2024 Tax Planning

Accurate record-keeping, strong organizational habits, and effective use of accounting software are essential pillars of sound financial management. Whether managing a small business, a nonprofit, or personal finances, these practices not only ensure compliance with legal and regulatory requirements but also support smarter decision-making and long-term financial health.

March is National Reading Month, and it’s a reminder of something simple but incredibly powerful: books change lives.

Most of us can remember our favorite childhood story. You know the one we asked to hear again and again before bedtime, or the book that first made reading feel fun instead of like homework. Those early moments matter more than we often realize. They help children build confidence, curiosity, and a lifelong love of learning.

That’s one of the reasons Senter, CPA has chosen to support the Dolly Parton’s Imagination Library.

If you’ve ever wondered what happens after you drop off your tax documents, here’s a little behind-the-scenes look at life inside a small CPA firm during tax season.

To allow your accountant access to your bank’s online banking system, follow these general steps. This typically involves navigating to a “User Management” or “Account Access” section, where you can add a new user and set permissions—usually “view-only” for accountants.

Running a business is hard enough — between serving customers, managing staff, and juggling invoices, your taxes can feel like an afterthought. But beware, small business owner: the IRS has seen it all, and a few “little” mistakes can cost you big.

The treatment of tip income is changing in 2025, thanks to the new “No Tax on Tips” provision introduced under the One Big Beautiful Bill Act (OBBBA). While tips remain taxable in several respects, eligible workers may now claim a federal income tax deduction of up to $25,000 annually for “qualified tips.”

Let’s face it — QuickBooks is amazing. It’s like the Swiss Army knife of bookkeeping. It tracks your income, pays your bills, and even sends friendly reminders that you forgot to reconcile your bank account… again. But while QuickBooks can do a lot, it can’t do everything — especially the things that can make or save you money. And that’s where your accountant (hi, that’s us) comes in.

Vehicle expenses can be a valuable tax deduction, but only when mileage is properly classified and documented. For tax purposes, the deductibility of mileage depends on whether the travel is considered business, commuting, or personal. Understanding these distinctions is essential to support allowable business mileage deductions.

Shannon is pleased to join the Senter team as a Staff Accountant.

Accurate documentation is essential when claiming charitable contributions on your tax return. The IRS requires specific records depending on the type and value of your donations. Maintaining proper records ensures your contributions are deductible and helps you avoid issues if your return is ever reviewed.