529 College Savings

by Josh Legant | Aug 23, 2023 | Tax

529 plans can be a great tool to use when saving for college expenses! Starting in 2024, there is a new aspect to these plans.

You will now be able to rollover a 529 into a Roth IRA owned by the beneficiary of the 529. This is a great feature for those that might have excess money after college expenses or if the beneficiary decides to not use the 529 account.

There are a few guidelines:

There is a limit of $35,000 that can be converted
The account must have been owned for 15 years before it can be converted.
The IRA must be owned by the beneficiary of the 529.

This means that you can put money into the 529 without any worry of saving too much or the account not being used. Withdrawals for nonqualified expenses will result in paying taxes, so with this new change, this can be avoided.

This change comes from the Secure Act 2.0 that was signed into law in 2022. If you have questions or would like advice on this new change, feel free to contact us and we will gladly help.

Always remember, Senter, CPA is here for you if you need any assistance.

Don't hesitate to give us a call at 248-934-0550, or contact us below.

DISCLAIMER

Protect Yourself from Financial Fraud

by Tracy Sanda | July 10, 2025 | Accounting, Tax | 0 Comments

To safeguard yourself from personal financial fraud, stay vigilant about securing your personal information, regularly monitor your financial accounts, exercise caution during online transactions, and never share sensitive details with unfamiliar sources.

Accountants or Superheroes? You Decide…

by Jordan Middleton | June 24, 2025 | Accounting, Tax | 0 Comments

Being honest, no one hears accounting and thinks “wow! that’s got to be fun!”. There are no explosions, no villains (except for maybe tax law), and definitely no fights (unless you count audits). But behind every successful business is a calm, calculator-wielding hero crunching numbers and saving the day one set of financials at a time. Yes, we mean that literally.

Senter, CPA Moving to TaxDome for a Better Client Experience

by Matthew Senter | June 11, 2025 | Accounting, Tax | 0 Comments

At Senter CPA, P.C., we are always seeking new ways to deliver the highest quality service, communication, and security to our clients. As part of that mission, we’re excited to announce an upcoming change to the way we manage our client portal and internal workflows: we are officially transitioning from Thomson Reuters Onvio to TaxDome.

Dolly Parton’s Imagination Library

by Matthew Senter | May 21, 2025 | Accounting, Tax | 0 Comments

As an affiliate of Dolly Parton’s Imagination Library, the Rotary Club of Clarkston is committed to creating a community that works for all children and all families, especially those most in need. Literacy is the foundation of a child’s education and helping kids thrive is our priority.

7 Ways to Cut Your Small Business Tax Bill

by Tracy Sanda | May 21, 2025 | Accounting, Tax | 0 Comments

Running a small business means balancing many tasks. While your primary focus is likely on day-to-day operations, it’s important to also consider strategies that can help reduce your tax burden

Hiring: Front Office Administrator – Full Time

by Matthew Senter | May 8, 2025 | Accounting, Team | 0 Comments

We’re looking for the next rock star to keep our front office running smoothly. This is a key role with daily interaction with clients, staff, and leadership. You’ll be the first-face and voice people encounter—so if you love people, are super organized, and thrive in a fast-paced, friendly environment, we want to hear from you!