Bookkeeping and Tax Return services in Vermont
Vermont requires compliance with various tax obligations, including individual, corporate, and sales taxes.
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Bookkeeping Services offered by Meru Accounting In Vermont
General Bookkeeping
- Transaction categorization and recording
- Bank and credit card reconciliation
- Cash flow management
- Data entry and maintenance
- Financial reporting preparation
Accounts Payable and Receivable
- Invoicing and billing
- Vendor payment management
- Customer payment tracking
- Aged receivables and payables reports
- Follow-up on overdue invoices
Payroll Processing
- Payroll setup and management
- Wage calculations and processing
- Direct deposit and paycheck distribution
- Payroll tax calculation and filing
- Year-end payroll reporting (W-2s, 1099s)
Financial Reporting and Statements
- Monthly, quarterly, and annual financial statements
- Balance sheet preparation
- Profit and loss statements
- Cash flow statements
- Customized reports as per client needs
Tax Preparation Support
- Preparing documents for tax filing
- Organizing tax records and receipts
- Coordinating with tax professionals
- Sales tax, VAT, or GST filing support
- Estimated tax calculations
Budgeting and Forecasting
- Budget planning and management
- Financial forecasting
- Variance analysis
- Cost analysis and control
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
Vermont State Income Tax Rates:
- Vermont imposes a progressive income tax on individuals, with rates ranging from 3.35% to 8.75%.
- Vermont imposes a progressive corporate income tax with rates:
- 6% on income up to $10,000.
- 7% on income between $10,001 and $25,000.
- 8.5% on income above $25,000.
- Statewide Sales Tax Rate: The statewide sales tax rate in Vermont is 6%.
- Local Sales Tax Rate: Some municipalities may impose an additional 1% local option tax, bringing the total to 7%.
- Remote Seller Sales Tax: Remote sellers must collect sales tax if they meet Vermont’s economic nexus requirements.
Compliance Requirements:
Filing Deadlines:
- Individuals: Vermont individual income tax returns are due by April 15th.
- Corporations: Corporate tax returns are due on the 15th day of the 4th month following the end of the taxable year.
Estimated Tax Payments :
- Corporations: Quarterly estimated payments are required if the tax due exceeds $500.
Sales Tax Compliance :
- Businesses: Businesses must collect and remit sales tax according to their assigned filing frequency (monthly, quarterly, or annually).
Bookkeeping Software Expertise
(We use 20+ Different Software)
Penalties for Non-Compliance:
- Late Filing/Payment Penalties: Penalties include 5% of the unpaid tax per month, up to 25%, with additional interest on unpaid amounts.
Cloud AddOns Expertise
We work with all industry leading Cloud addons. We work with around 95+ Software integrated with Accounting/Tax Platforms.
20+ Ecommerce Marketplaces
20+ Payment Gateways used
15+ Similar software used
10+ Practice Management Software used
15+ Payroll Software used
10+ KPI reporting software used
15+ Communication Channel used
8+ Cloud Storage System used
All Industry leading gateways used
Tax Services we offer in Vermont
Individual Income Tax Preparation
- Filing Vermont state income tax returns (Form IN-111, IN-112, and supporting forms).
- Assistance with tax credits such as the Vermont Earned Income Tax Credit (EITC), property tax credits, and renter’s rebates.
- Guidance on deductions, exemptions, and allowances specific to Vermont residents.
Corporate Income Tax Filing
- Filing corporate income tax returns for Vermont-based businesses (Form CO-411, Corporate Income Tax Return).
- Tax planning and advice on reducing corporate tax liability.
- Assistance with deductions for business expenses, depreciation, and credits for research and development.
Sales and Use Tax Services
- Registration for Vermont sales tax (Form S-1).
- Sales tax collection and remittance guidance.
- Filing of Vermont Sales and Use Tax returns (Form SU-452).
- Consultation on exemptions for sales tax, such as for food, medicine, and certain services.
Business Entity Tax Services:
- Tax compliance and filing for LLCs, S-corporations, and partnerships in Vermont.
- Filing annual reports and payment of fees for Vermont businesses.
- Consultation on business entity formation, taxation, and state-specific regulations.
Property Tax
- Filing homestead declarations (Form HS-122) and the Property Tax Adjustment.
- Consultation on property tax relief programs for low-income seniors, disabled citizens, and others eligible for property tax credits.
- Assistance with Vermont’s local property tax appeals and valuations.
Estate and Inheritance Tax
- Filing of estate tax returns (Form ET-1) for Vermont estates exceeding $2.75 million in value.
- Guidance on Vermont inheritance taxes, including exemptions, deductions, and filing requirements.
- Assistance in asset valuation and distribution as per Vermont estate tax rules.
Withholding Tax
- Assistance with Vermont state income tax withholding for employers (Form WHT-436).
- Payroll tax services, including the calculation of employee withholding and remittance to the Vermont Department of Taxes.
- Guidance on employee exemptions and ensuring compliance with state tax laws.
Self-Employed & Freelancers Tax Services:
- Assistance with self-employment taxes and filing requirements for freelancers in Vermont.
- Reporting of business income and expenses using Schedule C for individual filers.
- Consultation on deductions for home office, vehicle, and other business-related expenses.
Tax Audit Assistance:
- Representation and support during Vermont tax audits, including audit preparation and document submission.
- Review and response to audit notices issued by the Vermont Department of Taxes.
- Tax dispute resolution and appeal support.
Tax Planning and Advisory
- Year-round tax planning for individuals and businesses to optimize tax strategies and reduce liability.
- Retirement planning and tax-efficient investment strategies for Vermont residents.
- Strategies for minimizing state taxes through deductions, credits, and tax-advantaged savings accounts (e.g., 529 plans, health savings accounts).
Non-Profit Organization Tax Services
- Filing Vermont-specific tax forms for non-profit organizations, including Form 990.
- Tax-exempt status consultation and filing for new and existing non-profits.
- Guidance on the special tax treatment for charitable organizations under Vermont law.
Vermont Tax Credit Services
- Advice on state tax credits available to Vermont taxpayers, including credits for renewable energy, child care, and higher education.
- Application for credits such as the Vermont Low-Income Tax Credit and the Vermont Child and Dependent Care Credit.
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State
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
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Alabama
2% - 5%
6.5%
4% + Local (varies)
April 15
Quarterly payments required
Late filing: 10% of tax due;
Late payment: 1% per month;
Interest: 5% per annum
Alaska
No state income tax
No state corporate tax
0%
(Local sales tax may apply)
April 15
No state requirement for estimated payments
Late payment: Interest and penalty of 5% of unpaid tax;
Collection costs may apply
Arizona
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Arkansas
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Our Young and Dedicated Team Of
CPA's , EA's, Chartered Accountant, Bookkeepers, Virtual Assistants, Tax Preparers, Tax Analyst and many others with specialization in Accounts, Finance & US Tax .
