual economic survey in January regarding the outlook of Vermont’s small- to medium-sized businesses. 78% of the business owners who responded have fewer than 25 employees.

Divorce can have a big impact on your situation. If you have recently split from your spouse, here are five things you need to know before you file your tax return. Your tax professional can tell you more.

We have updated and made our 2022 tax tables brochure available for download! This document is intended to help you determine how much tax you owe and how to calculate it when you are ready to file your annual tax returns.

Donna London is a Senior accountant and has been with Davis and Hodgdon CPAs for 3 years. She is a member of the tax team, as well as the Convergent accounting team. Donna has a Bachelor’s degree in Business Management from Champlain College, with a focus on accounting. She also has an Associate’s degree in business management from the Community College of Vermont, as well as an accounting certificate from Champlain College.

In an effort to better understand Vermont small- to medium-sized business owners' perception of the business climate, Davis & Hodgdon Associates CPAs has once again partnered with the Vermont Chamber of…

If you received advance child tax credit payments in 2021 you will receive Letter 6419 in the mail from the IRS this month, January 2022. It’s essential that you give this letter to your tax preparer when filing your 2021 return. The letter will include the total amount of advance payments you received in 2021 and your accountant may need to refer to this notice to claim the remaining child tax credit amount.

From long hours to variable income, self-employment can be a tough way to make a living. Having to report your own business income and expenses adds another layer of complication. Understanding the basics of what expenses you can deduct is important whether you decide to file a return on your own or hire an advisor to help guide you through it.

Jackie is an Associate Wealth Advisor with Copper Leaf Financial, LLC. She is a graduate of St. Michael's College, where she majored in Business Administration with a minor in Economics and Political Science. She has several years of client service experience that includes working in operations support at VSECU, as well as a Pharmacy Technician at Kinney Drugs.

It’s time to review your year-end tax plans, now that we think individual federal income tax rates aren’t going up next year, except possibly for taxpayers with modified adjusted gross incomes over $10 million

The official estate and gift tax exemption climbs to $12.06 million per individual for 2022 deaths, up from $11.7 million in 2021, according to new Internal Revenue Service inflation-adjusted numbers. And the gift tax annual exclusion amount jumps to $16,000 for 2022, up from $15,000 where it’s been stuck since 2018.

Setting aside adequate funding for the future is a long, hard slog. Particularly for younger families who are early- to mid-career and have a lot of competing financial items to cover. Between raising young kids, paying mortgage or rent, and the countless other items that come with daily living, it can be stressful and difficult to see how everything is ever going to come together.

Copper Leaf Financial, our affiliated and separately registered financial planning firm has published a workbook “Guide to Creating Your Charitable Giving Statement” which was created to act as a guide for their clients. The guide is used to assist them with organizing their charitable giving efforts and creating a plan for the future – a plan that includes intentional giving and consideration of strategies that are tax advantageous. Many of our clients are passionate and deeply generous donors, however most had taken a disorganized approach to their charitable giving efforts.

Financial decisions you make between now and the end of the year can have a significant effect on how much tax you have to pay next April. This is particularly true if you're saving for retirement, itemize deductions, or hold investments outside a retirement account.

For business owners, tax planning shouldn't be a once-per-year exercise when filing your taxes. With extensions, you may be able to delay filing your 2021 taxes until late 2022. However, many tax planning moves that can help lower your total taxes owed may need to be made before the end of the current year.

Lori is a Remote Staff Accountant for the firm’s Client Accounting Services division, and she has been with Davis & Hodgdon for almost four years! She has a love of science and received a Bachelor of Science in Biology with an emphasis in Zoology and a minor in Chemistry from California State University Long Beach.

As we approach the end of 2021 this is a good time to consider the appropriateness of your entity structure to ensure it aligns with your needs and evaluate the possibility of changing your structure.

The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several provisions to help individuals and businesses who give to charity. The new law generally extends through the end of 2021 four temporary tax changes originally enacted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here is a rundown of these changes.

The Vermont Department of Taxes has begun issuing refunds to eligible taxpayers who received unemployment insurance benefits last year and electronically filed their 2020 Vermont Individual Income Tax Returns prior to the federal unemployment tax exclusion passed earlier this year.

These three federal tax credits may help defray part of the cost to make your home more energy efficient or to purchase a new plug-in vehicle.

An evidence-based approach to your investment portfolio has a special focus on understanding the investment best practices and body of knowledge defined by the last 50-plus years of academic and practitioner research. This research is ongoing and continues to guide those who apply evidence based investing.