October 24, 2018
Income Tax Form Revised taxforms
Changes to the Vermont Income Tax Form

Along with a new look, taxpayers will see changes in the 2018 Vermont Personal Income Tax form, IN-111. The form now features:
  • a Vermont Tax-Deductible Charitable Donation Credit
  • a Vermont Standard Deduction
  • a Vermont Personal Exemption
  • a Social Security exemption for income-eligible Vermonters

These new features reflect recent legislation that responds to the Tax Cuts and Jobs Act (TCJA) of 2017.
Agricultural Certification Deadline Looming agcert
Current Use Agriculture Certification due Nov. 1
 
Form CU-313, Use Value Appraisal Program Agricultural Land Buildings Certification must be filed by November 1. Owners of agricultural land and/or farm buildings enrolled in Current Use must recertify that their properties continue to be eligible for Current Use. Failure to recertify a property by the due date will cause it to be dropped from the Current Use program. 
New Charitable Donation Tax Credit charity
Save receipts from charitable contributions.
 
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 charitable contributions made during 2018. The maximum credit is $1,000, and it applies whether or not a taxpayer itemizes. Taxpayers should not send receipts or cancelled checks to the Department, but should keep them in the event that the Department requests proof of contributions.
Read the Press Release.
Preparer Education preparer
New professional preparer training resources page
 
Helping preparers stay on top of regulatory changes is an important part of what the Department does. Preparers' organizations are vital partners, and the Department is a frequent participant at events. Visit the Tax Professional Resources page on our website to see a schedule of training events held throughout the year. This November these organizations are holding training events:
Save the Dates: Capitol for a Day capitol
Capitol for a Day in November
 
Gov. Phil Scott, his cabinet, and extended cabinet will continue with the Capitol for a Day tour of Vermont in November. Officials from the Vermont Department of Taxes will also be on hand for open discussion and comments. Details will be announced in advance of these dates:
  • November 16: Essex County
  • November 28: Lamoille County

If you would like to get more information about these events as it becomes available or to register in advance, please email Deborah.Carroll@vermont.gov.
Paycheck Checkup Reminder paycheck
Withholding the proper amount of tax 

 

With only 10 weeks left in the year, it's a good time for taxpayers to make sure they've paid enough or not too much income tax. The Tax Cuts and Jobs Act changed how withholding is calculated. People who have more than one job or who have complicated tax returns may wish to change their withholding to avoid owing more tax on their 2018 returns. If necessary, they should give their employers a new Form W-4. The IRS Withholding Calculator is the best online tool for determining your federal tax liability.

 

A taxpayer that reduced his or her withholding in 2018 should check withholding again in January 2019 and may need to submit another new W-4 to avoid having too little withheld going forward. 
New Fact Sheet for Landlords landlord
Landlord Certificate is due Jan. 31, 2019
 
Apartments, single-family homes, condominiums, boarding houses, mobile homes, lots for mobile homes, and rooms in a nursing home or assisted living facility are all types of units for which a landlord/tenant relationship exists.  
 
The Department has new guidance for landlords. The fact sheet, Form LC-142, the Landlord Certificate explains the purpose of this tax season document, and why it must be completed and sent to tenants and to the Department by January 31 each year.
Solar Energy Investment Tax Credit tb45
Technical Bulletin Updated

Technical Bulletin 45 (TB-45) Solar Energy Investment Tax Credit, has been updated. The previous version from 2009 had become outdated with respect to the end of a statutory carryforward period.
Contact Us When You Have a Question  ContactUs
Tax practitioners with questions can reach the Department of Taxes at the (802) 828-6815, or by emailing tax.preparer@vermont.gov. This special phone number for professional preparers is answered Monday to Friday, 7:45 a.m. to 4:30 p.m.
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