Income Tax Refund: The Do’s and The Don’ts

by | Mar 6, 2020 | Internal Revenue Service, Tax | 0 comments

Are you expecting, or perhaps already received, an income tax refund from your 2019 filing? If so, a tax refund is an excellent opportunity to set yourself up for success and in a better financial position for the future. We’ve rounded up ten creative ways to put your tax refund to work:

Do – 5 Smart Ideas for Your Cash

  • Pay down your existing debt
  • Boost your cash reserve or emergency fund
  • Save for a major goal, like a down payment on a house
  • Home improvements or replace one faulty appliance in your home
  • Establish or fund a 529 College Savings Account for your children or grandchildren

Don’t – 5 Common Mistakes 

  • Don’t leave your refund in your checking account
  • Don’t splurge on frivolous things that will depreciate over time, otherwise known as a shopping spree
  • Don’t spend it all on a vacation
  • Don’t make big purchases that require future payments
  • Don’t gamble it away

The Reality of Your Refund

It’s important to remember that your tax refund isn’t free cash; it’s income earned during the course of the tax year.  Plan accordingly and put your refund towards your personal financial goals. You’ve worked for your refund and now it’s time to make your refund work for you.

If you want to know the status of your refund it can be found HERE.

If you have yet to file your 2019 taxes or have any questions about our services, please contact us HERE or give us a call at 248-934-0550. We are here to help.

Disclaimer

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.

How to Document Charitable Donations for Tax Deductions

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.

How to make Federal & State Income Tax Payments (update January 2026)

Paying federal and Michigan income taxes is pretty straightforward and are now required to be paid online.

2025 Individual Tax Return Process

At Senter, CPA, our goal is to make your tax preparation experience as seamless and efficient as possible.

What are QCD’s?

Qualified Charitable Distributions (QCDs) are a tax-efficient way for eligible IRA owners to support charitable organizations while managing taxable income. Individuals who are age 70½ or older may donate up to $108,000 in 2025 directly from a traditional IRA to a qualified charity. When structured properly, a QCD is excluded from taxable income, may satisfy Required Minimum Distribution (RMD) requirements, and can help reduce overall tax liability.

Common Tax Documentation for 2025 Tax Season

Getting your tax documents organized for your preparer can feel overwhelming—but you don’t have to do it alone. One of the most common questions we hear is, “What documents do I need for my individual tax return?”

2025 Senter, CPA Year in Review

Reflecting on 2025, Senter CPA has experienced significant growth and success, both personally and professionally. As we roll into 2026, we’re heading into our ninth year as a firm. That’s wild. It honestly feels like just yesterday that we unlocked the doors on January 1, 2018.

URGENT: New Electronic Payment Requirements

Tax season is getting a serious tech upgrade.

New Schedule C Excel Worksheet For 2025

If you file Schedule C as a sole proprietor or single-member LLC, you already know how detailed the IRS can be. The form requires a thorough breakdown of your business income and expenses, leaving little room for guesswork. Schedule C is the primary IRS form used to report your business’s profit or loss and completing it accurately is essential for both compliance and tax planning.

New Schedule E Excel Worksheet For 2025

If you report rental income on Schedule E, you already know the IRS wants your numbers broken out by category and by property. Schedule E is the main IRS form used to report rental real estate income and expenses on your personal return, and clean detail makes prep faster and cuts down on follow-ups.

Help Us Keep Spreading the Senter CPA Magic!

First off—thank you for being part of the Senter, CPA, P.C. family! Whether we helped untangle your taxes, guided your business through accounting complexities, or simply answered that one stubborn finance question that was bugging you, we hope we’ve made your financial life a little easier (and maybe even a little brighter!). Now, we’re turning to you—not for more numbers or forms—but for just a few kind words.