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VT Tax & Finance Blog

SMALL BUSINESS JOBS ACT (PART II OF IV)

Aug 17, 2012
The Small Business Jobs Act also extends a Recovery Act provision for 50 percent 'bonus depreciation' through 2010, providing 2 million businesses, with the ability to make new investments and know they can receive a tax cut for this year by accelerating the rate at which they deduct capital expenditures. The bill also allows 2 million self-employed to get a deduction for the cost of health insurance for themselves and their family members in calculating their self-employment taxes for this year.

PICTURES OF OUR SOLAR ENERGY PROJECT

Aug 17, 2012
Davis & Hodgdon Associates is energized by the sun!! In September we activiated a 21.6 - kilowatt solar energy system for our business. Check out our website www.dh-cpa.com for pictures.

SMALL BUSINESS JOBS ACT (PART I OF IV)

Aug 17, 2012
President Obama signed the Small Business Jobs Act into law on Monday September 26th, providing $12 billion in tax breaks and a $30 billion lending fund for small businesses.

IRS WILL ELIMINATE USE OF FEDERAL TAX DEPOSIT COUPONS AFTER 2010

Aug 17, 2012
IRS will eliminate use of federal tax deposit coupons after 2010 Thus, firms will have to wire deposits of all taxes to IRS...payroll taxes, corporate income taxes and estimates, excise taxes and the like. Currently, employers can use paper coupons if their annual deposits don't exceed $200,000.

DAVIS & HODGDON ASSOCIATES IN THE NEWS!!

Aug 17, 2012
We are pleased to announce that we have officially completed the installation of our solar panel systems. With the funding from state and federal grants and the Vermont Economic Development Authority we have been able to install 96 Schott Poly 225 solar photovoltaic modules.

HIRING FORMERLY SELF-EMPLOYED WORKERS WON'T NIX A 2010 PAYROLL TAX BREAK.

Aug 17, 2012
Hiring formerly self-employed workers won't nix a 2010 payroll tax break. Employers can claim the Social Security tax exemption for them, IRS says, as long as they haven't worked as an employee for over 40 hours in the past 60 days.

2010 PROPERTY TAX ADJUSTMENT

Aug 17, 2012
In June 2010 the Vermont Legislature passed the 2010 Property Tax Adjustments. The Vermont Department of Taxes sent out notices to those affected on or around July 1st. The following changes are effective for the 2010 property tax adjustment and thereafter. One or more of these changes may apply to you and may result in a reduction of your property tax adjustment:

TAX EXEMPT STATUS AT RISK FOR MANY VT NONPROFITS

Aug 17, 2012
As you may know, the IRS earlier this year warned that many nonprofits were at risk of losing their tax-exempt status because they had not satisfied filing requirements for three consecutive years. The IRS has identified more than 1,100 organizations such organizations in Vermont.

SMALL BUSINESS HEALTH CARE TAX CREDIT

Aug 17, 2012
Several of our Clients have asked us to explain the Small Business Health Care Tax Credit and how they can determine if their business qualifies. Here is our response: Included in the Patient Protection and Affordable Care Act is a tax credit that takes effect this year.

UPCOMING SEMINAR - JUNE 10, 2010

Aug 17, 2012
Champlain Valley SCORE and KeyBank present Financial Reports and Managing Your Small Business Thursday, June 10th 5:30 - 8:30 PM KeyBank Corporate Plaza - Third Floor 76 St. Paul Street, Burlington, VT

INTUIT SUPPORT FOR QUICKBOOKS 2007 TO EXPIRE

Aug 17, 2012
If you are currently using QuickBooks 2007, QuickBooks Enterprise Solutions 7.0, or Point of Sale 6.0, it is important to take note of the following information: Effective May 31st, 2010, Intuit will be retiring the following programs: QuickBooks 2007 for Windows QuickBooks Enterprise Solutions 7.0

NEW HIRE ACT

Aug 17, 2012
In an ongoing attempt to stimulate the economy and create jobs, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act on March 18, 2010.

WHAT FEATURES ARE IN QUICKBOOKS® 2010?

Aug 16, 2012
Here it is- the latest resource to keep you informed of important QuickBooks news, tips, and product updates QuickBooks® Pro 2010 Easily print checks, pay bills and track expenses. Track sales, sales taxes and customer payments. Manage payroll and payroll expenses; offer Direct Deposit (sold separately).

HOME OFFICE EXPENSE DEDUCTIONS

Aug 16, 2012
If you have a qualified office in your home, you may be able to deduct costs associated with maintaining the portion of your home exclusively used for business. For example, 100% of your expenses related to the office such as painting and upkeep are deductible, as well as a portion of indirect expenses

DETERMINING THE BASIS OF YOUR HOME

Aug 16, 2012
'Basis' refers to money you have invested in your home and have not received a tax deduction for. The biggest component of your home's basis is the original purchase price. To calculate 'basis' you generally start with the amount you paid for the home when you purchased

MOVING EXPENSE DEDUCTIONS

Aug 16, 2012
Homeowners who have recently relocated for work may be able to write off the cost of moving themselves, their household goods, their vehicles, and other reasonable costs (except meals) associated with the move. The move is subject to distance and time requirements.

REFINANCING DEDUCTIONS AND HOME SALE DEDUCTIONS

Aug 16, 2012
If you refinanced last year, you may be able to write-off any points you paid to buy down the mortgage rate. To do so, you deduct the points ratably over the life of the new loan, (unless part of the…

DEDUCTING MORTGAGE INTEREST AND TAXES

Aug 16, 2012
The most substantial tax deduction for many homeowners is the mortgage interest deduction. Mortgage interest on a primary residence (in addition to second residences) is usually tax-deductible (but not necessarily for Alternative Minimum Tax or AMT) for mortgage balances up to $1 million.

TAX TIPS FOR DOCTORS, BUSINESSPEOPLE, AND INDIVIDUALS

Aug 16, 2012
#1 Tax Tip for Doctors: Choose your form of business wisely. You can conduct your medical practice as a sole proprietorship, a partnership, a regular corporation (personal service corporation), an S corporation, a limited liability company (LLC), or a limited liability partnership (LLP).

TAX SEASON

Aug 16, 2012
With tax season coming to an end on April 15th, we'd like to share a few important tips, changes, and information regarding your taxes. The best way to see which deductions you qualify for, are to keep up to date on the ever-changing tax regulations. While we may not see certain changes in deductions and regulations until 2011, knowing....