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VT Tax & Finance Blog

BUSINESS YEAR END PLANNING TIPS

Aug 17, 2012
This Planning Tips file is a brief overview of many year-end tax saving strategies. Some are straightforward...

ADDITIONAL THREE DAYS TO FILE 2010 1040/1040C TAX RETURNS

Aug 17, 2012
Filers will get an additional three days to file their tax returns for 2010.

THE GREENING OF OFFICES

Aug 17, 2012
Davis & Hodgdon is pleased to share the November 2010 issue of the Champlain Business Journal. We are especially excited to have been highlighted for our dedication to having an energy-efficient workplace. Click here to view the article in full.

IT'S THAT TIME AGAIN - (DAYLIGHT SAVINGS TIME / HOLIDAY SCHEDULE)

Aug 17, 2012
Daylight Savings Time Ends Sunday November 7th at 2am. (Fall back one hour) Firm Holiday Schedule (Office Closed) Thanksgiving Day Day after Thanksgiving

SMALL BUSINESS JOBS ACT (PART IV OF IV)

Aug 17, 2012
The Small Business Jobs Act will permanently raise the maximum size for the SBA's two largest loan programs, increasing the maximum 7(a) and 504 loans from $2 million to $5 million, and the maximum 504 manufacturing related loan from $4 million to $5.5 million. In addition

SMALL BUSINESS JOBS ACT (PART III OF IV)

Aug 17, 2012
The Small Business Jobs Act allows certain small businesses to "carry back" their general business credits to offset five years of taxes, providing them with a break on their taxes for this year while also allowing these credits to offset the Alternative Minimum Tax, reducing taxes for these small businesses.

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