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My Two Cents
Short videos with quick, practical insights from our tax and accounting team on the policies, updates, and decisions impacting you and your business.
My Two Cents: 2026-2027 Federal Tax Updates and Changes
Several federal tax law changes take effect beginning in 2026, and many dollar limits will update again in 2027 due to inflation adjustments.
Tax Updates
My Two Cents: Making the Move to QuickBooks Online
See why many businesses are turning to QuickBooks Online from QuickBooks Desktop. Learn about the benefits of using the online version of the software for versatility and simplicity.
Learn About QuickBooks Online
My Two Cents: Year-End Payroll Reporting
Becky Hanssen, CPP, Payroll Manager, shares a few reminders for reporting payroll information before the year-end.
Learn More
My Two Cents: Individual Online Accounts
Have you created an individual online account through the IRS yet? It makes communication and managing your IRS relationship more effective and streamlined. Follow these simple steps to register and start using your online account today!
Individual Online Accounts
My Two Cents: OBBBA Updates and Changes for 2026
As we hit the halfway point of 2026, Catherine Raeside talks through some changes and updates to the One Big Beautiful Bill Act. Here's what individuals and business owners need to know when filing taxes this year.
More about 2026 updates
My Two Cents: "No Tax on Tips" and "No Tax on Overtime"
You may have heard of the new "No Tax on Tips" and "No Tax on Overtime" stipulations under the One Big Beautiful Bill Act. It's important to distinguish between the headlines and reality when it comes to these new provisions - for both employers AND employees to whom it applies.
Learn More
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 brings and what you need to know when filing your taxes this year.
More about the tax changes
My Two Cents: 2025 Tax Reconciliation Act
With the 2025 Tax Reconciliation Act comes many changes and updates for business taxes. Learn how your business may be affected and talk to your tax advisor for more information on how you could be affected.
2025 Tax Reconciliation Act
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
The Ledger
From tax planning to business insights, these in-depth articles help you better understand the strategies, trends and decisions shaping your financial future.
The Ledger: Maximizing Your Wealth - The Benefits of Roth Conversions
As you look toward your future, you’re likely focused on growing and preserving your wealth for the long term. One of the most powerful tools to help you achieve this is a Roth conversion. While converting a traditional IRA or 401(k) into a Roth IRA involves paying taxes on the front end, it can offer significant benefits, especially as you plan for retirement and legacy goals. Here’s why a Roth conversion might be a smart strategy for you.
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The Ledger: Tax Planning Matters More Than Ever
In the past, estimating extension payments often required significant additional tax preparation work during the busiest part of the year. While that produced very accurate extension vouchers, it also consumed valuable time that could have been spent completing returns.
Read More
The Ledger: Employee or Independent Contractor? Getting Federal Worker Classification Right
Correctly classifying workers is important for any organization. A worker’s classification affects payroll taxes, tax reporting and the organization’s potential exposure if the IRS determines a worker was misclassified.
Read More
The Ledger: Estate Planning Awareness Week - A Checklist Worth Revisiting
October 19-25 was National Estate Planning Awareness Week, an annual observance designed to increase awareness of the importance of having an estate plan in place. It’s also a great opportunity to revisit your own plan. Are your documents current? Are the right people named to act on your behalf? Would your family know where to find important information if something unexpected happened?
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The Ledger: 2026–2027 Federal Tax Updates (Individuals) - What’s Changing & What to Watch
Several federal tax law changes take effect beginning in 2026, and many dollar limits will update again in 2027 due to inflation adjustments. Below is a quick, client-friendly summary of what may affect our individual clients the most.
Read More
The Ledger: Tax Scams
Have you received a phone call from someone who claims to be from the IRS and stating that you owe additional taxes? I recently received one such voicemail and, even as a tax preparer who routinely warns clients of tax-related scams, it can be unnerving to be on the receiving end of such a communication. The scammers continue to get more sophisticated in their tactics oftentimes making it difficult to identify whether you are speaking to an actual IRS representative or an impersonator.
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The Ledger: Year-End Payroll Reporting - Key Reminders for 2026
As we approach the end of 2026, now is the perfect time to review important payroll and tax reporting requirements. Taking care of these items before year-end helps ensure accurate W-2s, 1099s, and tax filings while minimizing last-minute surprises.
Read More
The Ledger: Making the Move from QuickBooks Desktop to QuickBooks Online
As technology continues to evolve, many businesses are evaluating whether it’s time to transition from QuickBooks Desktop (QBDT) to QuickBooks Online (QBO). For some, the decision is driven by changing licensing requirements and subscription models. Others are looking for greater flexibility and access to the latest tools available in the cloud.
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The Ledger: IRS Accounts, Who Needs Them, and How to Sign Up
In the past the IRS has been a call us or stop in to our office type of governmental agency. To receive and provide information their primary delivery method was the fax machine. Those days are coming to a close as the IRS is moving towards the online portal.
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The Ledger: Succession Planning
For many business owners, succession planning is one of the easiest priorities to postpone. Yet the longer it’s delayed, the fewer options remain when retirement, health issues, or unexpected events arise. Planning your succession is a very vast topic that is much more than financial and tax considerations.
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The Ledger: Thank You for Your Feedback!
Each year, we ask our clients for input through a Net Promoter Score (NPS) survey. The survey is simple; clients rate how likely they are to recommend Centennial Tax & Accounting to a friend, family member, or colleague. The results were overwhelmingly positive, and we’re pleased that our score improved meaningfully from last year.
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The Ledger: Tax Season Reflections
The tax and accounting profession is under real pressure right now. We feel it most during tax season, when there are simply not enough hours in the day to serve everyone as quickly as we would like. We read about it in industry publications, and we hear it directly from new clients who are moving to us from other firms. The common thread is simple; there are not enough CPAs.
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The Ledger: Leveraging HSAs as a Long-Term Wealth and Retirement Tool
An HSA (Health Savings Account) is a special type of savings account designed to help you pay for healthcare expenses. In its simplest form, it’s a personal account you can fund and use for qualified medical costs. The key eligibility requirement is that you’re covered by a high-deductible health plan (HDHP) and don’t have other disqualifying coverage.
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The Ledger: "No Tax on Tips" and "No Tax on Overtime" - Why the Wording Matters
You’ve likely seen the headlines: “No tax on tips” and “No tax on overtime”. While those phrases sound appealing, they can be misleading. Tips and overtime are not tax-free. Instead, the One Big Beautiful Bill Act (“OBBBA”) created two temporary federal income tax deductions – not exclusions from income – for taxpayers who meet specific requirements.
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The Ledger: The Hidden Cost of “Good Enough” Financials
For many small businesses and nonprofits, the goal of accounting is simple: get the reports done, file the returns, move on. If the numbers are “mostly right” and no one is calling with urgent questions, it can feel like the system is working. The problem is that good enough financials often carry hidden costs that don’t show up clearly on a profit and loss statement.
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The Ledger: Modernizing Payments to and from America's Bank Account
As a result of Executive Order 14247 the US Treasury is phasing out paper checks for tax refunds and tax payments. This will ultimately include payments made to the IRS for any amounts due.
Read More
The Ledger: A Head Start with a Few Tradeoffs
New savings options tend to draw attention, and the recently introduced Trump Accounts are no exception. Designed to give children an early start on retirement savings, they reflect something we have always believed. Time is one of the most powerful tools for investors.
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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 Cuts & 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.
Read More
How the millionaire next door plans for long-term care
Planning for old age, healthcare, and the long-term care needs that often come with it can be overwhelming for working people who are already balancing the costs of 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