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VT Tax & Finance Blog

More Ideas for Affordable and Meaningful Holiday Gifts

Dec 12, 2018
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…

Year-end Tax Planning: Changes in the Individual Income Tax Rates

Dec 12, 2018
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…

5 Ways to Stick with Your Financial Resolutions

Dec 11, 2018
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…

Meaningful & Affordable Holiday Gifts: What to Get and Where to Look

Dec 11, 2018
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…

New Year-End Planning Tips for Individuals and Businesses Now Available

Dec 03, 2018
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…

Tax Incentives for Charitable Contributions and TCJA

Nov 26, 2018
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…

Tax Implications of Ministerial Income

Nov 13, 2018
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…

Happy Halloween from the staff at Davis & Hodgdon!

Nov 01, 2018
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…

Who really does well with new standard deductions? Your student

Nov 01, 2018
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…

New FASB Standard Addresses Accounting for Grants and Contracts

Oct 25, 2018
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…

FASB's New Standard Aims to Improve Not-for-Profit Financial Reporting

Oct 25, 2018
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…

New Charitable Contribution Tax Credit for Vermonters

Oct 25, 2018
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…

Tax Planning and Tax Preparation are NOT the Same Service

Oct 22, 2018
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…

Uber Drivers Should Note Financial Implications of Self-Employed Status

Oct 22, 2018
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…

QuickBooks Online: What are Undeposited Funds?

Oct 17, 2018
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…

AutoEntry Proving to be a Lifesaver for QuickBooks Clients

Oct 15, 2018
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…
2018 Charitable Giving Checklist

2018 Charitable Giving Checklist

Oct 15, 2018
Year-end is approaching and many people are considering their charitable giving options. The Vermont Community Foundation has published a convenient checklist for you to keep in mind, including some of…

Important: Vermont Has New Rules for 1099 Filing

Oct 10, 2018
The Vermont Department of Taxes has announced a new rule in the reporting of 1099-MISC forms to the State for the 2018 filing year. In the past, the only 1099’s that needed to be filed were to those recipients…

Why is Bookkeeping Reconciliation Necessary?

Oct 04, 2018
It's time for your accountant to review your bookkeeping records. Step one is for him/her to check whether balance sheet accounts have been reconciled in order to feel assured that all transactions have…

Five Things You Should Know About the New Estate Tax Exemption

Oct 03, 2018
Estate planning is a critical component to some Americans overall financial plan and there are some things that you should know about the new estate tax exemption. The Tax Cuts and Jobs Act of 2017…