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VT Tax & Finance Blog

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…

Consideration of 20 Percent Deduction for Qualifying Business Income is a Must for Business Owners

Sep 25, 2018
There have been sweeping changes as a result of the new tax law and this is one that should not be overlooked by business owners. Congress reduced the top tax rate for “C” corporations from 35% to a flat…
Davis & Hodgdon Presents Free Bookkeeping Seminar in Rutland Vermont

Davis & Hodgdon Presents Free Bookkeeping Seminar in Rutland Vermont

Sep 12, 2018
Davis & Hodgdon Associates CPAs is partnering with the Center for Women & Enterprise, Rutland Economic Development Corporation, Rutland Regional Chamber of Commerce, and The Mint, and offering a free 2-part…
Business Owners' Attitudes About the Vermont Economy Become More Neutral - Less Optimism in U.S. Economy

Business Owners' Attitudes About the Vermont Economy Become More Neutral - Less Optimism in U.S. Economy

Aug 27, 2018
WILLISTON, Vt., August 27, 2018 – Over 140 Vermont businesses from diverse industries completed the latest semi-annual economic survey in July regarding the outlook of Vermont’s small- to medium-sized…

Booking an Affordable Vacation: Part III

Aug 27, 2018
By Kathleen Thompson - In my previous two articles I've shared 10 great tips for traveling on a budget. In this final post I share the last 7 tips based on my experience booking a recent trip to California. To…

Booking an Affordable Vacation: Part II

Aug 24, 2018
By Kathleen Thompson - In my previous post I shared 5 great tips for traveling on a budget. In this next post, I'm excited to share the next set of 5 tips based on my experience booking a recent trip to…
Still Holding onto that Tax Refund? Consider an Affordable Vacation

Still Holding onto that Tax Refund? Consider an Affordable Vacation

Aug 22, 2018
By Kathleen Thompson - Were you lucky enough to receive a tax refund this year? If you still have access to that refund and are looking for a good way to spend it, you have some options. Maybe you’ll…
IRS Provides Tips that You Should Address Sooner Rather than Later

IRS Provides Tips that You Should Address Sooner Rather than Later

Aug 22, 2018
The IRS has recently published noteworthy tips that every taxpayer should know about and address ASAP. First, taxpayers with children or other dependents should perform a "paycheck checkup" using the Withholding…
Vermont Tax Department Provides Overview of New Legislation

Vermont Tax Department Provides Overview of New Legislation

Aug 20, 2018
The Vermont Department of Taxes has published a newsletter providing an overview of new legislation from the 2017-2018 regular and 2018 special legislative sessions. To view this newsletter please visit: http://tax.vermont.gov/sites/tax/files/documents/2018VermontIncomeTaxGuideforTaxPractitioners.pdf.  Please…

Rutland Vermont Celebrates Winter in August

Aug 16, 2018
Davis & Hodgdon was honored to sponsor and participate in one of the Rutland Vermont community's most popular annual events, "Winter in August". This year the event was held at the Vermont Farmer's Food…
Nonprofits: New Tax on Fringe Benefits

Nonprofits: New Tax on Fringe Benefits

Aug 14, 2018
Source: CPA Practice Advisor - Nonprofit organizations needs to be aware of a little-noticed provision in the Tax Cuts and Jobs Act (TCJA), which could result in an unexpected tax bill for houses of worship,…

The Hierarchy Of Tax-Preferenced Savings Vehicles For High-Income Earners

Jul 31, 2018
By Michael Kitces, as posted on 7/4/18 - Executive Summary - The Federal government has long incentivized saving for retirement and other financial goals by offering some combination of three types of…
Why You Need a Certified QuickBooks Online ProAdvisor

Why You Need a Certified QuickBooks Online ProAdvisor

Jul 30, 2018
By Lauretta Finis, Intuit QuickBooks - You’re at the hairdressers and you hear yourself explaining how hard it is to manage your business using your current software. You tell your hairdresser that you’re…
New Requirements for Vermont Operators of Short-Term Rentals

New Requirements for Vermont Operators of Short-Term Rentals

Jul 30, 2018
The Vermont Department of Taxes has updated its fact sheet explaining how the sales and use tax applies to rooms and meals. The publication explains that sleeping accommodations offered to the public for…