Thank you!

by | Nov 1, 2022 | Community, Team

To our valued clients & friends,

What a tax year this has been! With all the changes to current tax laws and the tax and accounting industry it definitely keeps things interesting. We speak with CPA’s, firm owners and other business professionals who all strive to provide excellent service. We are not struggling alone.

There are a few things we did not do as well as we would have hoped for. It took too long to complete tax returns that were on extension and our communication with clients, future clients, friends, and colleagues needed improvement.

On the other hand, the things we did well consisted of completing tax returns on time (including extensions) for those who gave us documents in a timely manner. We strengthened our TEAM by adding a new Office Manager, Lisa Haiss,  and Staff Accountant, Josh Legant. We continue to strengthen our policies and procedures to improve on the things we did not do well.

We are incredibly grateful for, and overwhelmed by, the amazing support that we continue to receive from the community, our family and colleagues.

We owe everything to our wonderful clients, and we want to THANK YOU for your patience, your understanding, and your trust.

We will spend the remainder of the year doing tax planning, further strengthening our processes, and preparing for the next tax season.

From the bottom of our hearts, Thank You!

We are sure the 2022 tax season will have its fair share of challenges, but we are excited to tackle any that we face, and we look forward to doing it with you.

Sincerely,
Matthew R. Senter and Senter, CPA Team

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.

Trump Accounts: What Parents—Especially Michigan Families—Need to Know

Trump Accounts are a new type of savings vehicle designed to help families build long-term financial resources for children. Structured as a special type of traditional IRA, these accounts have specific rules governing eligibility, contributions, investments, and withdrawals.

Senter Forward: The Kind of Client Relationship We Want to Build

I will start with something that may sound strange coming from a CPA firm: we are not trying to take every piece of work that walks through the door.
We have reached a point where the question is less “Can we prepare this return?” and more “Can we build a relationship here where our team can actually help?” That difference matters.

Federal Updates on Tip And Overtime Tax Deductions

Recent federal tax legislation introduced new deductions related to qualified tip income and overtime pay. These changes may benefit eligible employees while also creating additional reporting responsibilities for employers. At Senter CPA, we are helping both businesses and individual taxpayers understand how these rules apply and how to stay compliant.

1099 Filing Requirements Update! Yes, this is good news!

The reporting amount threshold has increased. Yes, you read that right! The old $600 filing requirement for 1099-MISC & 1099-NECs has been increased to $2,000, with some minor exceptions.

To jog your memory, if you need it, you are required to file 1099s to those who you pay for rent, contract labor (not through your payroll), interest, etc. The 1099-MISC is most commonly used to report rent, while the 1099-NEC is mostly used to report non-employee compensation to most everyone.

Mid-Year Financial Checkup Checklist: Are You on Track for 2026?

Summer is a good time to check in on your finances. The year is already halfway over, which makes it easier to see what’s working and what might need attention. Maybe your income has changed. Maybe you’ve spent more than expected or fallen behind on a savings goal.

Understanding Quarterly Estimated Tax Payments

If you’re self-employed, a freelancer, or a small business owner, quarterly estimated tax payments are an important part of staying current with your federal tax obligations. Because taxes typically aren’t withheld from self-employment income, the IRS requires many taxpayers to pay taxes throughout the year instead of waiting until they file their annual return. Making timely estimated payments can help avoid a large tax bill and potential underpayment penalties.

Why I Visit Our Accounting Clients

Every couple of years, I spend part of my summer leaving the office.

That probably sounds strange coming from a CPA.

Have You Moved Recently? Make Sure the IRS Has Your New Address

Moving into a new home is an exciting milestone, but one important task is often overlooked: updating your address with the IRS.

Sunshine and Spreadsheets: A Bookkeeper’s Summer

Summer means different things to different people.
For some, it’s beach vacations, backyard BBQs, and long weekends.

Mileage Matters. Don’t Let Those Miles Go to Waste! Let Them Reduce Your Tax Bill!

Do you own your own business? If so, make sure you are not missing this one simple deduction! If you use your car for work, your mileage could be saving you money on taxes.