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VT Tax & Finance Blog

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…

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…