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My Two Cents: Why You Need A Balance Sheet

Having a balance sheet is something many business owners don't find that important - but here's why it's actually one of the most insightful ways to gain clarity and confidence about your business.

Find Out Why

My Two Cents: OBBBA Tax Changes and Highlights for Individuals

The One Big Beautiful Bill Act makes permanent several items from the Tax Cuts & Jobs Act  - here's what changes it bring and what you need to know when filing your taxes this year.

More about the tax changes

The Ledger: Key Upcoming Dates

Mark you calendars for key upcoming Federal, Iowa, & Illinois tax deadlines!

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The Ledger: 2026 Retirement Plan Contribution Limits

With the arrival of 2026, the Internal Revenue Service has finalized the updated retirement plan contribution limits for U.S. taxpayers. These numbers matter for anyone looking to maximize retirement savings and benefit from the usage of tax-advantaged accounts. Below, we have summarized the popular key limits, catch-up provisions, and planning implications for 2026.

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The Ledger: Annual Human Resources (HR) Checklist

For many organizations, your employees are integral to your operations. Use this checklist annually to review HR compliance, payroll practices, and core people processes.

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The Ledger: The Reconciliation Act of 2025

The Reconciliation Act of 2025 (aka OBBBA), that was signed into law on July 4, 2025, included several key tax benefits for small businesses, primarily by making permanent or enhancing provisions from prior law. Many of the provisions are very complicated which the taxpayer should consult their business tax professional regarding.

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The Ledger: When DIY Accounting Stops Working

For many small business owners, handling the books yourself feels like a smart, cost effective choice. In the early days, it often is. When transactions are simple, revenue is predictable, and operations are straightforward, DIY accounting can keep you organized without stretching your budget.

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The Ledger: One Big Beautiful Bill Act (OBBBA) Highlights for Individuals

On July 4th, President Trump signed into law the One Big Beautiful Bill Act (OBBBA), a tax reform bill that codified a number of his campaign promises. The bill makes permanent several items from the Tax Cut & Jobs Act (TCJA) dating back to his first term which were set to expire on December 31, 2025, as well as introducing a number of new and temporary provisions. While the bill impacts taxes for both individuals and businesses, this summary will focus only on those items which relate to individuals.

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My Two Cents: Modernizing Payments To and From America's Bank Account

Doug Reiling, CPA, shares some important things to know about the new executive order modernizing payments to and from America's bank account.

More about Payment Processing

My Two Cents: Hourly vs. Salary Employees

Molly Shattuck, CPA, shares some important things to consider when determining if your employees should be hourly or salary, as well as tips on staying compliant with the FLSA and state laws.

Hourly Vs. Salary Employees

My Two Cents: Pass-Through Entity Taxes

Doug Reiling shares an informative overview of the new Pass-Through Entity Taxes implemented by states to help small business owners file and pay their taxes.

Understand PTET for businesses

My Two Cents: Iowa Tax Reform

Director Jeanne Pyle Scott shares a brief and informative overview of the changes including the new Iowa flat tax and options for retired farmers. 

See what's new for Iowa Taxpayers

My Two Cents: The Corporate Transparency Act's Beneficial Ownership Information Provisions

Doug Reiling, CPA and Director, shares a brief and informative overview of the new BOI provisions. This act was just issued January 1, 2024 and apply to nearly every business organization.

Learn about how these changes could affect your business

My Two Cents: Illinois Paid Leave for All Workers Act

Molly Shattuck, CPA and Director at Centennial Tax & Accounting, gives her 'two cents' on the new Illinois Paid Leave for all Workers Act and what it might mean for your business in 2024.

Learn about what this act means for your IL business

How the millionaire next door plans for long-term care

Planning for old age, healthcare and the intense long-term care needs that often accompany it can be overwhelming for working people to balance the expenses or building a life, raising a family, and saving for retirement.

Learn about planning for long-term care

Why Every Business Should Have Balance Sheet Know-How

Running a business can be hard work. Adding another accounting report might seem like a distraction, but the insights gained from properly prepared financial statements, including a balance sheet, can identify meaningful opportunities for growing your business.

Learn why you need balance sheet management